EXPERIMENTAL: this script can be used as a trend follower if bgcolor is active, it can be used to catch extremes and target levels for a pull back to the mean, can be used as support and resistance with the time period open price and extreme. other uses, improvements let me know :p.
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.
Want to use this script on a chart?
study(title="[RS]Temporal Extreme Spliter V0", shorttitle="[RS]TES.V0", overlay=true) hideBG = input(true) window = input(100) openprice = security(tickerid, input("12M"), open) extremeprice = high <= openprice ? lowest(window) : low >= openprice ? highest(window) : openprice half = avg(openprice, extremeprice) openquarter = avg(half, openprice) extremequarter = avg(half, extremeprice) condition = low >= openprice ? 1 : high <= openprice ? -1 : 0 bgcolor(hideBG ? na : (condition == 1 ? green : condition == -1 ? maroon : gray)) plot(openprice, color=(openprice!=openprice?na:black)) plot(extremeprice, color=(extremeprice!=extremeprice?na:black)) halfcolor = half != half ? na : black plot(half, color=halfcolor, style = circles) plot(openquarter, color=halfcolor, style = circles) plot(extremequarter, color=halfcolor, style = circles)