[TTI] Mike Webster Quick Break, QuickSand & Grateful Dead RS

📜 ––––HISTORY & CREDITS–––
This TradingView script, " Mike Webster (Webby) Quick Break, Quicksand & Grateful Dead RS," is inspired by the trading methodology developed by Mike Webster. The concept was shared by Webster in a Twitter post, where he emphasized the strategy's role in managing a core position in a winning stock. Webster's approach is unique as it is based on Relative Strength (RS) line movements and their interaction with fast and slow moving averages. Credits go to Mike Webster for the foundational concept and to the script developer for adapting it into this practical tool.

🦄 –––UNIQUENESS–––
The uniqueness of this script lies in its innovative use of the Relative Strength line in conjunction with two distinct moving averages. It features three key stages:

• "Quick Break," where the RS line crosses the fast-moving average;
  
• "Quicksand," where the RS line moves lower than its level during the "Quick Break";
  
• "Grateful Dead Break," where the RS line crosses the slow-moving average.
  

This approach offers a dynamic and nuanced method to manage positions in trending stocks. The indicator plots little triangle shapes above the bars/candles, which violate the rules. Colors can be changed in settings.

🎯 ––––WHAT IT DOES––––
The script monitors and signals three critical phases in stock holding based on the Relative Strength line and moving averages.
👉First, the "Quick Break" indicates a potential short-term weakening in trend strength.
👉Following this, the "Quicksand" condition suggests a further decline in relative performance, prompting a more defensive stance.
👉Finally, the "Grateful Dead Break" signals a more significant trend reversal, potentially warranting the liquidation of the position.
These signals are visualized as shapes plotted on the chart for easy recognition.

🛠️ ––––HOW TO USE IT––––
To use this indicator, traders should input their desired index for RS comparison and adjust the moving average lengths and types according to their strategy. The default settings are an 8-period fast moving average and a 21-period slow moving average, but these can be modified. The script generates alerts for each of the three conditions - Quick Break, Quicksand, and Grateful Dead Break - aiding traders in decision-making. It is crucial to note that this tool is designed for managing a core position in a winning stock and should be used in conjunction with a comprehensive trading strategy. Testing and understanding the pros and cons of this method before implementation is advised, as emphasized by Mike Webster.