Bull Bear Session counter

#trend #bullbear 

This indicator tracks two separate counts: how many consecutive bullish sessions and how many bearish sessions have occurred over a rolling window. It plots both counts as two lines so you can visually compare which side is dominating. When the bull line is above the bear line, the market is in a bullish phase. When they cross, momentum is shifting. 

Default period: 15 days 

Line behavior: Two lines that move together or diverge. The gap between them shows the strength of the dominant side. 

Useful readings: A wide gap between the lines means one side is firmly in control. When the lines converge or cross, it’s a warning that momentum is changing hands. 

Objective rules: 

– Bull line above Bear line = bullish dominance 

– Bear line above Bull line = bearish dominance 

– Lines crossing = potential trend shift 

– Growing gap = strengthening trend; narrowing gap = weakening trend

The indicator table value in TradePoint & RZone also provides you with a list of all values of this indicator for any group of stocks. This will allow you to compare the readings of this indicator across different stocks.

The indicator is applicable to all types of charting. Calculated based on the number of columns on P&F charts, bricks on Renko charts, lines on Line-break charts, candles on Heikin ashi charts, and lines on Kagi charts. While the formula and reading of the indicators remain the same, they become more dynamic on these charts.

This indicator is also available in the System Builder of RZone & TradePoint for all charting methods. Using the system builder, you can develop various strategies based on the different conditions already present in this indicator. Additionally, it can be used with other indicators or price patterns to develop effective trading strategies. For any group of stocks and market segments, you can scan and backtest stocks based on those strategies.