The New Highs-New Lows Index was very well described by A. Edler in his book "Trading for a Living: Psychology, Trading Tactics, Money Management " in the chapter dealing with Stock Market Indicators.
In our case, the indicator has been adapted to the foreign exchange market and is calculated as the difference between the number of currency pairs that reached new highs over a given period and the number of currency pairs that reached new lows over a given period. The peak is, as a rule, a sign of a forthcoming reversal.
This indicator was originally developed in MQL4 and published in Code Base at mql4.com 01.04.2011.
Fig.1 The NH_NL Indicator
Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/1051
Multicolor modification of Fast ZigZag.Fast Trading Panel
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The classic version of the RVI indicator (Relative Vigor Index) that can be arranged so that the time frame of the indicator is fixed at a value different from the chart time frame. The indicator is displayed as a cloud.MultiLineMovingAverage
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