OVO5U
▲ Bullish
Streaming Alert (Scanner)
Bullish Opening Power Bar Alert (OVO5U)
Find stocks breaking above a bullish first 5-minute power bar in real time with Trade Ideas Streaming Alerts (Scanner). An opening power bar is a large first 5-minute candle that opens near one extreme and closes near the other, with the market showing a matching pattern. The bullish alert fires one tick above the high of that candle.
Stocks moving off the open.
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Streaming Alerts push each Bullish Opening Power Bar alert on the print that triggers it.
How Trade Ideas finds it: by default, this alert is triggered when the price moves one tick above the high of the opening candle. See Trade Ideas plans and pricing to run it live.
How the Bullish Opening Power Bar alert works
The opening power bar alerts implement a simple but popular trading strategy. They start by looking for a power bar in the stock's first 5 minute candle. To confirm this, the market as a whole needs to have a matching pattern in the first 5 minutes. We report a bullish alert when the price moves one tick above the high of the opening candle.
A power bar is defined as a large candle, where the open is near the high or or the low, and so is the close. The position of the close says whether the bar is bullish or bearish. This sets the direction for the entire strategy.
A special thanks to our friend Oliver Velez for sharing this strategy. He teaches this strategy under the title "the five minute trader".
Default settings
Example
By default, this alert is triggered when the price moves one tick above the high of the opening candle. To align with each alert, it's essential to utilize the corresponding time frame on the chart. For instance, this alert is visualized on the 5-minute candlestick chart.
What the alert shows you
The description column of this scan will guide you in determining the optimal placement for your stop loss.
Related alerts
Filters to pair with the Bullish Opening Power Bar alert
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FAQ
How do I trade the first 5-minute candle power bar?
Turn on the Bullish Opening Power Bar alert (OVO5U) in Trade Ideas Streaming Alerts. By default, this alert is triggered when the price moves one tick above the high of the opening candle.
What is the Bullish Opening Power Bar alert?
An opening power bar is a large first 5-minute candle that opens near one extreme and closes near the other, with the market showing a matching pattern. The bullish alert fires one tick above the high of that candle.