The "Equal Highs/Lows [UAlgo]" indicator is designed to identify equal highs and lows within price action. These levels are significant as they often indicate potential reversal points or areas of consolidation in the market. The indicator is based on specific settings and utilizes the concept of Average True Range (ATR) to determine thresholds for identifying these key price levels.
The indicator plots lines and labels to mark equal highs and lows on the price chart. It dynamically adjusts to changes in market volatility by utilizing ATR-based thresholds.
🔶 Settings:
Pivot Length: Determines the number of bars used to identify pivot highs and lows.
ATR Length to calculate threshold: Specifies the length of the ATR used to calculate the threshold for determining equal highs and lows.
Threshold: Sets the percentage threshold used in conjunction with ATR to identify equal highs and lows.
Wait For Confirmation: When enabled, the indicator waits for confirmation by considering pivots beyond (considers right length bars while calcuation pivot points) the specified length.
While "Wait For Confirmation" is enabled, EQH / EQL Lines will appear after "Pivot Length" after for confirmation
While "Wait For Confirmation" is disabled, EQH / EQL Lines will appear immediately if it meets the requirements to create EQH or EQL as soon as the candle closes.
🔶 Disclaimer:
"Equal Highs/Lows [UAlgo]" is provided for informational and educational purposes only. Trading involves risks, and users should exercise caution and perform their own analysis before making any trading decisions based on this indicator. The creator of the indicator, UAlgo, does not guarantee the accuracy or reliability of the indicator, and usage of this indicator is at the user's own risk.
Great indicator thanks. It is possible to add an option to personalize the color of the eqh/eql lines and typo ?
NareshLalwani
⋅
what is the use of Equal Lows if lows are High and Lower High.. it should be Low and Higher Lows.. that will account for EQL
same way what is the use of EQH if highs are High and Higher Higher and it should be High and Lower High.. that will be called as liquidity.. hope this does make sense...
UAlgo
⋅
@NareshLalwani, Some may call this double top/double bottom, some may call it liquidity. What I want to comment here is not about the price being hh, ll, lh, hl. What I'm interested in here is "there is a price and we can accept the volatility of this price as equal to that price." But I will take your comment into consideration and prepare a liquidity indicator regarding low-lower low or high-higher high :) Thank you.
Piloto0929
⋅
is there a way to add alerts?? can you please add the alert feature?