Electrified

Local Limit Lower

Displays recent higher and lower lows.

In it's simplicity is a lot more powerful than might appear at first glance.
  • Does not rely on volatility calculation.
  • Can be linked together to create an objective view of recent support levels.
  • Makes current trends more visible.
  • Excellent as a trailing stop algorithm.

Can be used with its sibling: Local Limit Upper
Release Notes: Reuse code from Local Limits.
Margin is now implemented properly.
Release Notes: Eliminated buggy bar sensitivity option as the indicator works as intended without it.
Release Notes: Code cleanup. Removed unused parameter.
Release Notes: Added trend change values for more reliable alerts.

ALERTING:
Simply select the "Change" value and alert on "Greater Than" or "Less Than" zero depending on which direction you want to detect.
Release Notes: Updated username/copyright.
Open-source script

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?

Comments

UPDATE: alerts can use the more reliable "Change" value.
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If you want to use these for alerts, use the "Moving Down" option with a value of 0.01. When the source value breaks lower, these indicators move in that direction.
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