The Consecutive Higher/Lower Closings indicator is a powerful tool designed to assist traders in identifying potential buy and sell signals based on consecutive higher or lower closing prices. This indicator provides users with the flexibility to specify the number of consecutive higher or lower closings required to trigger a signal, allowing for a customizable trading strategy.
Key Features:
Customizable Parameters: Users can define the number of consecutive higher and lower closings needed to generate buy and sell signals, providing a tailored approach to trading.
Clear Buy and Sell Signals: The indicator plots clear buy and sell signals directly on the chart, making it easy for traders to identify potential entry and exit points.
Usage:
Consecutive Higher Closings (Buy Signal): When the current closing price is higher than the previous closing price for the specified number of consecutive periods (as defined by the user), a buy signal will be generated.
Consecutive Lower Closings (Sell Signal): When the current closing price is lower than the previous closing price for the specified number of consecutive periods (as defined by the user), a sell signal will be generated.
How to Use:
Apply the Consecutive Higher/Lower Closings indicator to your chart.
Adjust the input parameters, consecutiveHigherClosings and consecutiveLowerClosings, to match your preferred trading strategy. These parameters determine the number of consecutive higher and lower closings needed to trigger signals.
Interpret the buy and sell signals generated by the indicator. When a buy signal is displayed (green triangle up), it suggests a potential entry point. Conversely, a sell signal (red triangle down) indicates a potential exit point.
Important Note:
This indicator is designed to assist traders in making informed decisions, but it should be used in conjunction with other technical analysis tools and risk management strategies for a comprehensive trading approach.
Kindly be aware that this strategy is most effective with Monster stocks with smooth price action, particularly when analyzing in weekly and/or daily timeframe.
Disclaimer:
Trading involves risk, and past performance does not guarantee future results. Always conduct thorough research and consider your risk tolerance before making trading decisions.
Versionshinweise
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Updates:
Consecutive Higher/Lower Values: Users can now specify the number of consecutive higher or lower values to trigger buy or sell signals.
Value Type Selection: Choose the price type for analysis - Open, High, Low, or Close - using user-friendly checkboxes.
Include Open in Analysis
Include High in Analysis
Include Low in Analysis
Include Close in Analysis
This update offers greater customization, empowering traders to tailor the indicator to their preferred price metrics. Explore various combinations of consecutive values to fine-tune your trading signals.
First of all, thanks a lot for that! Could we pls have this indicator but instead of displaying consecutive higher CLOSING lows just consecutive higher lows (= higher LOD)? This would be super useful for tight consolidation patterns whereby stock is making consecutive higher lows.
rahul_joshi_2
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@FABIEN88, I have considered your request and updated the indicator, Please check now.
FABIEN88
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@rahul_joshi_2, thank you once again for your swift response and action; really useful to highlight tightness in price action. Have a great day Rahul.
@Kokiamoun213, This is the first indicator I have published, which other indicator you are talking about?
vbsql7
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Very nice script. Is there a version that will suppress duplicate indicators after a color change? The alert I'm looking for is on the close of bar 2 (or maybe bar 3) of a new color. Ex: Alert on second red bar after a green series. Currently all the consecutive bars generate the same signal and this will produce many alerts that are not "turn" indicators (noise). I would like to have this kind of alert running on several stocks so I don't have to stare at the screen.
Could we pls have this indicator but instead of displaying consecutive higher CLOSING lows just consecutive higher lows (= higher LOD)?
This would be super useful for tight consolidation patterns whereby stock is making consecutive higher lows.