New Highs New Lows Index

[Apprentice]

Index is calculated as the difference between,
number of higher highs in the period, and,
number of lower lows in the period.

NHNL.lua

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The indicator was revised and updated

[newton]

can you create divergence strategy based on this indicator. it will be more useful. thank you

[Apprentice]

Your request is added to the development list.

[Alexander.Gettinger]

MQL4 version of this indicator: viewtopic.php?f=38&t=23003

[nazaar]

Hi Apprentice,

this is another good tool. Could it be easier to draw a conclusion if boundary lines were added? The boundary line would be based on the inputted period. so it 21 was used for the period then a boundary line would be drawn at +21, -21 and a permanent line at 0.

Thoughts?

Nazaar

[Apprentice]

Your request is added to the development list.

[nazaar]

ok thanks Apprentice. this can be an informative tool towards understanding overall market sentiment.

so that I understand, may I review? The NHNL tool is measuring the number of new highs and lows made within a given period.

- is a new high or low made when compared to the immediate previous bar or when a new high/low is made within all of the chosen periods bars?

Thanks.

[Apprentice]

We have new high when we compare current high with previous bar High.
And current high is greater then the previous bar High.
Contrary for low.

[Alexander.Gettinger]

NHNL divergence indicator: viewtopic.php?f=17&t=24017

[Alexander.Gettinger]

NHNL divergence strategy: viewtopic.php?f=31&t=24018