The Extremum catcher indicator analyzes the price action after breaking the local Highs and Lows, generates price reversal signals with the ability to plot the Price Channel.
The indicator takes the High and Low of the price over the specified period - 24 bars by default (can be changed). Then, if on the previous candle the price broke the High or Low level and the new candle opened higher than the extremums, then a signal will be generated on the zero candle an arrow for entering a deal (reversal) will be drawn, and the extremum levels will be marked with lines on the chart.
It is possible to filter the Highs as confirmed (Extremum) or unconfirmed (Maximum), this option can be enabled in the settings.
- barPeriod - the number of candles to search for local extremums.
- Alert - enable sound notification about signal appearance.
- Type search by - type of entry searching, based on formed extremum - Extremum, or based on maximums - Maximum.
- Hide unused Maximum and Extremum - hide the unused maximums. That is, if a lower extremum is broken, then, by default, the upper extremum is also drawn. This option allows to remove the upper extremum, in case it is not required.
- Show Price Channel - display the Price Channel indicator on the chart.
- Arrow indentation - offset for arrows. If the arrows on the chart get in your way (they are placed at candle Open), this option allows to move them away from the candle.
- Color Sell - color of the Sell arrow.
- Color Buy - color of the Buy arrow.
- Color Price Channel - color of the Price Channel (if it is enabled).
- 0 - Upper border of the Price Channel.
- 1 - Lower border of the Price Channel.
- 2 - Buy signals, if there is no signal = EMPTY_VALUE.
- 3 - Sell signals, if there is no signal = EMPTY_VALUE.