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Trend Continuation Ratio

This TradingView indicator calculates the likelihood of consecutive bullish or bearish days over a specified period, giving insights into day-to-day continuation patterns within the market.
How It Works
Period Length Input:
Bullish and Bearish Day Definitions:
Count Tracking:
Bullish to Bullish Continuations: Counts each instance where a bullish day is followed by another bullish day.
Bearish to Bearish Continuations: Counts each instance where a bearish day is followed by another bearish day.
Calculating Continuation Ratios:
The Bullish Continuation Ratio is calculated as the percentage of bullish days that were followed by another bullish day:
Bullish Continuation Ratio = (Bullish to Bullish Continuations /Total Bullish Days)×100
Bullish Continuation Ratio=( Total Bullish Days/Bullish to Bullish Continuations )×100
The Bearish Continuation Ratio is the percentage of bearish days followed by another bearish day:
Bearish Continuation Ratio = (Bearish to Bearish Continuations/Total Bearish Days)×100
Bearish Continuation Ratio=( Total Bearish Days/Bearish to Bearish Continuations )×100
Display on Chart:
The indicator displays a table in the top-right corner of the chart with:
Usage Insights
This indicator is helpful for assessing short-term trend continuation tendencies, allowing traders to gauge whether they are more likely to see follow-through on bullish or bearish days within a chosen timeframe.
How It Works
Period Length Input:
- The user sets the period length (e.g., 20 days) to analyze.
- After each period, the counts reset, allowing fresh data for each new interval.
Bullish and Bearish Day Definitions:
- A day is considered bullish if the closing price is higher than the opening price.
- A day is considered bearish if the closing price is lower than the opening price.
Count Tracking:
- Within each specified period, the indicator tracks:
- Total Bullish Days: The number of days where the close is greater than the open.
- Total Bearish Days: The number of days where the close is less than the open.
Bullish to Bullish Continuations: Counts each instance where a bullish day is followed by another bullish day.
Bearish to Bearish Continuations: Counts each instance where a bearish day is followed by another bearish day.
Calculating Continuation Ratios:
The Bullish Continuation Ratio is calculated as the percentage of bullish days that were followed by another bullish day:
Bullish Continuation Ratio = (Bullish to Bullish Continuations /Total Bullish Days)×100
Bullish Continuation Ratio=( Total Bullish Days/Bullish to Bullish Continuations )×100
The Bearish Continuation Ratio is the percentage of bearish days followed by another bearish day:
Bearish Continuation Ratio = (Bearish to Bearish Continuations/Total Bearish Days)×100
Bearish Continuation Ratio=( Total Bearish Days/Bearish to Bearish Continuations )×100
Display on Chart:
The indicator displays a table in the top-right corner of the chart with:
- Bullish Continuation Ratio (%): Percentage of bullish days that led to another bullish day within the period.
- Bearish Continuation Ratio (%): Percentage of bearish days that led to another bearish day within the period.
Usage Insights
- High Ratios: If the bullish or bearish continuation ratio is high, it suggests a trend where bullish/bearish days often lead to similar days, indicating possible momentum.
- Low Ratios: Low continuation ratios indicate frequent reversals, which could suggest a range-bound or volatile market.
This indicator is helpful for assessing short-term trend continuation tendencies, allowing traders to gauge whether they are more likely to see follow-through on bullish or bearish days within a chosen timeframe.
開源腳本
本著TradingView的真正精神,此腳本的創建者將其開源,以便交易者可以查看和驗證其功能。向作者致敬!雖然您可以免費使用它,但請記住,重新發佈程式碼必須遵守我們的網站規則。
免責聲明
這些資訊和出版物並不意味著也不構成TradingView提供或認可的金融、投資、交易或其他類型的意見或建議。請在使用條款閱讀更多資訊。
開源腳本
本著TradingView的真正精神,此腳本的創建者將其開源,以便交易者可以查看和驗證其功能。向作者致敬!雖然您可以免費使用它,但請記住,重新發佈程式碼必須遵守我們的網站規則。
免責聲明
這些資訊和出版物並不意味著也不構成TradingView提供或認可的金融、投資、交易或其他類型的意見或建議。請在使用條款閱讀更多資訊。