Consecutive Downs
From MultiCharts
The Consecutive Downs indicator can be used to detect declining markets. It marks bar Low when the price of the bars referenced is consecutively lower than the Price of the previous ConsecutiveBarsDown number of bars.
One can add the conditions for detecting a declining market by editing the Price input. It can include an additional indicator (RSI or ADX, for example), or any input that returns a numerical expression.
Default Inputs
Price( Close ) sets the number of bars used for calculation.
ConsecutiveBarsDown( 3 ) sets the number of consecutive bars with the falling price.
