Persistency of trend
This script calculates how many days price has been over a Moving Average.
How to use the indicator
You can use it to find persistency of trend.
Over a certain threshold - number of days - you will find a very strong persistency of trend that has a high probability of continuing longer than you may first expect. It's up to you to find...
This script looks for 7 consecutive closes above/below the 5-period SMA. The indicator is inspired by legendary trader Linda Raschke's work.
Usage
The script can can be used in three main ways. I think you will find more uses.
First are the two models for which the indicator was created, both inspired by Raschke:
1) Persistency of trend / Extended run...