Highs & Lows by TaTrader — Indicator by TAtrader

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Hello,

This is my script for H&Ls. I am still working on it.

EDIT: be careful when using it!
It does NOT compare previous H&L levels with those in the making. It can only be used if you hold your positions a long time.

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

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Want to use this script on a chart?

study("Highs & Lows by TaTrader", overlay = true)
time = input(title = "Timeframe (minutes)", defval = 240)

// Calculate Highs & Lows
low_m = lowest(low, 30*240/time)
high_m = highest(high, 30*240/time)
low_w = lowest(low, 15*240/time)
high_w = highest(high, 15*240/time)

// Set up Highs & Lows
bottom_m = valuewhen(low <= low_m[1], low, 0)
top_m = valuewhen(high >= high_m[1], high, 0)
bottom_w = valuewhen(low <= low_w[1], low, 0)
top_w = valuewhen(high >= high_w[1], high, 0)

// Draw Highs & Lows
// Important S&R Levels --> extend lines (hline)
plot(bottom_m, color=bottom_m != bottom_m[1] ? na : black, style = cross, linewidth = 2, join = true)
plot(top_m, color=top_m != top_m[1] ? na : black, style = cross, linewidth = 2, join = true)
plot(bottom_w, color=bottom_w != bottom_w[1] ? na : black, style = line, linewidth = 2, join = true)
plot(top_w, color=top_w != top_w[1] ? na : black, style = line, linewidth = 2, join = true)

// Breakthrough signals
plot(bottom_m, color=(close < bottom_m[1]) ? red : na, style = line, linewidth = 2)
plot(top_m, color=(close > top_m[1]) ? green : na, style = line, linewidth = 2)
plot(bottom_w, color=(close < bottom_w[1]) ? red : na, style = line, linewidth = 2)
plot(top_w, color=(close > top_w[1]) ? green : na, style = line, linewidth = 2)

plot(top_m, color=(close > top_m[1]) ? green : na, style = line, linewidth = 2)
plot(bottom_m, color=(close < bottom_m[1]) ? red : na, style = line, linewidth = 2)
plot(top_w, color=(close > top_w[1]) ? green : na, style = line, linewidth = 2)
plot(bottom_w, color=(close < bottom_w[1]) ? red  : na, style = line, linewidth = 2)

// PVT!!!
//plot((high_w - low_w) / (high_m[1] - low_m[1]) * rsi(hlc3, 14), color = black, join = true)