WaveTrend Weekly Lower Highs V4

This Pine Script creates a WaveTrend Weekly Lower Highs indicator designed to identify weakening momentum and potential trend reversals by tracking lower highs in weekly price action.

Core Purpose:
Calculates the WaveTrend oscillator using weekly timeframe data with smoothing algorithms
Automatically detects and categorizes pivot highs into different types based on their position relative to overbought levels and zero line

Key Features:
High Classification System: Labels highs as "H" (above overbought), "LH" (lower high), "LH-S" (secondary lower high), "Int-LH" (intermediate lower high below zero), or "Int-H" (intermediate high)

Lower High Detection: Specifically tracks when highs form below previous highs after an overbought condition, indicating potential weakness.

Trading Application:
This indicator helps traders identify when an asset's momentum is deteriorating through a series of lower highs, which often precedes trend reversals or significant corrections. It's particularly useful for swing traders and position traders working on weekly charts who want to spot early signs of trend exhaustion before major moves occur.

The script includes alert conditions to notify traders when different types of highs are detected.