It's not really an indicator in itself, although when weekly highs or lows are broken it seems to be a big deal. I wrote this so I'd have something to play with.
Here’s one way to access previous values:
valuewhen(change(high_series) != 0, high_series, 1)
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.
study(title="Pivot Points HL", shorttitle="Pivots H/L", overlay=true) //The length defines how many periods a high or low must hold to be a "relevant pivot" len = input(14, minval=1, title="Length") //define a series that is equal to the highest value over the last length highest_high = highest(high, len) //if that high holds for the full length return the value, else na highest_dev = dev(highest_high, len) ? na : highest_high //shift the series to where it started high_pivot = highest_dev[-len+1] //create a series which is equal to the last pivot high_series = fixnan(high_pivot) //repeated for lows lowest_low = lowest(low, len) lowest_dev = dev(lowest_low, len) ? na : lowest_low low_pivot = lowest_dev[-len+1] low_series = fixnan(low_pivot) plot(high_series, color=black, linewidth=2) plot(low_series, color=black, linewidth=2) //plot(high_pivot, color=black, style=circles, linewidth=4) //plot(low_pivot, color=black, style=circles, linewidth=4)