OPEN-SOURCE SCRIPT
7 consecutive closes above/below the 5-period

This script looks for 7 consecutive closes above/below the 5-period SMA. The indicator is inspired by legendary trader Linda Raschke's work.
First are the two models for which the indicator was created, both inspired by Raschke:
1) Persistency of trend / Extended run setup.
Around 10-12 times per year we get a persistency of trend in instruments in general.
After 7 consecutive closes above/below the 5-period as price pulls back we can look to enter in the direction of the main trend as it moves up/down above/below 5 ma again. You should use price action trading to pinpoint the entries. Now try to hold this as long as possible. Way longer than you can percieve or think is possible. Up to 24-28 periods is what we are looking for in these cases.
2) Normal usage.
When the trend is not persistent, it is possible to use this as an oscillating signal, for a shorter term trade, where we can look for a short or long term reversal setup in price action.
3) I also use it at as a learning to see the swing trades clearer. You can also use it as a visual aid for developing new variances of the classic swing trading setup.
Read and listen to Linda Raschkes work to learn more.
First are the two models for which the indicator was created, both inspired by Raschke:
1) Persistency of trend / Extended run setup.
Around 10-12 times per year we get a persistency of trend in instruments in general.
After 7 consecutive closes above/below the 5-period as price pulls back we can look to enter in the direction of the main trend as it moves up/down above/below 5 ma again. You should use price action trading to pinpoint the entries. Now try to hold this as long as possible. Way longer than you can percieve or think is possible. Up to 24-28 periods is what we are looking for in these cases.
2) Normal usage.
When the trend is not persistent, it is possible to use this as an oscillating signal, for a shorter term trade, where we can look for a short or long term reversal setup in price action.
3) I also use it at as a learning to see the swing trades clearer. You can also use it as a visual aid for developing new variances of the classic swing trading setup.
Read and listen to Linda Raschkes work to learn more.
오픈 소스 스크립트
진정한 트레이딩뷰 정신에 따라 이 스크립트 작성자는 트레이더가 기능을 검토하고 검증할 수 있도록 오픈소스로 공개했습니다. 작성자에게 찬사를 보냅니다! 무료로 사용할 수 있지만 코드를 다시 게시할 경우 하우스 룰이 적용된다는 점을 기억하세요.
면책사항
이 정보와 게시물은 TradingView에서 제공하거나 보증하는 금융, 투자, 거래 또는 기타 유형의 조언이나 권고 사항을 의미하거나 구성하지 않습니다. 자세한 내용은 이용 약관을 참고하세요.
오픈 소스 스크립트
진정한 트레이딩뷰 정신에 따라 이 스크립트 작성자는 트레이더가 기능을 검토하고 검증할 수 있도록 오픈소스로 공개했습니다. 작성자에게 찬사를 보냅니다! 무료로 사용할 수 있지만 코드를 다시 게시할 경우 하우스 룰이 적용된다는 점을 기억하세요.
면책사항
이 정보와 게시물은 TradingView에서 제공하거나 보증하는 금융, 투자, 거래 또는 기타 유형의 조언이나 권고 사항을 의미하거나 구성하지 않습니다. 자세한 내용은 이용 약관을 참고하세요.