ATH/ATL Tracker [LuxAlgo]

The ATH/ATL Tracker effectively displays changes made between new All-Time Highs (ATH)/All-Time Lows (ATL) and their previous respective values, over the entire history of available data.

The indicator shows a histogram of the change between a new ATH/ATL and its respective preceding ATH/ATL. A tooltip showing the price made during a new ATH/ATL alongside its date is included.

🔶 USAGE


By tracking the change between new ATHs/ATLs and older ATHs/ATLs, traders can gain insight into market sentiment, breadth, and rotation.

If many stocks are consistently setting new ATHs and the number of new ATHs is increasing relative to old ATHs, it could indicate broad market participation in a rally. If only a few stocks are reaching new ATHs or the number is declining, it might signal that the market's upward momentum is decreasing.

A significant increase in new ATHs suggests optimism and willingness among investors to buy at higher prices, which could be considered a positive sentiment. On the other hand, a decrease or lack of new ATHs might indicate caution or pessimism.

By observing the sectors where stocks are consistently setting new ATHs, users can identify which sectors are leading the market. Sectors with few or no new ATHs may be losing momentum and could be identified as lagging behind the overall market sentiment.

🔶 DETAILS


The indicator's main display is a histogram-style readout that displays the change in price from older ATH/ATLs to Newer/Current ATH/ATLs. This change is determined by the distance that the current values have overtaken the previous values, resulting in the displayed data.

The largest changes in ATH/ATLs from the ticker's history will appear as the largest bars in the display.

The most recent bars (depending on the selected display setting) will always represent the current ATH or ATL values.

When determining ATH & ATL values, it is important to filter out insignificant highs and lows that may happen constantly when exploring higher and lower prices. To combat this, the indicator looks to a higher timeframe than your chart's timeframe in order to determine these more significant ATHs & ATLs.

For Example: If a user was on a 1-minute chart and 5 highs-new highs occur across 5 adjacent bars, this has the potential to show up as 5 new ATHs. When looking at a higher timeframe, 5 minutes, only the highest of the 5 bars will indicate a new ATH. To assist with this, the indicator will display warnings in the dashboard when a suboptimal timeframe is selected as input.

🔹 Dashboard

The dashboard displays averages from the ATH/ATL data to aid in the anticipation and expectations for new ATH/ATLs.


The average duration is an average of the time between each new ATH/ATL, in this indicator it is calculated in "Days" to provide a more comprehensive understanding.

The average change is the average of all change data displayed in the histogram.

🔶 SETTINGS

• Duration: The designated higher timeframe to use for filtering out insignificant ATHs & ATLs.
  
• Order: The display order for the ATH/ATL Bars, Options are to display in chronological (oldest to newest) or reverse chronological order (newest to oldest).
  
• Bar Width: Sets the width for each ATH/ATL bar.
  
• Bar Spacing: Sets the # of empty bars in between each ATH/ATL bar.
  
• Dashboard Settings: Parameters for the dashboard's size and location on the chart.