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(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.
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開源腳本
本著TradingView的真正精神，此腳本的創建者將其開源，以便交易者可以查看和驗證其功能。向作者致敬！雖然您可以免費使用它，但請記住，重新發佈程式碼必須遵守我們的網站規則。
Get access to CarusoInsights indicators: carusoinsights.com/charting/
免責聲明
這些資訊和出版物並不意味著也不構成TradingView提供或認可的金融、投資、交易或其他類型的意見或建議。請在使用條款閱讀更多資訊。