HhLl-Oscilator — Indicator by Trendoscope

Simple oscillator which checks how many highs and how many lows the price is making. Parameters are as explained below:

lookback - Checks how many highs and lows it is making in these many bars. Sum of all highs and lows are taken for plotting.
periods - Initial period to check high and lows
multiples - Number of multiples on initial period for which highs and lows are checked
colorCandles - CandleColor based on the oscillator

If periods is 20 and multiples is 5 and loopback is 10

Indicator checks for last 10 bars how many highs/lows are made for 20, 40, 60, 80 and 100 periods. Sum of all highs and lows are plotted on the oscillator overlay

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Open-source script

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