B3 Clear Method Streak Count

HammondB3 Updated   
About Clear Method-- to repeat my prior post on the bar painter script:
This indicator is translated out of Technical Analysis of Stocks & Commodities , September 2010, (I take zero design credit). The script simply looks for the price action to break or "clear" the most recent action, and only changes the paintbar color if the action indeed clears the previous candles. Simple to use, just add to your chart from your favorites and change the colors in the UI. It does the rest.

This version can replace my previous Clear Method Bar Painter as it also paints the bars.
What is different is this share is a lower study that counts the streak of the bars shown via histogram.
The way to use the streak is to notice the previous streaks and get a sense of how long the current trend is lasting versus prior trends of the same direction.

@Tradestation recently posted their "price streak" study, and this one is quite similar in nature.

Enjoy, the code open to view,
Release Notes:
  • Added lines to the Long and Short side of zero that represent either the median, average, or extreme of an array depending on user inputs
  • Colors are now customizable in first UI page
  • Fading effect added to the colors
  • Now an area graph instead of histogram
  • *Barcolor does not fade
  • Added zero line

Release Notes:
-code cleanup-

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.


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