Rule #1 - New high for the last 40 days
Rule #2 - 3 Consecutive days of the close being lower than the previous day
Rule #3 - 4th days closing price is greater than the previous day
When all 3 Rules are met, it will create the Aqua colored label indicating that the 40/3 criteria is met and a reversal is possible.
Rule #4 - 4th days closing price is within the top 25% of that days high/low range.
When Rule #4 is also met, it creates the Red label indicating that there is a very strong chance the reversal has begun.
Created a new function to allow consecutive counting based on criteria passed in, useful for many projects!
The source code of this study is protected. You can add it to your favorites and use it, but you cannot view or modify the script.
Currently working on Trend Reversal and Buying/Selling exhaustion indicator that should be up tomorrow or Wednesday.
Once I am done with that I will go back and beautify this scripts code with comments included along the way so people can see what I intended step by step.