In this indicator the Higher Highs only happens when a high value are rising from each other in the last "Length of Real Pivots" highs and the next same number of highs are falling in every single bar.
The Lower Lows are inverted, LL only appears if a low is falling in every single bar in the last number of length and the lows price of the "n" bars next are rising.
You can use this Indicator in any kind of market.
Now the indicator shows the prices in the most common Fibonacci Levels, and I give an options to select the best size.
Now you can select a different symbol as source.
You can use simple pivots and reveal the prices of HH and LL.
The Support and Resistance lines are more editable.
And I will leave a tip for you guys, use the LL and HH levels in this indicator to draw a very good Pitchfan in the Trendlines.
Hope you enjoy!!
No verdadeiro espírito TradingView, o autor deste script o publicou com código aberto, para que os traders possam compreendê-lo e verificá-lo. Um brinde ao autor! Você pode usá-lo gratuitamente, mas a reutilização deste código em uma publicação é regida pelas Regras da Casa. Você pode favoritá-lo para utilizá-lo em um gráfico.
First of all, thanks for the message.
This in one of my indicators that I really need to made it more simple to use it.
But... Until now, here is some tips.
The first checkbox is to select what source the indicator will use it: If the box is checked (☑), only close prices will be analyzed; if it is unchecked (☐), then the the indicator will use the high and low candles values.
The second checkbox is to select the way you think Higher Highs (HH) and Lower Lows (LL) occur, if the box is checked (☑), HH only happens when a bar is higher then the number of "N Bars Length" after and before, and the LL is lower than the "N Bars Length" after and before. In other words, if you put the number 5 in "N Bars Length" input, and check the box ahead, the system will only see a HH when 6 bars gone up are followed by 5 bars going down, Like a Pyramid. If you uncheck the box, HH will be every time a bar is higher than the last and next "N Bars Length".
The next checkbox is for those people who like to compare a market with other, so if its check it, you can type any Symbol to use as source.
After this, there will be 4 check box to configure how the indicator is plotted;
The checkbox "Check for use Murray Lines, Uncheck for Fibonacci Lines" is to select the Ratio you prefer:
Murray Ratio: 0.125, 0.250, 0.375, 0.500, 0.625, 0.750, 0.875
Fibonacci Ratio : 0.118, 0.132, 0.382, 0.500, 0.618, 0.750, 0.882
And the "Invert Ratio Signal" is for invert all ratio to fit better in a bull or bear market.
All the other options is just for configure the visual of the indicator, and like I said, I really need to get it more simple.
Thanks anyway, hope you could understand.
And about the market direction (Bull or Bear Market), one of the simplest and best know way is the "Golden and Death Cross": Take 2 Moving Average Indicator lines (like SMA or EMA), then configure the first with a fast 50 (or like I prefer 55) candle length in a green color, and the second with a slower 200 (or in my way 144 or 233) length with a red color. Now, every time the green line cross over the red line, we are in a Bull trend Market, and when the green line cross under the red line, we are in a Bear Market. You can use this in any timeframe, and with this same indicator configuration, you can see how strong (or in other words, how over bought or over sold) are the trend by looking how far is the distance between these 2 same lines.
Hope I could help you.
what is ratio line, negative line, extreme line, and over line?