Hi there my dear friends.
Looked everywhere and couldn`t find it.
I was reading a book by Larry Williams (COT report), he uses an indicator called new highs and lows. For example, If I set the indicator for 26 weeks, it will plot a horizontal line from the highest high and lowest low made in the last 26 weeks and when the price reaches it then it updates the lines, forming a channel.If the price is going up and touching the channel on the upside, the lower channel line will update with each higher low. I am attaching some pics for you to understand. Sadly I couldn`t find the formula for this indi. Request is for MT4.