This script is based on an article by Walter Deemer on his Website https://www.walterdeemer.com/bam.htm
Quoting from the article "Breakaway momentum (some people call it a "breadth thrust") occurs when ten-day total advances on the NYSE are greater than 1.97 times ten-day total NYSE declines. It is a relatively uncommon phenomenon; the table at the end of this report shows the 25 times it has occurred since World War II (an average of once every 3 1/2 years). Cyclical bull markets, though, are traditionally heralded by breakaway momentum, so we are hopeful that it will be generated this time around, too"
I have created a label and a plot of the ratio that enables us to see the historical performance once the threshold is hit.
One of my members in our discord room @ani noticed that when the ratio gets below .45 it has signaled a potential bottom, again we cannot say this with certainty and this is our observation.
You can find additional free scripts via this link: https://www.thebeardedinvestor.net/post/free_scripts
Additional educational material available on my channel: https://www.youtube.com/mandeepbhullar