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
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
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Update now includes option to see ATRs off the high.
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Update includes the % or ATR off of two additional highs.
@just_naba, no problem! Not sure I understand what you mean by when to be exit? This indicator isn't a buy or sell signal necessarily. There is a great video on youtube of Mike Webster explaining all of the indicators he uses including this one.
Thank you so much for the script,its very nice. Sir , Is it possible make some change so that , if I turn chart to intraday, the values of indicator should show results of daily timeframe.