Intraday Momentum Package includes:
Entry/Exit plot strategy
-Based on a complex formula inspired by Karl that determines price-moving momentum, this study plots suggested entry and exit points directly onto your chart, becoming a direct signal for when momentum is entering a leaving a stock.
-Plots peak exit bubbles, suggesting the stock has reached an optimal exit point in real time, and in testing has shown almost 100% accuracy in detecting when the stock is breaking down from a peak.
-LONG and SHORT mode. You can easily switch the script from long mode to short mode and the script will flip and show entry and exit points for shorting. Meaning you can flip the script to SHORT and short a stock as soon as it breaks down from its high of day labeled by the LONG optimal exit bubble.
-Set a user defined stop loss and price target percentage in the options, creating the exit signal early if one or the other is reached, allowing you to keep proper risk management while intraday momentum trading.
-Set a user defined "trade size" which pairs with the built in ThinkOrSwim study called Floating PL. This will create a profit/loss bar in the bottom of your chart that will show gain or loss generated by the signals. This will let you see immediately how accurate the signals are for momentum stocks.