TradeStation

Price Streak Is Another Way to Spot Trends

Price is never wrong, but sometimes reading it can be tricky.

Movements in the broader market or a sector can distract from a symbol that's been steadily trending in one direction or another. Sometimes the beginning of a move can also be so subtle that it flies under most people's radar.

Price Streak can help overcome these limitations by tracking consecutive up/down periods. It plots an easy-to-read color-coded histogram.

Because it simply counts the candles in a trend, Price Streak can give a clearer picture than magnitude-biased indicators like relative strength or MACD .

Applying Price Streak to the daily chart of Bitcoin Dominance , we find something very interesting right now: the longest drop since March 2017.

That moment in history, almost three years ago, marked the beginning of the last Altcoin bull market. Ethereum , for example, went from roughly $60 to over $1,300 in the following nine months.

While past performance isn't a guarantee of future results, this illustrates how sustained price moves can reveal changes in character.

Based on Price Streak's current reading, it may support the idea of another Altcoin cycle beginning now.
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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Kommentarer

must check with price streak on Total2
+1 Svara
script does not work cant be verified
var Upcount = 0
var Dncount = 0
var Pcolor = color.gray

These lines colon(:) Expected
Svara