OPEN-SOURCE SCRIPT

Ultra High/Low

已更新

The Ultra High/Low script helps traders track key price levels by automatically marking significant highs and lows on a chart, highlighting potential reversal points for future trading decisions.

Introduction
The Ultra High/Low script identifies and marks significant highs and lows on a trading chart. These are specific points where the price reached a peak or bottomed out before reversing. The script draws lines at these levels, which can be extended, and it also labels the exact price at these points. This makes it easy for traders to see where the price has changed direction previously, helping them make more informed trading decisions.

Detailed Description
In more detail, the Ultra High/Low script is designed using Pine Script™, a programming language used for creating custom indicators and strategies on the TradingView platform. Here's how it works:

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Detection of Pivot Highs and Lows
The script identifies "pivot highs" and "pivot lows." These are points on the chart where the price reached a local maximum or minimum, surrounded by lower highs (for pivot highs) or higher lows (for pivot lows).
The user can customize how many bars to the left and right of the high or low the script should consider to confirm a pivot (Length argument in the settings).
The script uses Pine Script functions for pivot detection. ta.pivothigh() and ta.pivotlow().

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Drawing Lines and Labels
Once a pivot is identified, the script draws a dashed line from the pivot point to the current price bar. This line helps visualize where significant price reversals have occurred.
The script also adds a label next to these lines showing the exact price of the pivot point. This label also shows "PDH" (Previous Day High) or "PDL" (Previous Day Low) if the pivot is PDH or PDL. Same for "PWH" (Previous Week High) and "PWL" (Previous Week Low).

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Purging and Extending Lines
If the price crosses a pivot line after it has been drawn, the script can either delete the old line (purged line) or keep it and add additional indicators to show that the line has been liquidated.
The script also has options to extend the lines into the right.

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Custom Inputs
The script offers several customizable options, like the color of the lines and labels, whether to show the exact price or not, and whether to extend the lines. This allows traders to tailor the indicator to their specific needs and preferences.

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Overall, the Ultra High/Low script is a powerful visual aid for identifying critical price levels that may influence future price movements, making it easier for traders to make decisions based on historical price behavior.

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Update for minor bug fixes (correctly delete labels)

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minor bug fixes (source selection)

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Update for better visualization (Custom lines)

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Update (better vizualization for previous high/low)

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update (added Multi-Timeframe)

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Bugfix (display PDH & PWH or PDL & PWL within the same lebel correctly)