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2014.08.06 15:23
Indicators

LarryWilliams_MinMax - indicator for MetaTrader 5

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A MetaTrader 5 indicator of short-term, medium-term and log-term extreme points created based on the book of Larry Williams "Long-Term Secrets to Short-Term Trading".

Short-term highs are recorded on bars if:

  1. The bar high is greater than or equal to the high of the bar to the left and is greater than the bar high to the right.
  2. If IgnoreInsideBars = true: neighboring bars should not be inside. If they are inside bars, the bars that follow them should be analyzed. If IgnoreInsideBars = false: Inside bars are considered normal and are involved in the formation of extremes. See the difference in figures 1 and 2.

Medium-term highs are recorded on bars if:

  1. A short-term high is on this bar;
  2. The nearest short-term highs to the left and and to the right are below the high of this bar.

Long-term highs are recorded on bars if:

  1. A medium-term high is on this bar;
  2. Nearest medium-term highs to the left and and to the right are below the high of this bar.

It's all vice versa for the lows.

The indicator works only on complete bars.

Example

Fig. 1 An example with IgnoreInsideBars = true

Example2

Fig. 2. An example with IgnoreInsideBars = false

Usage:

The indicator can be used to determine significant price levels, formalize extremes based trend detection, etc.

A similar indicator for МetaТrader 4 is available: Corrected version of Extrema Indicator by L.Williams.

Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/11401

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