Breakaway gap screener
October 3, 2016, 6:54 AM
Screeners
4 Comments
A breakaway gap screener find the gap between a new open and a previous close that is in convergence with a significant volume increase at the same time. A breakaway gap often signify a continuous of a trend. Sometimes an exhaustion of the current trend can happen some days later the gap detection.
This code can be adapted to any other values of average volume comparison and breakout of the highest high and lowest low period.
//PRC_Breakaway Gaps screener | screener
//03.10.2016
//Nicolas @ www.prorealcode.com
//Sharing ProRealTime knowledge
hh = highest[10](high)
ll = lowest[10](low)
c = open[0]
vol = Volume/Volume[1]>1.5 and average[90](volume)>100000
breakup = variation>=3 and c>hh[1]
breakdown = variation<=-3 and c<ll[1]
SCREENER [vol and (breakup or breakdown)] (Variation as "variation")
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example-breakaway-gap-screener.png
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PRC_Breakaway-Gaps-Screener.itf
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