TTP Green/Red Consecutive Candles — Indicator by TheTradingParrot

candlestickanalysis trendanalysis ema candlestickpattern candlecolor consecutivecandles redcandles greencandles signal exponentialmovingaverage

This indicator counts consecutive green/red candles offering some basic statistics and signals/alerts.

Features
- Counts consecutive green/red candles in an oscillator chart
- Moving average of the counting helps spotting when the consecutive candles are away from the mean. MA length and multiplier to adjust the signal sensitivity.
- Thresholds can be set to backtest and send alerts on any number of arbitrary consecutive candles of the same color.
- All time highs: the indicator keeps track of when the maximum has been reached
- Distribution data: the number of times each number of consecutive color candles has been reached is offered

Signals
- Threshold signal triggers when the number of candles of the same color is above the specified threshold.
- MA cross signal triggers when the number of candles of the same color is above the MA.

Join our membership to gain access to the private scripts.
www.thetradingparrot.com

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Want to use this script on a chart?