In its simplicity is a lot more powerful than might appear at first glance.
- Does not rely on volatility calculation.
- Can be linked together to create an objective view of recent support and resistance levels.
- Makes current trends more visible.
- Excellent for use as a trailing stop algorithm.
- Single Bar Sensitivity: True (default) reacts to individual bars. False only responds to the alignment of 2 bars.
- Margin (1-5): Adds extra distance from higher lows and lower highs to reduce the sensitivity of broken trends.
Single indicators with configurable sources:
Local Limit Higher
Local Limit Lower
Simply select one of the the various "Change" values and alert on "Greater Than" or "Less Than" zero depending on which direction you want to detect.
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.