This is a very simple way to keep track of the number of consecutive winning or losing days for a stock. This way you can see what the odds are for continuation lower.
Losing streak indicator:
declare lower;
def i;
if (close < close[1]){
i = i[1] + 1;
} else {
i = 0;
}
plot streak = i;
Winning streak indicator:
declare lower;
def i;
if (close > close[1]){
i = i[1] + 1;
} else {
i = 0;
}
plot streak = i;
An example chart:
