The indicator was created as a result of attempts to plot something opposite to the price channel. There are no analogues in the literature (correct me if it is not so, or better provide a link).
The idea is simple: if the High of the current bar is lower than that of the previous, less than the High n bars ago and the indicator value of the previous bar, then the indicator line is equal to the High. The opposite is for the Lows.
The movement nature of the indicator line resembles the MA, but filters the noises better. The application variants are now being tested. Therefore, I would be grateful if anyone shares their experiment results.
I did not want to post it here before the championship. But it turns out that most likely I will not be able to participate for various reasons. If there is interest in this indicator, I will upload the next ones this week.
Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/7279
The Lines_Create script creates 2 horizontal lines on the chart with the names UP_LEVEL and DOWN_LEVEL. The Lines_Delete deletes the lines created by the Lines_Create script from the chart. The Lines_RASST script is an addition to the Lines_Create script.Daily Research
This script is designed for obtaining various statistical data on the chart candlesticks on the selected timeframe.