OPEN-SOURCE SCRIPT
Webby % Off 52 Week
Updated
This indicator measures a stocks distance from its 52 week high. The concept is based on what Mike Webster shared on his appearance on IBD Live, allowing users to see if a current pullback from the highs is normal compared to historical pullbacks or if more attention is warranted.
It is also important to pay attention to a stocks 52 week high in relation to it's current price to confirm trend, spot potential breakout levels or see if the high acts as an area of resistance.
The indicator has 3 different zones with shaded backgrounds to easily spot the distance off of the high.
Zones
Similar Healthy Pullbacks
Possible concern as pullback undercuts previous pullback level
It is also important to pay attention to a stocks 52 week high in relation to it's current price to confirm trend, spot potential breakout levels or see if the high acts as an area of resistance.
The indicator has 3 different zones with shaded backgrounds to easily spot the distance off of the high.
Zones
- Green Zone - 0 to 8% off highs
- Yellow Zone - 8 to 15% off highs
- Red Zone - 15 to 25% off highs
Similar Healthy Pullbacks
Possible concern as pullback undercuts previous pullback level
Release Notes
Update now includes option to see ATRs off the high. Release Notes
Update includes the % or ATR off of two additional highs. - 50 day high
- 18 month high
Release Notes
Option to change the ATR lengthRelease Notes
The user can select the source for the measurement. For example, if "low" is selected, the measurement will show the distance from the bar's low to the highs. If "close" is selected, it will measure the distance from the bar's close to the highs.Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Trusted Pine programmer. Send me a message for script development.
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