GT - Recent High/Low

█ OVERVIEW

This indicator will help traders identify the recent high and low of the current trend so we know where we are in the trend. If recent high/low broken it could be that the trend is changing. This indicator is based on price action.

█ HOW IT WORKS

Basically, a trend is when the prices move up and down in a stair-step fashion. In an uptrend, The indicator keeps track of the up and down movement and remember the last high and once the price pull back and broke the recent high it will mark out the new high. When prices pull back in and uptrend it must not broken the recent low. If the pull back move broke the recent low it could means that the trend is changing and we could see prices start going down. Downtrend is the reverse of uptrend.

Whenever the price broke the recent high or low the script will go back from the candle that broken the previous high to find the recent low. As long as the high of previous candle is lower than each other consecutively backward, all of those candle will be counted as part of the up move. The lowest low of these candles will be counted as the recent low. If one of the candles that are part of the up move is an inside bar then the recent low is the low of that inside bar candle (for downtrend it will be the high). Inside bar candle is a candle that it's high and low are both inside the high and low of the candle preceding it (to its left).

█ DISCLAIMERS

• The content of this post is NOT investment advice and I am not a financial advisor.
  
• This is for educational purpose only.
  
• Always do you own research. Do not blindly trust a random stranger online.
  

█ HOW DOES IT HELP YOU

• Moving the recent high and low every time a candle break out is a very tedious job. Plus, you cannot set an automatic alert system whenever price broke a recent high or low. This indicator allow you to create an alert whenever a recent high or low is broken.
  
• You can use this indicator as a trailing stop loss strategy. Move the stop loss of your long position to the recent low level whenever price broke recent high or move the stop loss of your short position to the recent high level whenever price broke recent low.
  
• The bullet line is the minor recent high or low before the prices broke the major recent high/low. This line could be the level where prices touch before continue with the trend.
  

█ TRADING IDEAS

Based on how a candle broke the recent high or low, if it breaks impulsively you can develop your strategy to trade the pullback and hoping on the trend before it continue to move up or down.

█ CURRENT FEATURES

• Recent high/low.
  
• Previous high/low.
  
• Inside bar marker.
  
• Alert for when high/low broken. Configurable message format either in JSON or plain text, useful when using with webhook alert.
  
• Bullet line (trend continuation line).
  
• Toggle switch to redraw in realtime. CAUTION: this will cause repainting and alert will fire multiple time during a real-time bar.
  

█ NOTES

- I am very new to pine script. So there could be a way to handle the alert in realtime to not fire multiple time, Once I found a way I will update the indicator. However, redrawing in realtime will definitely cause repainting of high/low or bullet line, as far as I know this cannot be fixed because it is how pine script compiler works.

- If you like the indicators and it helps you please be sure to leave a like.

█ CREDITS

This indicator is made by me but the idea is inspired by Guerrilla Trading course. Which is why this indicator is closed-source. Guerrilla doesn't support the use of indicators and they believe in mastering reading candle sticks using price action on a naked chart. However, I'm a visual learner, I do my due diligent in backtesting and learning how to read the chart. I think that a little help with indicator to smooth my learning curve or make it easier to identify important level is very useful.

!IMPORTANT!: If you are a member of Guerrilla please do not advertise this indicator on their forum as they do not support the idea of using indicators.

While using the indicator if you found any bugs or the lines draw incorrectly please report it directly to me by leaving a comment or message me directly. Do not report the bugs of this indicator to Guerrilla Trading as this has nothing to do with them and they are not the maintainer.

If you are not a member of Guerrilla but you are considering joining Guerrilla Trading. You can support me out by using my affiliate link in my Signature. Thank you very much!

█ CONTRIBUTE

If you are a developer and a member of Guerrilla and you would like to contribute to this indicator please message me.

ملاحظات الأخبار:

• Fix alert message show wrong low price
  

ملاحظات الأخبار:

• Add toggle button for showing recent high/low.
  
• Add high/low broken trail.
  
• Add options filter rules for drawing bullet.
  
• Previous High/Low now only draw previous low if high broken and previous high if low broken.
  

ملاحظات الأخبار:

• Add detection of the bomb pattern. (This is still in beta, I haven't really did a through test of this just yet. Please refer to Guerrilla Trading for how to trade this pattern)
  
• Change the logic of counting consecutive high/low broken. For the counter go increase there must be a pull back before the previous high/low broken.
  

ملاحظات الأخبار:

• Add outside bar pattern to the bomb detection model.
  
• Restructuring config.
  

ملاحظات الأخبار:

• Update default colors.
  
• Update high/low broken counter logic.
  
• Use plotcandle to change color of candles instead of barcolor.
  

ملاحظات الأخبار:

• Improve performance of the script.
  

ملاحظات الأخبار:

• Add trend color toggle (Color recent high and recent low lines according to the current trend).
  
• Add bomb pattern alert.
  

ملاحظات الأخبار:

• Add different trend visualisation methods.
  
• Add bullet line width config.
  
• Fix bomb alert to only fire when bar is closed.
  

ملاحظات الأخبار:

• Fix recent high/low label colors
  

ملاحظات الأخبار:

• Add "Max Minor High Broken" and "Max Minor Low Broken" in config for better filtering of bomb setup based on your condition. (Thanks @CrazyTraderr for the idea!)
  
• Add current low/high level into JSON formatted alert message.
  

ملاحظات الأخبار:

• Improve bomb detection logic.
  
• Add a toggle in config to draw out the bomb valid line which when price broke that line it will be considered a valid bomb setup.
  

ملاحظات الأخبار:

• Minor update.
  

ملاحظات الأخبار:

• Fix a bug in values of alert message.
  

ملاحظات الأخبار:

• Current Version: 5
  
• Added a dummy in the config of the script so everyone can see. It is the current version of the script. To make sure everyone is on the newest version according to my release note. Please read the tooltip for more information.
  

ملاحظات الأخبار:

Current Version: 5.1

• Fix alert condition for broken recent high/low.
  

ملاحظات الأخبار:

Current Version: 5.5

• Add alert webhook passphrase.
  
• Add alert condition for when price crossed the bullet line, crossover if we are in a downtrend and crossunder if we are on an uptrend based on how price broke the recent high/low.
  
• Previous high/low price now show where the price broke recent high/low with a pull back kinda like a break of structure line.
  

ملاحظات الأخبار:

Current Version: 5.6

• Fix a bug with previous high/low and broken trail high/low drawing.
  

ملاحظات الأخبار:

Current Version: 5.7

• Minor update to drawing valid bomb level logic. Outside bar bomb pattern should now draw the correct valid bomb line level.
  

ملاحظات الأخبار:

Current Version: 7
This probably is a major update since the 1st version of the script was released. I have rework most of the logic to be much "simpler" in a way since I'm now becoming much better at pinescript.

• Rework detection logic of recent (major) high/low.
  
• Previously high/low will now draw like a break of high/low whenever price broke out of recent range.
  
• Rework detection logic of bullet line.
  
• Rework detection logic of minor high/low to detecting bomb setup.
  
• Add config to draw out minor high/low within the recent (major) high/low range.
  

ملاحظات الأخبار:

Current Version: 7.1

• Minor update to drawing logic of minor high/low.
  

ملاحظات الأخبار:

Current Version: 7.2

• Change the short title of the indicator to "GT Indicator". This is because I'm making another indicator which connecting the recent high/low to create higher high and lower low. Avoid confusion if you add 2 indicator to your chart.
  
• Update the logic of drawing minor high/low and bomb valid line. If the bomb valid line is the same with minor high/low it will show only the bomb valid line and you can take it as the minor high/low
  

ملاحظات الأخبار:

Current Version: 8

• Fix some edge case bug with bullet line, broken high/low trails and recent high/low detection. Thanks @ihaveablackamex.
  
• Add option to not extend bullet line to the right.
  
• Add option to add price label for bullet line, only works if bullet line extend right is not enable.
  
• Add auto fib retracement option in the settings.
  

ملاحظات الأخبار:

Current Version: 8.1

• Minor update to fix one of the edge case of bullet line and broken trail.
  

ملاحظات الأخبار:

Current Version: 9

With the help of @ihaveablackamex I was able to fixed alot of the edge case of the bullet, there are still some left which will be fixed hopefully soon.

ملاحظات الأخبار:

Current Version: 9.1

• Fix a minor issue with max_bars_back.
  

ملاحظات الأخبار:

Current Version: 9.5

• Redo bullet line detection logic once again. I think this time it covered alot of the edge cases out there.
  
• Improved the bomb detection logic.
  

ملاحظات الأخبار:

Current Version: 10

• Fix more edge cases for the bullet.
  
• Fix more edge cases for the bomb.
  
• Clean up the config.
  
• Add more visual customization like: previous line labels, lines extend right toggable.
  

ملاحظات الأخبار:

Current Version: 10.2

• Price levels of high/low and bullet are now showing on the price axis of the chart. For this to work you need to go into your chart settings, under "Scales" tab turn on "Indicators and financials value labels".
  
• Fix Fibs showing bug.
  

ملاحظات الأخبار:

Current Version: 10.4

• Minor fix for request history bar.
  
• Change plotting method for bomb visualization use barcolor instead of plotcandle.
  

ملاحظات الأخبار:

Current Version: 10.6

• Fix an edge case with detecting bomb setup.
  
• Minor fix to drawing function. For non extended line it will always draw ahead of the current bar.
  

ملاحظات الأخبار:

Current Version: 10.7

• Fix Fibs drawing bug.
  

ملاحظات الأخبار:

Current Version: 10.8

• Fix bullet line drawing bug when you turn of recent high/low lines.
  

ملاحظات الأخبار:

Current Version: 11

• Fix drawing issue with high/low broken trails.
  
• Fix drawing issue with bullet line when both recent high and low broken.
  

ملاحظات الأخبار:

Current Version: 11.2

• Fix alert function.
  
• Add alertcondition() so you can now select either "any alert() function call" or just create alert for specific condition from the dropdown.
  

ملاحظات الأخبار:

Current Version: 11.3

• Minor update to the bomb logic.
  

ملاحظات الأخبار:

Current Version: 11.4

• Minor update to redraw condition.
  

ملاحظات الأخبار:

Current Version: 11.5

• If bullet alert so it doesn't fire if it crossed on the same candle that broke the high or low. After you have the latest version you will need to delete and add your alerts again for it to takes effect.
  

ملاحظات الأخبار:

Current Version: 11.6

• Minor update to bomb detection logic.
  

ملاحظات الأخبار:

Current Version: 11.7

• Fix a bug where the script doesnt draw ISB because it was crashing with bullet detection (Thanks Brezhnews)
  

ملاحظات الأخبار:

Release Notes: Current Version: 11.7

• Fix a bug where drawing ISB was crashing with bomb
  

ملاحظات الأخبار:

Release Notes: Current Version: 11.8

• Fix bug detecting recent hi/lo wrong when equal hi/lo happened