OPEN-SOURCE SCRIPT
New extremum trend
Script for filtering out periods when market is not trending.
It defines downtrend as following:
Lowest price of last 2 days is equal or lower then lowest price of last 100 days.
Values 2 and 100 are customizable.
Uptrend analogically with highs.
It defines downtrend as following:
Lowest price of last 2 days is equal or lower then lowest price of last 100 days.
Values 2 and 100 are customizable.
Uptrend analogically with highs.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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