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:
Medium-term highs are recorded on bars if:
Long-term highs are recorded on bars if:
It's all vice versa for the lows.
The indicator works only on complete bars.
Fig. 1 An example with IgnoreInsideBars = true
Fig. 2. An example with IgnoreInsideBars = false
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
The indicator draws candlesticks of a larger timeframe as color filled rectangles in accordance with the values of the SimpleBars indicator.RegressionPolynomial_HTF
The RegressionPolynomial indicator with the timeframe selection option available in input parameters.