Thanks Jako, here's an update. > A "potential" ND or NS bar is marked with a semi-transparent orange/green arrow. > Once confirmed it prints "ND or NS" on the relevant bar or "nd or ns" lower case if the bar appeared in a short term downtrend/uptrend. > Confirmation was reduced from 5 to the following 2 bars only (close lower than potential ND bar close).
Here's three charts with the results. No Demand bars appear a lot more often than No Supply bars - is this normal? Is it because it's more common to see strategic selling by professionals when accumulating to keep a lid on the price, resulting in more closes lower on the bar and narrow range and that type of thing? Anyway this is just one indicator, but I like the potential of adding some other tests etc to help the chart build a background story to draw attention to changing sentiment and potential strength and weakness appearing.
@wilfran1pm and @Toastman and anyone else interested, I've posted the complete Trading View Code (Pine Script) in the spoiler so it doesn't clog up the thread. Scratch that I can't find the option to insert a spoiler in this new site so I attached it in Notepad. (I really hope they fix the bugs in this new site- unexpected stuff keeps happening). Let me know with any questions or suggestions. Wilf I should have time again this weekend to have a crack at the standard test indicators if you have your notes and code for those?
(20min delay)
