9 Count Setup - Price Exhaustion Detection

18 jam lalu

This indicator implements a counter-trend technical analysis tool designed to identify potential trend exhaustion points and reversal zones using a systematic counting methodology.

How It Works:
The indicator uses a specific 4-bar look-back comparison to detect price momentum:

• For bearish signals (red triangles above bars): The indicator counts consecutive bars where each close is HIGHER than the close from 4 bars earlier. When this condition is met 9 times in a row, it signals potential uptrend exhaustion.
  
• For bullish signals (green triangles below bars): The indicator counts consecutive bars where each close is LOWER than the close from 4 bars earlier. When this condition is met 9 times in a row, it signals potential downtrend exhaustion.
  

The 4-bar comparison (rather than comparing consecutive closes) helps filter out short-term noise and focuses on sustained directional momentum. The count resets to zero whenever the comparison condition fails.
Key Features:

• Configurable Display: Toggle between showing all counts (1-9) for educational purposes, or only the critical warning levels (7-8-9) for cleaner charts
  
• Real-time Counting: Numbers appear as the sequence builds, with 7 and 8 serving as early warnings
  
• 9-Count Signal: The number "9" indicates the Setup completion - a zone where price reversals statistically occur approximately 70% of the time according to some backtesting studies
  

How to Use:

1. A red "9" above a bar suggests the uptrend may be exhausted - potential short entry or long exit zone
   
2. A green "9" below a bar suggests the downtrend may be exhausted - potential long entry or short exit zone
   
3. The 7 and 8 counts provide advance warning that a potential reversal zone is approaching
   
4. Best used in combination with other confirmation indicators and proper risk management
   

Settings:

• "Show All Counts (1-9)": Enable this to display the complete count sequence for learning purposes. Disable to show only counts 7, 8, and 9 for a cleaner chart focused on actionable signals.
  

Note: This indicator implements the Setup counting phase only. The complete methodology includes an additional phase (to 13), which is not implemented here. This standalone Setup indicator is effective for identifying potential reversal zones in trending markets.

15 jam lalu

Nota Keluaran

Fixing the example chart to be clean.

15 jam lalu

Nota Keluaran

Fixing the example chart to be clean.