OPEN-SOURCE SCRIPT
Updated Extrema Detector
Determines local maximums and minimums points in the chart.
Parameters:
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.
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 creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.