OPEN-SOURCE SCRIPT
(FTD) Follow-Through Day Signal
Follow-Through Day (FTD) Signal
This indicator detects potential Follow-Through Days (FTDs) — a concept popularized by William O’Neil — to help identify possible market trend confirmations.
A Follow-Through Day occurs when an index shows strong upside action on higher volume several days after a market low, suggesting institutional buying rather than short covering.
How it works:
The indicator checks for a session where the price gains a defined minimum percentage from the prior close (default: 1.2% or more).
Volume must be greater than the previous day’s volume.
The rally must occur at least three days after a recent low, determined by the lookback period (default: 20 days).
Additional safeguards require that recent bars are not making new lows and that the bar three days prior either closed positive or was not at a new low — filtering out false signals from oversold bounces.
When all conditions are met, a blue up arrow is plotted beneath the bar, and an optional “FTD” label appears if enabled.
Inputs:
Min % Gain from Previous Close (%): Sets the minimum daily percentage gain to qualify as a Follow-Through Day.
Lookback Period for Lowest Low Checks: Defines how many bars back to search for a recent market low (default: 20).
Show Signal Label: Toggles the on-chart “FTD” label display.
Usage:
This indicator is intended for use on daily charts of major market indexes — such as the Nasdaq Composite (symbol: IXIC) or broad index ETFs including QQQ, SPY, and DIA — where Follow-Through Day signals are most relevant for confirming potential trend reversals.
This indicator detects potential Follow-Through Days (FTDs) — a concept popularized by William O’Neil — to help identify possible market trend confirmations.
A Follow-Through Day occurs when an index shows strong upside action on higher volume several days after a market low, suggesting institutional buying rather than short covering.
How it works:
The indicator checks for a session where the price gains a defined minimum percentage from the prior close (default: 1.2% or more).
Volume must be greater than the previous day’s volume.
The rally must occur at least three days after a recent low, determined by the lookback period (default: 20 days).
Additional safeguards require that recent bars are not making new lows and that the bar three days prior either closed positive or was not at a new low — filtering out false signals from oversold bounces.
When all conditions are met, a blue up arrow is plotted beneath the bar, and an optional “FTD” label appears if enabled.
Inputs:
Min % Gain from Previous Close (%): Sets the minimum daily percentage gain to qualify as a Follow-Through Day.
Lookback Period for Lowest Low Checks: Defines how many bars back to search for a recent market low (default: 20).
Show Signal Label: Toggles the on-chart “FTD” label display.
Usage:
This indicator is intended for use on daily charts of major market indexes — such as the Nasdaq Composite (symbol: IXIC) or broad index ETFs including QQQ, SPY, and DIA — where Follow-Through Day signals are most relevant for confirming potential trend reversals.
Skrypt open-source
W duchu TradingView twórca tego skryptu udostępnił go jako open-source, aby traderzy mogli analizować i weryfikować jego funkcjonalność. Brawo dla autora! Możesz korzystać z niego za darmo, ale pamiętaj, że ponowna publikacja kodu podlega naszym Zasadom Społeczności.
Get access to CarusoInsights indicators: carusoinsights.com/charting/
Wyłączenie odpowiedzialności
Informacje i publikacje przygotowane przez TradingView lub jego użytkowników, prezentowane na tej stronie, nie stanowią rekomendacji ani porad handlowych, inwestycyjnych i finansowych i nie powinny być w ten sposób traktowane ani wykorzystywane. Więcej informacji na ten temat znajdziesz w naszym Regulaminie.
Skrypt open-source
W duchu TradingView twórca tego skryptu udostępnił go jako open-source, aby traderzy mogli analizować i weryfikować jego funkcjonalność. Brawo dla autora! Możesz korzystać z niego za darmo, ale pamiętaj, że ponowna publikacja kodu podlega naszym Zasadom Społeczności.
Get access to CarusoInsights indicators: carusoinsights.com/charting/
Wyłączenie odpowiedzialności
Informacje i publikacje przygotowane przez TradingView lub jego użytkowników, prezentowane na tej stronie, nie stanowią rekomendacji ani porad handlowych, inwestycyjnych i finansowych i nie powinny być w ten sposób traktowane ani wykorzystywane. Więcej informacji na ten temat znajdziesz w naszym Regulaminie.