A script that tracks the number of bars since a specific price threshold was last reached, measuring the time duration using various time units.
Explore complementary indicator rolesHow it works
The script calculates the number of bars that have passed since a specific price level was last observed by tracking the indicator's current and previous values. It analyzes the current bar's indicator value and compares it to predefined high and low thresholds, creating a mechanism to measure time elapsed since those levels were last reached.
By offering multiple time unit options including seconds, minutes, hours, days, weeks, months, and years, the script provides traders with flexible temporal tracking. This allows for precise measurement of market conditions and helps identify potential patterns or duration since significant price movements occurred.
Why it may be useful
This signal helps traders understand market dynamics by providing a comprehensive view of time elapsed since specific price conditions. By tracking the duration since certain indicator levels were last observed, traders can gain insights into potential trend changes, market momentum, and potential reversal points.
The versatility of time unit measurement enables traders to adapt the analysis to different trading styles and timeframes. This flexibility allows for more nuanced market analysis, helping traders make more informed decisions about entry, exit, and risk management strategies.
When to explore it
This script is most effective when traders want to monitor the time duration since specific market conditions or price levels were last encountered. It is particularly useful in volatile markets where tracking the elapsed time since significant price movements can provide valuable context for trading decisions.
Traders can leverage this tool across various timeframes, from scalping to day trading, to understand market rhythm and potential trend exhaustion. It is especially beneficial when combined with other technical indicators to confirm potential trading signals and assess market momentum.
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What we’ve verified
Access, alerts and repainting behaviour have not been independently verified for this indicator. Check the creator’s current publication and settings.
General descriptions and classifications are recovered research. Verified details above identify the specific checks we have completed. Check the creator’s current publication for later changes.
