DynamicRS - MetaTrader 4 Script | Forex Indicator Download - MT4/MT5 Resources

This indicator was created as a result of an attempt to plot the opposite of the price channel. There are no analogues in the literature (please correct me if not, or better yet provide a link).

The idea is simple : if the highest price of the current bar is lower than the highest price of the previous bar, less than the highest price n bars ago and the indicator value of the previous bar, then the indicator line is equal to the highest price. The opposite is true for lows.

The movement properties of indicator lines are similar to moving averages, but filter noise better. Application variants are currently being tested. So if anyone shares the results of their experiments, I'd be grateful.

I didn't want to post it here before the tournament. But as it turns out, there’s a good chance I won’t be able to attend for various reasons. If there is interest in this indicator, I will upload the next indicator this week.

Attachment download

📎 DynamicRS.mq4 (1.75 KB)

Source: MQL5 #7279