PowerBar (Purple Dot) – Price & Volume Spike

📌 Overview

This indicator is inspired by the well-known “Purple Dot” indicator popularized by Manas Arora, designed to help traders identify fast-moving stocks exhibiting strong price and volume momentum.

This indicator flags high-activity bars called "PowerBars" — bars where:

• Rate of Change (ROC) is equal to or above a user-defined threshold (default 5%)
  
• Volume is equal to or a user-defined threshold (default 500,000)
  

These bars are visually marked with purple dots and can serve as a signal of strength, interest, or volatility spike.

🔍 How It Works

The indicator:

• Calculates bar-level conditions based on:
  
• ROC >= Threshold (e.g., 5%)
  
• Volume >= Threshold (e.g., 500,000)
  
• Flags qualifying bars with a purple dot below the candle
  
• Aggregates PowerBar count over selectable historical periods (1 week, 1M, 3M, 6M, 9M, 12M)
  
• Displays total PowerBars and total return (%) over the selected time period in a clean visual table
  

🛠 Features

• Purple Dot Plotting: Marks bars where price changes rapidly (based on a user-defined Rate of Change threshold) and where volume exceeds a set minimum, signaling potential momentum bursts.
  
• Flexible Timeframes: Count PowerBars and calculate stock return over selectable lookback periods ranging from 1 week to 12 months, adaptable to various trading styles and markets.
  
• PowerBar Count: Tracks and displays the number of PowerBars within the chosen period, helping quantify momentum frequency.
  
• Return Calculation: Shows the percentage return over the selected time horizon, supporting performance validation.
  
• Customizable Summary Table: On-chart table with dark/light themes, adjustable size, and position offers a clean overview of key metrics.
  
• Dual Modes:
  
• Chart Mode: Ideal for single-stock analysis with visual dot markers and performance stats.
  
• PineScreener Mode: Outputs data suitable for PineScreener scanning.
  

⚙️ Parameters

• ROC Threshold (%): Minimum bar-to-bar price change in percentage to signal a PowerBar (default 5%).
  
• Volume Threshold: Minimum volume for a bar to qualify (default 500,000).
  
• PowerBar and Return Periods: Choose from 1 week up to 12 months.
  
• Visual Customization: Enable/disable purple dots, configure the summary table’s appearance, and select dark or light theme.
  
• Mode Selection: Switch easily between Chart Mode and PineScreener Mode based on use case.
  

📬 Alerts

• Set alerts for PowerBars (purple dots) to get notified when a strong price-volume bar appears.