This script finds pivot highs and pivot lows then calculates higher highs & lower lows. And also it calculates support/resistance by using HH-HL-LL-LH points.
Generally HH and HL shows up-trend, LL and LH shows down-trend.
If price breaks resistance levels it means the trend is up or if price breaks support level it means the trend is down, so the script changes bar color blue or black. if there is up-trend then bar color is blue, or if down-trend then bar color is black. also as you can see support and resistance levels change dynamically.
If you use smaller numbers for left/right bars then it will be more sensitive.
@nolonoxolo, concept of s/r and hh/hl/ll/lh is arguably the most basic concept of trading, and one of the few 'techniques' pretty much all traders use to gauge a stock/market
spacenewsplace
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@busanta29, One could argue that this indicator is so fundamental that its usage should be avoided. He's obviously new to trading. The question is, why are you here?
pl = pivotlow(lb, rb)
How To Get Manual Calculet pivothigh and pivotlow With Out Function Please Thank you