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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.


Peculiarities

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.


Indicator Parameters

  • 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.
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You want to become a constantly profitable 5-star forex trader?  1.  Read the basic description of our simple trading  system  &  and it's major strategy update in 2020   2.   Send a screenshot of your purchase to get your personal invitation to our exclusive trading chat FX Trend   displays the trend direction, duration, intensity and the resulting trend rating for all time frames in real time. You'll see at a glance at which direction the trends are running, how long they last and how powe
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Martin Brown
320
Martin Brown 2020.04.08 01:42 
 

The bands will keep bending around price action

Thomas Fairhurst
1184
Thomas Fairhurst 2019.06.15 11:03 
 

Seems a good indicator. Will test it more, questionable algo.

Tim Eubanks
5587
Tim Eubanks 2018.03.14 02:10 
 

Interesting

Matthew Todorovski
13236
Matthew Todorovski 2018.06.30 14:47 
 

1 Star (20%) = Bad

2 Star (40%) = Undecided

3 Star (60%) = Acceptable

4 Star (80%) = Good

5 Star (100%) = Excellente!

Honestwise
127
Honestwise 2018.05.23 17:17 
 

May I have the link to your pre- update indicator please? Version 2?

kesawik Kerber
276
kesawik Kerber 2018.03.23 17:04 
 

Он запаздывает почему! Надо переключать таймфрейм чтоб он обновился

rainwalker123
2790
rainwalker123 2018.03.11 00:47 
 

User didn't leave any comment to the rating

Reply to review
Version 2.1 2018.03.29
For version 2.0, the following changes have been made:
1) In the mode of displaying the upper and lower bands, the bands are now graphically divided into two parts. The first part of the bands is based on historical data and exactly corresponds to reality. The second part of the bands is based on the assumption on the next highest and lowest price peak. The second part of the bands is redrawn. To determine the next peak of the price, it uses the Support and resistance bands indicator: https://www.mql5.com/en/market/product/28631
2) Fixed bugs in the level display mode.