Minimum and maximum level with filtering
MinMaxLevel is an indicator that displays the levels of the main extremes, or packages the price into a channel that is a smoothed minimum and maximum levels. Extremes are determined by the closing price. A simple moving average is used to filter extremes. When using the indicator as a channel, it is important to remember that the last N bars of the channel (where N is the indicator filter period) are redrawn. If the indicator is used to display the levels of the main minimums and maximums, these levels can act as support and resistance lines.
This indicator does not use ZigZag and determines the peak prices with the help of smoothed values of the minimum and maximum prices for the selected period.
- filter period - filter period. The higher this period, the stronger the peaks of the price are taken into account, and the weaker ones are dismissed. The filter period defines both the time of the filtering moving average and the window for determining the minimum and maximum closing prices.
- use bands - use channels mode, enabled by default. If set to false, levels will be displayed.