[TTI] Mike Webster Quick Break, QuickSand & Grateful Dead RS📜 ––––HISTORY & CREDITS–––
This TradingView script, " Mike Webster (Webby) Quick Break, Quicksand & Grateful Dead RS," is inspired by the trading methodology developed by Mike Webster. The concept was shared by Webster in a Twitter post, where he emphasized the strategy's role in managing a core position in a winning stock. Webster's approach is unique as it is based on Relative Strength (RS) line movements and their interaction with fast and slow moving averages. Credits go to Mike Webster for the foundational concept and to the script developer for adapting it into this practical tool.
🦄 –––UNIQUENESS–––
The uniqueness of this script lies in its innovative use of the Relative Strength line in conjunction with two distinct moving averages. It features three key stages:
"Quick Break," where the RS line crosses the fast-moving average;
"Quicksand," where the RS line moves lower than its level during the "Quick Break";
"Grateful Dead Break," where the RS line crosses the slow-moving average.
This approach offers a dynamic and nuanced method to manage positions in trending stocks. The indicator plots little triangle shapes above the bars/candles, which violate the rules. Colors can be changed in settings.
🎯 ––––WHAT IT DOES––––
The script monitors and signals three critical phases in stock holding based on the Relative Strength line and moving averages.
👉First, the "Quick Break" indicates a potential short-term weakening in trend strength.
👉Following this, the "Quicksand" condition suggests a further decline in relative performance, prompting a more defensive stance.
👉Finally, the "Grateful Dead Break" signals a more significant trend reversal, potentially warranting the liquidation of the position.
These signals are visualized as shapes plotted on the chart for easy recognition.
🛠️ ––––HOW TO USE IT––––
To use this indicator, traders should input their desired index for RS comparison and adjust the moving average lengths and types according to their strategy. The default settings are an 8-period fast moving average and a 21-period slow moving average, but these can be modified. The script generates alerts for each of the three conditions - Quick Break, Quicksand, and Grateful Dead Break - aiding traders in decision-making. It is crucial to note that this tool is designed for managing a core position in a winning stock and should be used in conjunction with a comprehensive trading strategy. Testing and understanding the pros and cons of this method before implementation is advised, as emphasized by Mike Webster.
Quick
Quick LevelsQuick Levels allow users to quickly add multiple levels to their chart all at once through an intuitive user interface!
No need to fiddle with drawing lines and then inputting their exact position afterwards, do all of it with one string of numbers!
Insert multiple levels at once, simply separate your price levels by commas(,).
Insert levels across tickers to save time when switching between charts.
Notes:
For users coming from "Copy/Paste Levels", this system is very robust.
The only user input variable that is not multiple choice is the "levels" box. I have taken steps to fool proof this box, by (input processing) removing spaces, removing commas at the start or end, and replacing semicolons with commas. You can see in the cover chart that the inputs for the first level have a lot of spaces and a comma at the end, yet it does not effect the output.
If there is no ticker entered in the "Ticker" box, the levels will be drawn on your current chart.
Enjoy!
Daily Moving Averages OscillatorThis is the best way I've found so far for gauging directional bias (i.e. overall trend) at-a-glance. It shows current price in black along with the 20, 50 & 100 daily MAs, all of which are visible at all times, and from all timeframes. No wondering where the 100MA is cause it's now showing on the chart. I also find this good for keeping my charts visually cleaner. Having the undulating lines moved underneath makes it easier for me to see support/resistance and other imporant stuff,
The trend is your friend and this helps to make sure you're on the right side of a trade.
Quick Moving AverageThis moving average was originally developed by John McCormick in 2008 as NinjaTrader indicator. The purpose was to find a cheap replacement for JMA ( ).
Well, not impressive concerning the response.
Source code on request .
