Cumulative Pivot HighLow — Indicator by Trendoscope

trendanalysis highlowindex pivothigh pivotlow

This indicator counts number of higher highs/lows and number of lower highs/lows and calculates trend based on that.

Indicator line shows (sum of higher highs/lows - sum of lower highs/lows) derived from last loopback periods. Indicator is green if last two consecutive highs/lows formed are on higher side. Red if on lower side. (Consecutive numbers can be controlled by parameter direction_threshold)

combineHighsAndLows if unselected shows not cumulative version but last consecutive highs and lows marked in red or green according to the trend.

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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 a publication is governed by House Rules. You can favorite it to use it on a chart.

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