Green Line by Dr. Eric Wish

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  • 08/21/2022 at 9:45 AM #199322 quote
    Frank
    Participant
    Junior

    Hi,

    Is it possible to develop a stock screener based on Eric Wish’s Green line?

    Conditions are quite simple

    – Simple Moving average (10 days) > Simple Moving Averate (30 days)
    – In monthly chart price crosses over the Green Line
    – If no GLB found for a stock, then green line appears at 0.0

    I explain what the Green Line is below:

    The Green Line Breakout ( GLB ) was popularized by Dr. 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: https://www.wishingwealthblog.com/glossary/

    This is the Tradingview implementation, unfortunately, no code is available: https://www.tradingview.com/script/d6hg0wPr-Green-Line-Breakout-GLB/

    08/21/2022 at 9:56 AM #199324 quote
    Frank
    Participant
    Junior

    This is a picture of the Green line breakout

    Green-line.jpg Green-line.jpg
    08/21/2022 at 11:27 AM #199329 quote
    robertogozzi
    Moderator
    Master

    Do you need an indicator or a screener?

    08/21/2022 at 1:55 PM #199336 quote
    Frank
    Participant
    Junior

    Hi Roberto, I’d like to get a screener, if possible. Thanks!

    08/21/2022 at 5:33 PM #199356 quote
    robertogozzi
    Moderator
    Master

    Here is the indicator:

    DEFPARAM DrawOnLastBarOnly = True
//
Timeframe(Monthly,UpdateOnClose)
ONCE Periods = 36                     //36 months
HH = highest[Periods](high[4])
c1 = (summation[3](high[1] < HH) = 3)

Timeframe(Daily,UpdateOnClose)
Sma10 = average[10,0](close)
Sma30 = average[30,0](close)
//
Timeframe(default)
DrawHline(HH) coloured(0,128,0,155) style(line,4)
RETURN Sma10 AS "Sma10",Sma30 AS "Sma30"

    and this is the screener,  should you need it:

    Timeframe(Monthly)
ONCE Periods = 36                     //36 months
HH = highest[Periods](high[4])
c1 = (summation[3](high[1] < HH) = 3)
//
Timeframe(Daily)
c2 = close CROSSES OVER HH
c3 = average[10,0](close) > average[30,0](close)
//
Timeframe(default)
x  = c1 AND C2 AND C3
SCREENER[x]
    Frank thanked this post
    08/21/2022 at 5:51 PM #199357 quote
    Frank
    Participant
    Junior

    Tahnk you very much Roberto!

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Green Line by Dr. Eric Wish


ProBuilder: Indicatori & Strumenti Personalizzati

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Frank @fmuratori Participant
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This topic contains 5 replies,
has 2 voices, and was last updated by Frank
3 years, 7 months ago.

Topic Details
Forum: ProBuilder: Indicatori & Strumenti Personalizzati
Language: Italian
Started: 08/21/2022
Status: Active
Attachments: 1 files
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