DayLow(x) tracks the days since a new low on a chart. I like to use this indicator to track trends up and down. I use a double DayLow indicator: DayLow(5) Red Line + DayLow(6) shaded red This is a short term indicator to let new know a stocks weakness early on the chart.
Use this script to see the depths of corrections and also to see how long it has been since a correction.
I published this script because the last time the SNP has gone this long without a 5% correction was 1996 excluding bear markets of course.
NOTE: This script is a 2 in 1. In order to see correction depth only use the first 3 plot settings as...