LuxAlgo

Pivot Based Trailing Maxima & Minima [LuxAlgo]

LuxAlgo Wizard Updated   
This indicator returns trailing maximums/minimums and the resulting average, each resetting on the occurrence of a pivot point high/low, thus allowing to highlight past and current support and resistance levels.

Note that the user has the option to make the indicator subject to backpainting or not. Backpainting would offset the indicator output to the past and as such would be less suited for real-time applications.

🔶 USAGE

🔹 Non Backpainting


The indicator can highlight points of support and resistance given by the trailing maximum/minimum average.

An uptrend is indicated when the trailing maximum is making a new higher high, while a downtrend is indicated when the trailing minimum makes a new lower low.

🔹 Backpainting

When backpainting is enabled the historical trailing maximum/minimum and their resulting average are offset to the past. However, we extend these to the most recent bar, allowing for real-time applications of the indicator.


Users can easily analyze past trends and determine their type by observing the trailing maximum/minimum behavior. For example, trailing maximums/minimums not making new higher high/lower low would indicate a ranging market.

The frequency of new higher high/lower low can also help determine how bullish/bearish a trend was.

🔶 SETTINGS

  • Length: Determines the pivot high/low lookback, with higher values allowing to detect longer-term tops and bottoms.
  • Backpaint: Determine if the indicator is subject to backpainting. Enabling this setting would offset the returned results in the past.
Release Notes:
Minor changes.
Release Notes:
This update allows user to see non-backpainted results (by default). Previous mode for "Backpainting" is available within the settings of the indicator.

To update to the latest version, please refresh TradingView & then remove/re-add the indicator to your chart.

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All scripts & content provided by LuxAlgo are for informational & educational purposes only. Past performance does not guarantee future results.
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.

Disclaimer

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