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.

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?


UPDATE: alerts can use the more reliable "Change" value.
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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