This is Higher High Lower Low - Live script. HHLL Live means Labels are calculated and placed dynamically. if you don't know what the Higher High - Lower Low is then you should search it on the net ;)
This is not Buy/Sell indicator but you can use it to analyse the trend or you can use it with other indicators to get signals and confirmation. You have option to use High/Low or Open/Close prices.
The script checks some indicators to see if it's in OB/OS levels and if they are in OB/OS levels then label colors are changed optionally. default OB level = 65, OS level = 35. you can set them as you wish.
I felt I need to protect the source code of the script, so this time it's not open-source.
Before you asked I should answer; it's non-repainting, live and dynamic script, you can use this with all time frames and any pair, indices, stocks etc ;)
You have option to get support/resistance levels and option to change bar color according to the trend that is calculated using broken S/R levels.
You can use different colors:
You can use Close/Open prices as source:
You have option to see only HH LL labels:
Enjoy and Good luck!
Release Notes
⋅
Alerts added for: - New High - New Low - Higher High - Higher Low - Lower High - Lower Low and - New High and Overbought - Higher High and Overbought - Lower High and Overbought and - New Low and Oversold - Higher Low and Oversold - Lower Low and Oversold
Enjoy!
Release Notes
⋅
No more limitation in colors. you can choose any color. Added an option to show Upper/Lower Bands to see it as a channel. you have 3 options, Show => "Zigzag", "Upper/Lower Bands", "None" an example for "Upper/Lower Bands"
@LonesomeTheBlue, May I ask what indicator you use to determine the overbought and oversold? It is RSI or bollinger bands? Im hoping you will answer this question