ABC Indicator

[geebeeaye]

ABC Indicator
I welcome any suggestions or help in cleaning up or combining the studies. Also your thoughts on the scan? this is typically meant for mid morning or later in the day trades.

Some things I would l appreciate help with adding:

1. Add labels A and B to the bars where they occurred. Possibly a C to the current price
2. Add a trend line between A, B and C

Conditions:
A (Gap Up)
HOD is greater than OPEN by at least 10%
https://tos.mx/1nIevBp
Study 1 - this plots, OPEN, A(HOD), LOD, and Current Price

B (Healthy Pullback)
Lowest Low AFTER HOD is at least 50% pullback from HOD to OPEN
https://tos.mx/lFK0TH9
Study 2 - this plots B (Lowest Low AFTER HOD) thanks to @SleepyZ

C (Price within range of VWAP)
plot data = Between(close, reference VWAP()."VWAP" * .97, reference VWAP()."VWAP" * 1.03);
https://tos.mx/Qa1QxLL
Scan - Identifies stocks at C in this pattern

I welcome any suggestions or help in cleaning up or combining the studies. Also your thoughts on the scan? this is typically meant for mid morning or later in the day trades.

Some things I would l appreciate help with adding:

1. Add labels A and B to the bars where they occurred. Possibly a C to the current price
2. Add a trend line between A, B and C

Anyone want to help add the finishing touches?

 

[geebeeaye]

These 2 parts of the scan don't seem to be working as results don't match. Are the formulas correct?


## B is at least a 50% retracement from A##
LowestLowAfterHOD()."lowday" is less than (ABCDPLOTS()."HOD" - ((ABCDPLOTS()."HOD" - ABCDPLOTS()."OPEN") / 2))

## Current price has reclaimed at least 50% of the retracement##
ABCDPLOTS()."PRICE" is greater than ((ABCDPLOTS()."HOD" - lowestLowAfterHOD()."lowday") / 2) + lowestLowAfterHOD()."lowday"

 

[scottrades]

Surprising, no one has commented about this in a year.

 

[perseverance_trading1]

I think @geebeeaye is on the right path. How this has not garnished any attention in the last few years is surprising.

 

[DeepThinker]

I think @geebeeaye is on the right path. How this has not garnished any attention in the last few years is surprising.

Frankly, I don't see what is the value of such patern? Perhaps, someone more experienced can explain.

 

[MerryDay]

Frankly, I don't see what is the value of such patern? Perhaps, someone more experienced can explain.

Explanation of the ABC Indicator
ABC Corrections is a chart pattern used to buy pullbacks.

Imagine a runner in a race who briefly slows down before picking up speed again.
Similarly, a stock may experience a short-term dip in price after a period of growth or upward movement. This dip can be seen as an opportunity to buy the stock at a slightly lower price as it begins back onto its upward trend.

It is a basic pattern taught in chart analysis.