Threshold counter

OVERVIEW
The "Threshold Counter" is a tool for quantifying occurrences of closing prices of an asset that align with specified criteria and is a flexible and visual approach to studying price action.

A user-definable target threshold can be set and a comparator (<, =, >, and so on) can be selected. The indicator counts values on the main chart meeting these conditions, over a user-defined `lookback` period.

KEY FEATURES

• User definable threshold: target value with optional upper bound can be specified
  
• Versatile Comparisons: Choose from "=", ">=", ">", "<=", "<", "between", and "between (inclusive)" for diverse analysis.
  
• Historical Analysis: Assess occurrences over a customisable period.
  
• Visual Representation: Displays instances graphically on the chart with customisable colours.
  
• Summary: Provides a summary label for a quick understanding of the analysed data.
  

USE-CASES

• Pattern Recognition: Identify patterns or trends based on user-defined price criteria.
  
• Threshold Analysis: Quantify occurrences of prices crossing or staying within a specified range.
  
• Strategy Testing: Evaluate historical performance of strategies relying on specific price conditions.
  
• Behavioural Insights: Gain insights into price behaviour by counting occurrences of interest.
  
• The "Threshold Counter" indicator offers a flexible and visual approach to studying price action, which may aid in making decisions based on historical data.
  

IMPORTANT CONSIDERATIONS

• Period selection: The effectiveness of the analysis may be influenced by the choice of the lookback period. Consider an appropriate duration based on the strategy or pattern being analysed.
  
• Comparator Selection: Comparison operator selection will obviously affect the results. There are two range operators of `between` and `between (inclusive)`. The latter will add closing prices that exactly meet the threshold and upper bound. The former does not.
  
• Visualisation: Interpretation of the visual representation is colour-coded.
  Red is threshold condition is not met.
  Green is threshold condition is met.
  Aqua is outside of the lookback period.
  
• User Discretion: This script relies on historical data and should be used with caution. Past performance is not indicative of future results.
  
• Supplementary Analysis: Trading decisions should not rely solely on this script. Users should exercise judgment and consider market conditions.