This script identifies a technical break of the current trend. Its shows when the swing point before the most recent extreme (high or low) is taken out. The indicator can help you to identify when the current trend is weakening or momentum is slowing down. It is not a standalone script, that you should use for automated trading. It works best when a clear trend is in progress and new extremes are made (such as all-time-high, all-time-low). It should be avoided for sideways movements.
The length parameter determines how many candles should be taken into consideration for calculation of the extremes.
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Hi paaax, can you make a indicator for choppy market as being frm India Nifty often opens gap up gap down. There is large vally formed. It's very difficult for novice like me to predict movement and big fishes are eating our money. Please help how to trade these valleys.