Moving averages are one of the most common indicators in the world of technical analysis. And they’re often the ingredients of more complex indicators like MACD.
Today’s script shows how long prices have been moving in a given direction. Similar to our earlier Price Streak script, MA Streak counts the number of sessions that the average is rising or falling. It then plots the result in green (positive, rising) or red (negative, falling).
Because it uses a moving average instead of individual candles, this smooths out short-term noise to illustrate how long prices have been moving in a given direction.
Users can designate which price value (open, high, low, etc) to use under the Source input. They can also chose one of five moving average types. (See the code for a complete guide.)
Today’s chart shows that the S&P 500’s 10-day simple moving average (SMA) has been rising for 36 sessions. It’s the longest upside run since March 2019. Given the fact that the index is flirting with its pre-Covid highs, MA Streak may suggest the current rally is getting long in the tooth.
It's also noteworthy that the coronavirus correction in February and March saw the 10-day SMA drop for 24 straight sessions, which was its longest decline since June 2010.
@TradeStation this is such an under-appreciated indicator. I just added it to my chart template and wish I had known about it earlier! Thanks for writing this code and sharing it.
OrcChieftain
⋅
Okay, the idea and visual presentation are really interesting. Just why do you use such weird MA type selection? Shall I make you a dropdown menu for that?
VWAP-503
⋅
@TradeStation - This is great stuff! i wish this indicator was available for Tradestation.
amazedMagpie33309
⋅
how can i tread
IrshuEK
⋅
this is powerful stuff when used in combination. This is my broker y'all!
I hope @TradeStation doesn't mind.