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Green Line Breakout by Eric Wish

pneofotispneofotis
edited March 11 in Scanning

I am writing to request assistance in creating the scan syntax for the an implementation of the Green Line Breakout (GLB) which is popularized by Eric Wish through his Wishing Wealth Blog.

GLB indicator looks at a monthly chart for a stock that hit a new all time high recently and draw a green horizontal line at the highest price reached at any month, that has not been surpassed for at least 3 months.


In other words, this method finds stock that reached an all-time high and has then rested for at least three months. When a stock moves through the green line or is above its last green line, it is an indication of strong buying interest.

I am also sharing a link to the Tradingview script if this is of any value.

https://www.tradingview.com/script/qfNJJ8Da-Green-Line-Breakout-GLB-Public-Use/?utm_source=amp-version&sp_amp_linker=1*2570wd*amp_id*UVZMSjZLWDg3ZUZVWkdFY2pmZExkeGhuZnlIelBjVF9WSXFKNTZ5WFlQWTFwNmE2VnlGME92ZDR5ZFZRbS05Zw..&_gl=1*jgd79x*_ga*R2NTbHVSTHprMWVOVXRBZDh2RDkxaVlmcXdvTnpkLWxBU2Z6ZTFONHM4cGtHTngwb0pSekVHaTQ3dGFyZVh6SA..

Comments

  • lmkwinlmkwin ✭✭
    and [All Time High < close * 1.1] will give you stocks that are within 10% of all time highs. Changing the 1.1 to 1.2 would give you within 20% of the all time highs.

    Then you would need to add a criteria for the MONTHLY high not being breached for, at least, 3 months. This can be done a lot of ways. Using the Monthly Upper Price Channel, using indicators like Monthly Stochastics or any other price position indicator like CCI, Williams %R, Aroon, etc.

    This is the Link text:

    NOTE: This is public use - open source version of GLB published by me in Sep 2020. As Trading View is not allow unprotect script already shared, I am sharing it for anyone to use the script and make a copy.
    ========
    This is an implementation of Green Line Breakout ( GLB ) which is popularized by Eric Wish through his Wishing Wealth Blog.

    GLB indicator looks at a monthly chart for a stock that hit a new all time high recently and draw a green horizontal line at the highest price reached at any month, that has not been surpassed for at least 3 months.

    In other words, this method finds stock that reached an all-time high and has then rested for at least three months. When a stock moves through the green line or is above its last green line, it is an indication of strong buying interest.

    Read more about how to use the indicator in Wishing Wealth Blog.

    Usage Explanation:
    1. Set the time frame to Monthly for a stock and automatically a green dashed line appears based on the calculation explained above
    2. If no GLB found for a stock, then green line appears at 0.0
    2. If you set any other time frame other than Monthly, no Green Dashed line shown
  • I think you could do something like this:

    [exchange is NASD] // etc. - or whatever universe you want

    // the last three monthly highs are less than the four months ago monthly high

    and [1 month ago monthly max(3, monthly high) < 4 months ago monthly high]

    // this month's high is greater than the four month ago monthly high

    and [monthly high > 4 months ago monthly high]

    // this month's high is an all time high

    and [monthly high = monthly all Time High]

    This scan doesn't check that the 4 month ago monthly high was an all time high. I couldn't get that to work for some reason ( I think "all Time High" might not take the modifier "4 months ago all Time High"). But I think pretty often the 4 month ago high would also be an all time high.

    You might not get too many hits right now while the market is mostly down.
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