Consecutive Candle Streaks & Forward Returns [NJ]
✧ OVERVIEW ✧
Consecutive Candle Streaks & Forward Returns is a statistics indicator that counts how often bullish and bearish candles appear in a row and measures how price moved after each streak ended.
Results are displayed in a table grouped by streak length, showing the number of streaks found and the average percentage return over a selected number of following candles.
This makes it possible to evaluate whether streaks of a certain length have historically been followed by continuation or reversal on the selected market and timeframe.
For best results, use this indicator alongside other technical analysis tools, such as Pivot Support & Resistance Zones.
✧ SETTINGS ✧
Count Streaks From
Only candles from this date onward are counted. If chart history does not reach that far, counting starts from the oldest available candle.
Color Candles
Shows or hides candle coloring based on candle direction.
Table Size
Controls the text size of the statistics table.
Longest Streak Shown
Controls the longest streak length shown in its own column. Longer streaks are combined into the last column.
Forward Return Period
Controls how many candles after a streak are used to measure the return.
Include Latest Unfinished Streak
Adds the streak that is still in progress to the counts. It is not used in the averages.
Allow 1 Bearish Candle Inside Bullish Streak
Lets a bullish streak continue through one bearish candle, once per streak.
Allow 1 Bullish Candle Inside Bearish Streak
Lets a bearish streak continue through one bullish candle, once per streak.
✧ HOW IT WORKS ✧
Streak Detection
A bullish candle closes above its open and a bearish candle closes below its open. A streak is a run of candles in the same direction.
A candle that closes exactly at its open ends any streak.
Bullish and bearish streaks are tracked separately, and only closed candles are counted.
Optional Interruption
When enabled, a single opposite candle does not end the streak and does not add to its length.
Two opposite candles in a row, a second opposite candle later in the same streak, or a candle closing at its open still end the streak.
Counting
Each completed streak is counted under its length. Streaks longer than Longest Streak Shown are combined in the last length column.
Single-candle streaks are not shown.
Forward Returns
For every completed streak of two or more candles, return is measured from the close of the streak's last candle to the close Forward Return Period candles later.
Forward Return = (Later Close / Last Streak Close − 1) × 100
The candle that ended the streak counts as the first of these candles.
Returns are averaged separately for each streak length. Recent streaks that do not yet have enough candles after them are left out until they do.
Total
Total column adds up all streaks of two or more candles and averages their forward returns, with each streak weighted equally.
✧ VISUALIZATION ✧
Statistics are displayed in a table in the indicator pane.
Top row shows streak lengths, with the chart timeframe in the header.
Bullish row shows the number of bullish streaks for each length. Bull Avg row shows the average forward return after them.
Bearish row shows the number of bearish streaks for each length. Bear Avg row shows the average forward return after them.
Last column shows totals across all displayed streak lengths.
Positive averages mean price was higher after the streak, negative averages mean price was lower.
A dash is shown where there is not enough data yet.
✧ USAGE ✧
Consecutive Candle Streaks & Forward Returns can be used to analyze:
How often streaks of different lengths occur
Average price movement after bullish and bearish streaks
Historical tendency toward continuation or reversal
Differences in streak behavior between markets and timeframes
Context for momentum and mean reversion setups
Additional confirmation for other technical analysis
Results describe past behavior on the selected chart and timeframe. Averages based on a small number of streaks can be strongly affected by a few large moves.
As with any statistical tool, results are best used alongside other forms of analysis and do not predict future price movement.
Consecutive Candle Streaks & Forward Returns is a statistics indicator that counts how often bullish and bearish candles appear in a row and measures how price moved after each streak ended.
Results are displayed in a table grouped by streak length, showing the number of streaks found and the average percentage return over a selected number of following candles.
This makes it possible to evaluate whether streaks of a certain length have historically been followed by continuation or reversal on the selected market and timeframe.
For best results, use this indicator alongside other technical analysis tools, such as Pivot Support & Resistance Zones.
✧ SETTINGS ✧
Count Streaks From
Only candles from this date onward are counted. If chart history does not reach that far, counting starts from the oldest available candle.
Color Candles
Shows or hides candle coloring based on candle direction.
Table Size
Controls the text size of the statistics table.
Longest Streak Shown
Controls the longest streak length shown in its own column. Longer streaks are combined into the last column.
Forward Return Period
Controls how many candles after a streak are used to measure the return.
Include Latest Unfinished Streak
Adds the streak that is still in progress to the counts. It is not used in the averages.
Allow 1 Bearish Candle Inside Bullish Streak
Lets a bullish streak continue through one bearish candle, once per streak.
Allow 1 Bullish Candle Inside Bearish Streak
Lets a bearish streak continue through one bullish candle, once per streak.
✧ HOW IT WORKS ✧
Streak Detection
A bullish candle closes above its open and a bearish candle closes below its open. A streak is a run of candles in the same direction.
A candle that closes exactly at its open ends any streak.
Bullish and bearish streaks are tracked separately, and only closed candles are counted.
Optional Interruption
When enabled, a single opposite candle does not end the streak and does not add to its length.
Two opposite candles in a row, a second opposite candle later in the same streak, or a candle closing at its open still end the streak.
Counting
Each completed streak is counted under its length. Streaks longer than Longest Streak Shown are combined in the last length column.
Single-candle streaks are not shown.
Forward Returns
For every completed streak of two or more candles, return is measured from the close of the streak's last candle to the close Forward Return Period candles later.
Forward Return = (Later Close / Last Streak Close − 1) × 100
The candle that ended the streak counts as the first of these candles.
Returns are averaged separately for each streak length. Recent streaks that do not yet have enough candles after them are left out until they do.
Total
Total column adds up all streaks of two or more candles and averages their forward returns, with each streak weighted equally.
✧ VISUALIZATION ✧
Statistics are displayed in a table in the indicator pane.
Top row shows streak lengths, with the chart timeframe in the header.
Bullish row shows the number of bullish streaks for each length. Bull Avg row shows the average forward return after them.
Bearish row shows the number of bearish streaks for each length. Bear Avg row shows the average forward return after them.
Last column shows totals across all displayed streak lengths.
Positive averages mean price was higher after the streak, negative averages mean price was lower.
A dash is shown where there is not enough data yet.
✧ USAGE ✧
Consecutive Candle Streaks & Forward Returns can be used to analyze:
How often streaks of different lengths occur
Average price movement after bullish and bearish streaks
Historical tendency toward continuation or reversal
Differences in streak behavior between markets and timeframes
Context for momentum and mean reversion setups
Additional confirmation for other technical analysis
Results describe past behavior on the selected chart and timeframe. Averages based on a small number of streaks can be strongly affected by a few large moves.
As with any statistical tool, results are best used alongside other forms of analysis and do not predict future price movement.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.