Rolling HH with Future Projection

16 Mar

Highest High line of last X bars
Plus a deferred line which shifts the first one by factor Y

24 Mar

Sürüm Notları

What the indicator does

Draws two lines.
The 1st HHline shows the Highest High line of last X bars. Plus a prolongation for the next X bars.
This prolongaton pretends that there will be no more higher highs in the future. What off course will often, but not always be the case.
2nd line is a deferred line which shifts the first one by factor Y


How is it working

Collecting the HHs of the last X bars, storing them in an arryay.


Use-case

Trade setup 'return to the mean'. Factor < 1.0, so derived line is below HHline. When derived line is thouched/crossed, then there is a correction by factor Y below the HH of the last X bars.
In case the derived line isn't hit yet, how much time and space is left to accomplish that? The prolongation gives an estimation.