OPEN-SOURCE SCRIPT
Dump Alerts
Updated
BRK.BBy popular demand: An inverted version of my first indicator Pump Alerts in Pine Script with two alert conditions for trading bots and automated stock trading setups.
It's originally based on "Pump Catcher" by joepegler
I modified some parts, hopefully improved the usability and enabled alerts, so you can use it to trigger bots like 3commas via webhooks or stock brokers partnering with TradingView.
Dump Alerts 📉 attempts to detect moments of abnormal and accelerating increase in volume concurrent with falling prices AKA "dumps". Small and big dumps.
I recommend trying different timeframes and tinkering with the lookback period as well as both threshold values.
Other than that it's pretty self-explanatory and beginner-friendly.
Free and Open Source. Let me know how you use it!
Release Notes
fauzan428 found a really silly bug in my script. It caused the alerts to fire immediately without a drop in price. The alerts should work properly now.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.
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