Higher Lows / Lower Highs Alerts
Aug 12, 2018
The Higher Lows / Lower Highs Alerts indicator identifies and signals structural pivot points in the market to help traders recognize potential trend shifts and price exhaustion.
Usage
The indicator can be used to identify key structural changes in price action. A Higher Low (HL) often suggests a potential bullish continuation or the end of a downtrend, while a Lower High (LH) can indicate bearish momentum or the end of an uptrend.
Traders can utilize these signals for:
- Trend Identification: Confirming the strength of a trend by identifying consistent higher lows in an uptrend or lower highs in a downtrend.
- Trade Entries: Using structural pivot points as confluence for entry or exit strategies.
- Alerts: The script includes built-in alert functionality that triggers when a new Lower High or Higher Low is detected on the chart.
Details
The script functions by identifying fractals (turning points) based on price action sequences. It evaluates whether the current high/low is lower or higher than preceding points to determine structural validity.
The indicator offers two modes of fractal detection:
- Regular Fractals: Based on a strict 5-bar sequence where the middle bar is the highest/lowest.
- Bill Williams Fractals: A more flexible approach to identifying swing points common in technical analysis.
Settings
- Filter Bill Williams Fractals: When enabled, the script uses regular fractal logic. When disabled, it defaults to the Bill Williams fractal calculation method.
- Show HH/LL: Toggles the visibility of the Lower High [LH] and Higher Low [HL] labels on the chart.
FAQ
How do I access Higher Lows / Lower Highs Alerts?
You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.
What is the difference between the two fractal settings?
Regular fractals require a strict symmetric pattern, whereas Bill Williams fractals allow for more variation in the surrounding candles, potentially identifying more frequent swing points.
Can I set alerts for specific labels?
Yes, the indicator is optimized for alerts and will notify you specifically when a Higher Low or Lower High is printed based on the bar close.
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