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Power Trend Pro - Spot Powerful Uptrends
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When a Power Trend is active, there is a stronger than usual uptrend underway. The concept of a Power Trend was defined by Investor's Business Daily, more specifically, the Market School course designed to mimic the trading style of IBD's Founder, William O'Neil.
The specifics of a Power Trend were defined by Mike Webster, Justin Nielsen and Charles Harris, while working with William O'Neil at IBD. The uptrends of the Nasdaq Composite were studied in great detail, looking for characteristics that were similar across significant uptrends. The end result was a set of rules that define when a Power Trend starts and ends.
Knowing that there is a Power Trend in play can be helpful to gauge how aggressive to be with your trades.
The price action in a major index, such as the Nasdaq Composite (IXIC), is the source for determining a Power Trend's status. Using an index is based on the definition of a Power Trend from Market School. With this indicator, in addition to indexes, it will allow an ETF (more specifically, a "fund" as defined by TradingView) to be used as the source. The reason for the latter is that various ETFs such as ARKK, which are focused on "disruptive technology," can be helpful to track trends for growth traders.
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.
■ Close up for the day.
What Ends a Power Trend?
■ 21-day EMA crosses under 50-day SMA.
■ Close 10% below recent high and below the 50-day SMA.
Show Power Trend Status
With this indicator there are four unique ways to highlight Power Trends on a chart, each is shown in the chart that follows:
If you prefer to keep your charts clean, the stoplight option may be your best bet. This signal displays green, yellow or gray depending on the status of the Power Trend. For example, when the light is green, a Power Trend is on. Yellow signals the Power Trend is still in place, however, the price is below the 50-day SMA. Gray equates to the Power Trend being off.
Additional Examples of Power Trends
The example below shows a Power Trend on the ARKK ETF.
One way for a Power Trend to end is when the 21-day EMA crosses under the 50-day SMA.
There are also "circuit-breaker" rules that result in the a Power Trend ending. For example, when the price breaks below the 50-day SMA and closes 10% or more from a recent high.
Alerts on Start and End of a Power Trend
In addition to the visual signals mentioned above, you can also set Alerts to be notified when a Power Trend starts or ends. This is one of the more unique and helpful features of this indicator.
For example, you can create an Alert on the Nasdaq Composite that will send a message whenever the requirements for a Power Trend are met. Given TradingView alerts are stored server-side, you can be on notified even if you are not currently running TradingView.
To set an Alert:
■ Make sure you are viewing an index or fund
■ Right-click on chart and select 'Add alert'
■ From the Condition select 'Power Trend'
■ Choose either 'Power Trend Started' or 'Power Trend Ended'
■ Select 'Once Per Bar Close'
Features
■ Four options to highlight where Power Trends starts and ends:
• Custom colored bars.
• Stoplight with configurable location.
• Custom symbol and color above bar.
• Custom symbol and color below bar.
■ Show recent high price, configurable font size and color.
■ Custom alerts on the start and/or end of a Power Trend.
The specifics of a Power Trend were defined by Mike Webster, Justin Nielsen and Charles Harris, while working with William O'Neil at IBD. The uptrends of the Nasdaq Composite were studied in great detail, looking for characteristics that were similar across significant uptrends. The end result was a set of rules that define when a Power Trend starts and ends.
Knowing that there is a Power Trend in play can be helpful to gauge how aggressive to be with your trades.
The price action in a major index, such as the Nasdaq Composite (IXIC), is the source for determining a Power Trend's status. Using an index is based on the definition of a Power Trend from Market School. With this indicator, in addition to indexes, it will allow an ETF (more specifically, a "fund" as defined by TradingView) to be used as the source. The reason for the latter is that various ETFs such as ARKK, which are focused on "disruptive technology," can be helpful to track trends for growth traders.
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.
■ Close up for the day.
What Ends a Power Trend?
■ 21-day EMA crosses under 50-day SMA.
■ Close 10% below recent high and below the 50-day SMA.
Show Power Trend Status
With this indicator there are four unique ways to highlight Power Trends on a chart, each is shown in the chart that follows:
If you prefer to keep your charts clean, the stoplight option may be your best bet. This signal displays green, yellow or gray depending on the status of the Power Trend. For example, when the light is green, a Power Trend is on. Yellow signals the Power Trend is still in place, however, the price is below the 50-day SMA. Gray equates to the Power Trend being off.
Additional Examples of Power Trends
The example below shows a Power Trend on the ARKK ETF.
One way for a Power Trend to end is when the 21-day EMA crosses under the 50-day SMA.
There are also "circuit-breaker" rules that result in the a Power Trend ending. For example, when the price breaks below the 50-day SMA and closes 10% or more from a recent high.
Alerts on Start and End of a Power Trend
In addition to the visual signals mentioned above, you can also set Alerts to be notified when a Power Trend starts or ends. This is one of the more unique and helpful features of this indicator.
For example, you can create an Alert on the Nasdaq Composite that will send a message whenever the requirements for a Power Trend are met. Given TradingView alerts are stored server-side, you can be on notified even if you are not currently running TradingView.
To set an Alert:
■ Make sure you are viewing an index or fund
■ Right-click on chart and select 'Add alert'
■ From the Condition select 'Power Trend'
■ Choose either 'Power Trend Started' or 'Power Trend Ended'
■ Select 'Once Per Bar Close'
Features
■ Four options to highlight where Power Trends starts and ends:
• Custom colored bars.
• Stoplight with configurable location.
• Custom symbol and color above bar.
• Custom symbol and color below bar.
■ Show recent high price, configurable font size and color.
■ Custom alerts on the start and/or end of a Power Trend.
Nota Keluaran
Version 2.0■ Support for Power Trends on any symbol.
■ Additional visual options to highlight a Power Trend.
Nota Keluaran
Version 3.0■ Updates for Forex.
Nota Keluaran
Release Notes: Version 4.0Price patterns, consolidation techniques and human behavior will never change. With that in mind, the Power Trend indicator now includes an option to automatically draw a box around each Power Trend. With this enabled, you can quickly look back over time and see price action before, during and after each Power Trend. This insight may be helpful to anticipate price action based on historical precedent.
Updates:
■ Add an option to show a configurable box around each Power Trend.
■ Updates to the Settings dialog to simplify configurable options.
Nota Keluaran
Release Notes: Version 5.0The most requested feature for Power Trends Pro is to track the progress towards the next Power Trend. With this release there is an optional table that can be shown indicating the status of each moving average.
Updates:
■ Track the progress towards the next Power Trend
Nota Keluaran
Release Notes: Version 6.0■ Updates to Settings including additional tooltips.
Nota Keluaran
Release Notes: Version 7.0Power Trend table updates:
■ Move the table to any location on the chart.
■ Optional configuration of all the table colors.
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