OPEN-SOURCE SCRIPT
WON Weeklies
Updated
William O'Neil was a big proponent of using weekly charts, often highlighting the significance of 3 or more tight weekly closes, or a sequence of five or more consecutive up weeks. This indicator recognizes both of these conditions providing clear visual cues to signify this institutional buying activity. When three tight weekly closes or more occur a circle will be drawn around the middle close or the background will change color, depending on user preference. If five or more consecutive up weeks are detected a box is drawn around all the price action of those weeks.
User Options:
- Choose to display both or only one condition
- Customizable colors
- Define what a tight close is (default is less than 1.5%)
- Change background color or display smaller circles for 3 weeks tight
- Alerts for both
Note: 5 weekly closes wont print until the 5th weeks candle is closed.
User Options:
- Choose to display both or only one condition
- Customizable colors
- Define what a tight close is (default is less than 1.5%)
- Change background color or display smaller circles for 3 weeks tight
- Alerts for both
Note: 5 weekly closes wont print until the 5th weeks candle is closed.
Release Notes
Broke up the alerts so user can choose either three weeks tight or 5 consecutive weeks up. General code clean up for efficiency. 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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