Mike Webster described the PowerTrend
What Starts a Power Trend?
What Ends a Power Trend?
I have provided the options to
This script is supposed to be used on a daily chart however, it will work on other timeframes as well.
PS:
What Starts a Power Trend?
- Low is above the 21-day EMA for at least 10 days.
- 21-day EMA is above the 50-day SMA for at least five days.
- 50-day SMA is in an uptrend.
- Closes up for the day.
What Ends a Power Trend?
- 21-day EMA crosses under 50-day SMA.
- Close 10% below the recent high and below the 50-day SMA.
I have provided the options to
- To show/hide all the important metrics related powertrend in a table.
- Background color can be shown on charts. It can be toggled as well.
- You can also modify the inputs for EMA and SMA
This script is supposed to be used on a daily chart however, it will work on other timeframes as well.
PS:
Versionsinformation:
- Fixing EMA and SMA count logic.
- Fixing summary table used of the correct value for Count(21EMA > 50SMA) row
- Formatting recent high to show only two digits.