OPEN-SOURCE SCRIPT
Zembala_DMark
This indicator uses a specific candle-counting technique to identify potential short-term exhaustion points in price action.
It works by comparing the current candle’s closing price to the closing price 9 candles earlier and maintains two separate counts:
Buy Count (13B): Increases when the current close is lower than the close 9 bars ago.
Sell Count (13S): Increases when the current close is higher than the close 9 bars ago.
When either count reaches 13 consecutive conditions, a signal is displayed:
13B (green triangle up) suggests downside exhaustion and a possible short-term rebound.
13S (red triangle down) suggests upside exhaustion and a potential short-term pullback.
These signals are not traditional buy/sell recommendations but instead highlight areas of potential trend fatigue or price extremes. This logic is loosely inspired by bar-counting methods used in certain sequential strategies, but simplified and adapted for general use without reliance on any proprietary methodology.
It works by comparing the current candle’s closing price to the closing price 9 candles earlier and maintains two separate counts:
Buy Count (13B): Increases when the current close is lower than the close 9 bars ago.
Sell Count (13S): Increases when the current close is higher than the close 9 bars ago.
When either count reaches 13 consecutive conditions, a signal is displayed:
13B (green triangle up) suggests downside exhaustion and a possible short-term rebound.
13S (red triangle down) suggests upside exhaustion and a potential short-term pullback.
These signals are not traditional buy/sell recommendations but instead highlight areas of potential trend fatigue or price extremes. This logic is loosely inspired by bar-counting methods used in certain sequential strategies, but simplified and adapted for general use without reliance on any proprietary methodology.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.