Bounce Strength Indicator (BSI) shows the strength of bounce according to the Wyckoff method.
After a move higher, the stock moves into a flat consolidation with a clear support level. Chartists should watch action closely as prices approach support. A high volume surge off support, also known as a springboard, is the first sign that the bigger uptrend is set to continue and a consolidation breakout is imminent.
How to measure the strength of bounce?
Strength of bounce up from lows:
(close - low ) * ( ceiling - low ) / range spread
Strength of bounce down from highs:
(high - close) * ( high - floor ) / range spread
My measuring method means the following:
This idea is simple, but it can become a leading indicator of the range breakout. It will work only within range.
This script lists current open orders with profit.Guppy (Long and Short)
This indicator combines two groups of six exponential moving averages of different periods to elucidate the direction and the strength of the short-term and long-term trend.