Number of Consecutive Trading Bars Condition was True

This function calculates the maximum number of consecutive bars that a condition was true in the past N-bars. The function name is "MaxConsecutiveBars" and it has two parameters: Condition and period.

As an example, if we use this function with "close > sma(30)" condition and 100 as a lookback period, the function will return, for each bar, the longest period where price was above its 30-bar simple moving average in the past 30 bars.

Other examples:

rule = MaxConsecutiveBars(close > open, 50);
Returns the maximum consecutive number of times the stock or asset closed up in the past 50 days.

rule = MaxConsecutiveBars(volume > ref(volume, 1), 100) < 4;
Returns true if the volume didn't increase more than 3 times in a row during the past 100 days.

rule = MaxConsecutiveBars(close > sma(30), 30) == 30;
Returns true if price was above its moving average in the last 30 days. This trading formula is equivalent to: istrue(close > sma(30), 30)

rule = MaxConsecutiveBars(rsi(14) > 70, 60) < 3;
In the past 60 days, the Relative strength index (RSI) never stayed above level 70 more than 2 days/bars in a row.

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