This is a plain and simple trend indicator. The indicator considers there is a downtrend, if the current minimum is lower than the minimum located N bars before.
Conversely, there is an uptrend, if the current maximum is higher than the maximum located N bars before. You can set the check depth in the properties. The indicator is good for finding pullbacks to use them as entry points.
Originally this indicator has been written in MQL4 and was first published in the Code Base on 9.09.2014.
Fig. 1. The ExtremLine indicator
Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/12553
Ozymandias is a well known indicator which filters false price fluctuations.Exp_FisherCyberCycle
The Exp_FisherCyberCycle expert advisor is based on the signals generated by the FisherCyberCycle oscillator.