Custom Indicator Clearly Shows If Bulls or Bears are in Control!
The Two Versions of this Indicator I learned from Two Famous and Highly Successful Traders. This Indicator shows With No Lag Clear Up and Down Trends in Market by Documenting Clearly If Bulls or Bears are in Control. The Version In SubChart 1 Shows Consecutive Closes if the Current Close is Greater than of Less than the Midpoint of the Previous Bar (Why Midpoint Explained in Detail in 1st Post). The Version in SubChart 2 Shows Consecutive Closes that are Greater than or Less Than the Previous Close (Will Discuss Specific Uses in 1st Post). Works on Stocks, Forex, Futures, on All Timeframes.
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study(title="CM_TotalConsecutive_Up_Down_V2", shorttitle="CM_TotalConsec_Up_Down_V2", overlay=false) dopm = input(true, title="Check = Use Midpoint, UnCheck = Use Prev Close") dohbM = input(false, title="Highest Bar Look Back Period - Using Midpoint?") dohbC = input(false, title="Highest Bar Look Back Period - Using Close?") dostM = input(false, title="Standard Dev - Using Midpoint?") dostC = input(false, title="Standard Dev - Using Close?") domaM = input(false, title="Moving Average - Using Midpoint?") domaC = input(false, title="Moving Average - Using Close?") hlength = input(4, minval=1, title="Horizontal Line") length2 = input(50, minval=1, title="Highest Bar Look Back Period") length4 = input(50, minval=1, title="Standard Dev Length") length5 = input(2, minval=1, title="Standard Dev Multiple") length3 = input(20, minval=1, title="Moving Average length") down_BarC = close > close[1] up_BarC = close < close[1] down_BarM = close > hl2[1] up_BarM = close < hl2[1] //percentrank = percentrank(barssince(down_Bar), 50)/10 avg_Down = sma(barssince(down_BarM), length3) avg_Up = sma(barssince(up_BarM), length3) avg_DownC = sma(barssince(down_BarC), length3) avg_UpC = sma(barssince(up_BarC), length3) stdevdm = stdev(barssince(down_BarM), length4)*length5 stdevum = stdev(barssince(up_BarM), length4)*length5 stdevdC = stdev(barssince(down_BarC), length4)*length5 stdevuC = stdev(barssince(up_BarC), length4)*length5 plot(dopm and barssince(down_BarM) ? barssince(down_BarM) : barssince(down_BarC), title="Price Down Based On Midpoint or Close", color=red, style=histogram, linewidth=3) plot(dopm and barssince(up_BarM) ? barssince(up_BarM) : barssince(up_BarC), title="Price Up Based On Midpoint or Close", color=lime, style=histogram, linewidth=3) plot(dohbM and highest(barssince(down_BarM), length2) ? highest(barssince(down_BarM), length2) : na, title="Highest Down Bar Lookback - Midpoint", color=red, linewidth=4) plot(dohbM and highest(barssince(up_BarM), length2) ? highest(barssince(up_BarM), length2) : na, title="Highest Up Bar Lookback - Midpoint",color=lime, linewidth=4) plot(dohbC and highest(barssince(down_BarC), length2) ? highest(barssince(down_BarC), length2) : na, title="Highest Down Bar Lookback - Close",color=red, linewidth=4) plot(dohbC and highest(barssince(up_BarC), length2) ? highest(barssince(up_BarC), length2) : na, title="Highest Up Bar Lookback - Close",color=lime, linewidth=4) plot(dostM and stdevdm ? stdevdm : na, title="StdDev of Down Bars - Midpoint",color=red, linewidth=4) plot(dostM and stdevum ? stdevum : na, title="StdDev of Up Bars - Midpoint",color=lime, linewidth=4) plot(dostC and stdevdC ? stdevdC : na, title="StdDev of Down Bars - Close",color=red, linewidth=4) plot(dostC and stdevuC ? stdevuC : na, title="StdDev of Up Bars - Close",color=lime, linewidth=4) plot(domaM and avg_Down ? avg_Down : na, title="MA of Down Bars - Midpoint",color=red, linewidth=4) plot(domaM and avg_Up ? avg_Up :na, title="MA of Up Bars - Midpoint",color=lime, linewidth=4) plot(domaC and avg_DownC ? avg_DownC : na, title="MA of Down Bars - Close",color=red, linewidth=4) plot(domaC and avg_UpC ? avg_UpC :na, title="MA of Up Bars - Close",color=lime, linewidth=4) hline(hlength, title="Horizontal Line", linestyle=dashed, linewidth=4, color=yellow)