Extrema Detector — Indicator by cryptocashcashoo

supportandresistance candlestick simplemovingaverage extremes extremevalues maximum

Determines local maximums and minimums points in the chart.

Parameters:

lookback: number of candlesticks to look.
extrema_finder_sensivity: If lower, more extreme points will be found (may over-find).

Brief algorithm description:
Computes a Simple Moving Average (length=extrema_finder_sensivity), and searches for its local extremes.
Given some SMA extreme, it looks the previous extrema_finder_sensivity candlesticks to find the highest (or lowest value).

Notes:
Is a lagged indicator: determining if the current candlestick have reach a maximum can be delayed to, at most extrema_finder_sensivity-further candlesticks.

Release Notes:

Fix repaint.
- When a new candlestick is added, the previous plots are deleted (lookback line and min/max labels).

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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