This library is for identifying uptrends and downtrends using a loopback candle analysis method. Which contains two functions:
uptrendLoopbackCandleIdentification() and downtrendLoopbackCandleIdentification(). These functions check if the current candle is part of an uptrend or downtrend, respectively, based on the specified lookback period.
The uptrendLoopbackCandleIdentification() takes two arguments: index, which is the index of the current bar, and lookbackPeriod, which is the number of previous candles to check for an uptrend. The function returns false if the index is less than the lookback period. Otherwise, it initializes a boolean variable isHigherHigh as true and loops through the previous candles. If any of the previous candles have a higher high than the current candle, isHigherHigh is set to false, and the loop breaks. Finally, the function returns the value of isHigherHigh.
The downtrendLoopbackCandleIdentification() takes the same arguments and returns false if the index is less than the lookback period. The function initializes a boolean variable isHigherLow as true and loops through the previous candles. If any of the previous candles have a higher low than the current candle, isHigherLow is set to false, and the loop breaks. The function returns the value of isHigherLow.