OPEN-SOURCE SCRIPT

Equal Highs & Lows [UAlgo]

Updated

🔶 Description:

The "Equal Highs/Lows [UAlgo]" indicator is designed to identify equal highs and lows within price action. These levels are significant as they often indicate potential reversal points or areas of consolidation in the market. The indicator is based on specific settings and utilizes the concept of Average True Range (ATR) to determine thresholds for identifying these key price levels.

The indicator plots lines and labels to mark equal highs and lows on the price chart.
It dynamically adjusts to changes in market volatility by utilizing ATR-based thresholds.

🔶 Settings:

Pivot Length: Determines the number of bars used to identify pivot highs and lows.

ATR Length to calculate threshold: Specifies the length of the ATR used to calculate the threshold for determining equal highs and lows.

Threshold: Sets the percentage threshold used in conjunction with ATR to identify equal highs and lows.

Wait For Confirmation: When enabled, the indicator waits for confirmation by considering pivots beyond (considers right length bars while calcuation pivot points) the specified length.

While "Wait For Confirmation" is enabled, EQH / EQL Lines will appear after "Pivot Length" after for confirmation

While "Wait For Confirmation" is disabled, EQH / EQL Lines will appear immediately if it meets the requirements to create EQH or EQL as soon as the candle closes.

🔶 Disclaimer:

"Equal Highs/Lows [UAlgo]" is provided for informational and educational purposes only. Trading involves risks, and users should exercise caution and perform their own analysis before making any trading decisions based on this indicator. The creator of the indicator, UAlgo, does not guarantee the accuracy or reliability of the indicator, and usage of this indicator is at the user's own risk.

Release Notes

Pinescript version update.

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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