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(FTD) Follow-Through Day Signal
Follow-Through Day (FTD) Signal
This indicator detects potential Follow-Through Days (FTDs) — a concept popularized by William O’Neil — to help identify possible market trend confirmations.
A Follow-Through Day occurs when an index shows strong upside action on higher volume several days after a market low, suggesting institutional buying rather than short covering.
How it works:
The indicator checks for a session where the price gains a defined minimum percentage from the prior close (default: 1.2% or more).
Volume must be greater than the previous day’s volume.
The rally must occur at least three days after a recent low, determined by the lookback period (default: 20 days).
Additional safeguards require that recent bars are not making new lows and that the bar three days prior either closed positive or was not at a new low — filtering out false signals from oversold bounces.
When all conditions are met, a blue up arrow is plotted beneath the bar, and an optional “FTD” label appears if enabled.
Inputs:
Min % Gain from Previous Close (%): Sets the minimum daily percentage gain to qualify as a Follow-Through Day.
Lookback Period for Lowest Low Checks: Defines how many bars back to search for a recent market low (default: 20).
Show Signal Label: Toggles the on-chart “FTD” label display.
Usage:
This indicator is intended for use on daily charts of major market indexes — such as the Nasdaq Composite (symbol: IXIC) or broad index ETFs including QQQ, SPY, and DIA — where Follow-Through Day signals are most relevant for confirming potential trend reversals.
This indicator detects potential Follow-Through Days (FTDs) — a concept popularized by William O’Neil — to help identify possible market trend confirmations.
A Follow-Through Day occurs when an index shows strong upside action on higher volume several days after a market low, suggesting institutional buying rather than short covering.
How it works:
The indicator checks for a session where the price gains a defined minimum percentage from the prior close (default: 1.2% or more).
Volume must be greater than the previous day’s volume.
The rally must occur at least three days after a recent low, determined by the lookback period (default: 20 days).
Additional safeguards require that recent bars are not making new lows and that the bar three days prior either closed positive or was not at a new low — filtering out false signals from oversold bounces.
When all conditions are met, a blue up arrow is plotted beneath the bar, and an optional “FTD” label appears if enabled.
Inputs:
Min % Gain from Previous Close (%): Sets the minimum daily percentage gain to qualify as a Follow-Through Day.
Lookback Period for Lowest Low Checks: Defines how many bars back to search for a recent market low (default: 20).
Show Signal Label: Toggles the on-chart “FTD” label display.
Usage:
This indicator is intended for use on daily charts of major market indexes — such as the Nasdaq Composite (symbol: IXIC) or broad index ETFs including QQQ, SPY, and DIA — where Follow-Through Day signals are most relevant for confirming potential trend reversals.
Skrip sumber terbuka
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Get access to CarusoInsights indicators: carusoinsights.com/charting/
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Skrip sumber terbuka
Dalam semangat sebenar TradingView, pencipta skrip ini telah menjadikannya sumber terbuka supaya pedagang dapat menilai dan mengesahkan kefungsiannya. Terima kasih kepada penulis! Walaupun anda boleh menggunakannya secara percuma, ingat bahawa menerbitkan semula kod ini adalah tertakluk kepada Peraturan Dalaman kami.
Get access to CarusoInsights indicators: carusoinsights.com/charting/
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.