OPEN-SOURCE SCRIPT
Equal Highs and Lows
Description:
The "Equal Highs and Lows" indicator is a technical analysis tool designed to aid traders by identifying and marking equal price levels directly on the trading chart. This indicator helps in spotting potential support and resistance zones by drawing lines between points where the price has formed equal highs or lows over a specified lookback period. It's a versatile tool that can be customized to fit various trading strategies and chart setups.
Features:
How It Works:
The indicator scans the chart within the user-defined lookback length to find bars where the high or low matches that of the current bar. When such a match is found, a line is drawn connecting these points. This process is repeated for each bar, ensuring that all significant levels of equal highs and lows are marked. The indicator is designed to be intuitive and does not predict future market movements but rather highlights important price levels based on historical data.
Usage:
Originality:
This indicator offers a unique approach to identifying and visualizing equal highs and lows, providing traders with a clear view of significant price levels. Unlike standard indicators, it allows for extensive customization and applies an innovative method to enhance chart analysis.
Conclusion:
The "Equal Highs and Lows" indicator is a practical tool for traders looking to enhance their chart analysis with visual cues of significant price levels. Its customization options and innovative approach make it a valuable addition to the trading toolkit, suitable for various trading styles and strategies.
The "Equal Highs and Lows" indicator is a technical analysis tool designed to aid traders by identifying and marking equal price levels directly on the trading chart. This indicator helps in spotting potential support and resistance zones by drawing lines between points where the price has formed equal highs or lows over a specified lookback period. It's a versatile tool that can be customized to fit various trading strategies and chart setups.
Features:
- Customization Options: Users can adjust the appearance of the lines (color, width, and style) to match their chart setup or preferences.
- User-Defined Lookback Length: The number of bars to look back for finding equal highs and lows can be set by the user, allowing for flexibility in different market conditions.
- Debug Labels: An optional feature that provides labels at the points of equal highs and lows, useful for analysis and understanding the indicator's workings.
How It Works:
The indicator scans the chart within the user-defined lookback length to find bars where the high or low matches that of the current bar. When such a match is found, a line is drawn connecting these points. This process is repeated for each bar, ensuring that all significant levels of equal highs and lows are marked. The indicator is designed to be intuitive and does not predict future market movements but rather highlights important price levels based on historical data.
Usage:
- Identifying Support and Resistance: The lines drawn by the indicator can be used to identify potential support and resistance zones, which are crucial for making informed trading decisions.
- Strategy Development: Traders can incorporate the visual cues provided by the indicator into their trading strategies, using them as one of the factors for entry or exit decisions.
Originality:
This indicator offers a unique approach to identifying and visualizing equal highs and lows, providing traders with a clear view of significant price levels. Unlike standard indicators, it allows for extensive customization and applies an innovative method to enhance chart analysis.
Conclusion:
The "Equal Highs and Lows" indicator is a practical tool for traders looking to enhance their chart analysis with visual cues of significant price levels. Its customization options and innovative approach make it a valuable addition to the trading toolkit, suitable for various trading styles and strategies.
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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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.