I'm having trouble understanding the ConsecDown indicator. If there's a lookback period of only 3, is it possible to get counts back that are greater than 3? Please explain.
Also, if the Closes begin to go back up, shouldn't that reset the ConsecDown count?
Also, if the Closes begin to go back up, shouldn't that reset the ConsecDown count?
CODE:
public override void Initialize(BarHistory bars) { indicator = new ConsecDown(bars.Close,3); PlotIndicator(indicator); }
Rename
On Aug 5, for the lookback of three consecutive down bars you specified the SPY close's pattern is still valid. If you have a careful look at the chart you'll see why it resets on Aug 8 only.
You're confused because what you're really looking for is probably ConsecDown(Close,1) - not "3".
You're confused because what you're really looking for is probably ConsecDown(Close,1) - not "3".
ConsecDown(bars.Close,3); means to add '1' to the consecutive count if the Close is lower than the Close 3 bars ago.
If that's false (i.e., Close is higher than any Close in the last 3 bars), the count resets to zero.
If that's false (i.e., Close is higher than any Close in the last 3 bars), the count resets to zero.
QUOTE:
what you're really looking for is probably ConsecDown(Close,1)
Based on the indicator description in the WL Build 95 documentation, yes that is what I expected. The description in Post #2 makes a little more sense. Perhaps someone could clarify the description better and include an example. This is quite confusing.
I think the word "consecutive" (in the name) was a mistake. Maybe call it DownGroupings(...) instead or something similar.
Thanks for the clarification.
I don’t think it’s a mistake. ConsecDown 3 returns how many consecutive times the source time series is lower than it was 3 bars ago.
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