The author's premise is that it is safer to trade with the asset's upward momentum, once a strong trend is established.
The indicator analyzes the number of times price is above the moving average (default is ) over a specified number of periods (default is 100).
I've added the ability to choose your own moving average, and in my testing smoothed, T3 and others offer superior performance to . Play around with it.
Also included is the ability to change the "alert" level (default is 90) and to filter out alerts that occur when the S&P 500 for the past 100 periods is below that of the previous 100. This can prevent buy alerts that occur close to full-market dips.
To use this indicator, add it to your chart and you're all set. If you wish, you can tweak the settings and set alerts to notify you when it's time to buy.
Any questions, please ask below.
Example Buys Using This Indicator
ALGN - 1 Day Chart
WTER - 1 Day Chart
INFY - 4 Hour Chart
CMCAS - 4 Hour Chart (note the different moving average used!)
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.