OPEN-SOURCE SCRIPT
Updated Webby % Off 52 Week
This indicator measures a stocks distance from its 52 week high. The concept is based on what Mike Webster shared on his appearance on IBD Live, allowing users to see if a current pullback from the highs is normal compared to historical pullbacks or if more attention is warranted.
It is also important to pay attention to a stocks 52 week high in relation to it's current price to confirm trend, spot potential breakout levels or see if the high acts as an area of resistance.
The indicator has 3 different zones with shaded backgrounds to easily spot the distance off of the high.
Zones
Similar Healthy Pullbacks
Possible concern as pullback undercuts previous pullback level
It is also important to pay attention to a stocks 52 week high in relation to it's current price to confirm trend, spot potential breakout levels or see if the high acts as an area of resistance.
The indicator has 3 different zones with shaded backgrounds to easily spot the distance off of the high.
Zones
- Green Zone - 0 to 8% off highs
- Yellow Zone - 8 to 15% off highs
- Red Zone - 15 to 25% off highs
Similar Healthy Pullbacks
Possible concern as pullback undercuts previous pullback level
Release Notes
Update now includes option to see ATRs off the high. Release Notes
Update includes the % or ATR off of two additional highs. - 50 day high
- 18 month high
Release Notes
Option to change the ATR lengthRelease Notes
The user can select the source for the measurement. For example, if "low" is selected, the measurement will show the distance from the bar's low to the highs. If "close" is selected, it will measure the distance from the bar's close to the highs.Release Notes
Typo fix for the pine screener columnsOpen-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Trusted Pine programmer. Send me a message for script development.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Trusted Pine programmer. Send me a message for script development.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.