OPEN-SOURCE SCRIPT
7 consecutive closes above/below the 5-period
This script looks for 7 consecutive closes above/below the 5-period SMA. The indicator is inspired by legendary trader Linda Raschke's work.
First are the two models for which the indicator was created, both inspired by Raschke:
1) Persistency of trend / Extended run setup.
Around 10-12 times per year we get a persistency of trend in instruments in general.
After 7 consecutive closes above/below the 5-period as price pulls back we can look to enter in the direction of the main trend as it moves up/down above/below 5 ma again. You should use price action trading to pinpoint the entries. Now try to hold this as long as possible. Way longer than you can percieve or think is possible. Up to 24-28 periods is what we are looking for in these cases.
2) Normal usage.
When the trend is not persistent, it is possible to use this as an oscillating signal, for a shorter term trade, where we can look for a short or long term reversal setup in price action.
3) I also use it at as a learning to see the swing trades clearer. You can also use it as a visual aid for developing new variances of the classic swing trading setup.
Read and listen to Linda Raschkes work to learn more.
First are the two models for which the indicator was created, both inspired by Raschke:
1) Persistency of trend / Extended run setup.
Around 10-12 times per year we get a persistency of trend in instruments in general.
After 7 consecutive closes above/below the 5-period as price pulls back we can look to enter in the direction of the main trend as it moves up/down above/below 5 ma again. You should use price action trading to pinpoint the entries. Now try to hold this as long as possible. Way longer than you can percieve or think is possible. Up to 24-28 periods is what we are looking for in these cases.
2) Normal usage.
When the trend is not persistent, it is possible to use this as an oscillating signal, for a shorter term trade, where we can look for a short or long term reversal setup in price action.
3) I also use it at as a learning to see the swing trades clearer. You can also use it as a visual aid for developing new variances of the classic swing trading setup.
Read and listen to Linda Raschkes work to learn more.
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。