Another original idea is here with you. Actualy I can say that it's a breakout strategy that uses multiple Point's averages.
How it works?
- it finds the , you can set the length as you want
- it gets averages of Highs and Lows, you can set the number of to be included
- it compares the current closing price with averages of Highs and Lows
- if both are positive or negative then trend changes
You have two options:
- Period => is the length that is used to find . means it checks left/right bars if it's (4 by default)
- Number of PP to check => is the number of that the script finds and calculates the averages (3 by default)
An Example with the settings Period = 5 and Number of PP to check = 2
Play with settings as you wish. Comments are welcome, together we can improve it ;)
Simple moving average added for the mid point
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.