Consecutive Downs

Definition

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 BarsDown 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.
This indicator is used to show the upward trend in the markets. Several consecutively marked bars could be an indication of a price surge suggesting a possible breakout pattern. However, such a pattern may also indicate a trend is about to change its direction and a reversal is imminent.

Default Inputs

Price sets the number of bars used for calculation, close by default.

ConsecutiveBarsDown sets the number of consecutive bars with the falling price, 3 by default.