BEST Long Term Levels Breakout Screener

6 dic 2019

Hello traders

Continuing deeper and stronger with the screeners' educational serie one more time (#daft #punk #private #joke)
We don't have to wait for TradingView to allow screener based on custom indicator - we can build our own ^^

I - Long Terms concept

I had the idea from @scarff.

I think it's genius and I use this long terms level in my trading across all assets.

The screener, in particular, analyzes whenever the price breaks out a weekly/monthly/quarterly/yearly level on candle close.
Triggering events on candle close = we get rid of the REPAINTING = we remove the fake signals (in that case the fake breakouts).
The candle close is based on the close of the current chart => if the chart displays candlesticks on the weekly timeframe, then the considered close will be the weekly close.
If in daily timeframe, the close will be .............................. 4h (#wrong)..... kidding :) .............. DAILY obviously


II - How did I set the screener

The visual signals are as follow:

- square: breakout of a high/low weekly level
- circle: breakout of a high/low monthly level
- diamond: breakout of a high/low quarterly level
- flag: breakout of a high/low yearly level
- dash: none of the above

Then the colors are:

- green when bullish
- red when bearish
- orange/dash when none of the above

Cool Hacks

"But sir... what can we do with only 3 instruments for a screener?" I agree not much but...
As said previously... you can add multiple times the same indicator on a chart :)

Wishing you all the BEST trading and.... wait for it... BEST weekend
Dave