Calculates the local upper or local lower limit for a given series. Applying multiple passes produces what appears like support or resistance levels.
See Local Limits for more detail.
upper(src) Produces the recent local upper limit for a given series.
src : The source series to derive from.
Here Double Zig Zag with HHLL script is with you. it calculates 2 Zig Zag simultaneously and draws them, and also it calculates and puts Higher High, Lower Low, Higher Low, Lower High labels. All these are done dynamically, it means last HH/HL/LL/LH can change. if price continues to go up then HL can turn to LL or if price continues to go down...
A simple script that I made that draws lines between the high and low pivots. The color of the line define if the pivot is higher or lower than the previous pivot. The main thing to tune is the pivot look back vs look ahead, which are the same params used by the tradingview pivot indicator. There are several other params you can tweaks to get the look you want.
Based on Dow Theory, a series of successive higher highs (HH) and higher lows (HL) is the sign of an uptrend (bull trend) and a series of successive lower highs (LH) and lower lows (LL) is the sign of a downtrend (bear trend).
So this script indicates the trends using the concept and draws corresponding trend lines.
It took some effort to make it possible for...
Displays recent higher highs, lower highs, lower lows, and higher lows as a collection of local limit indicators.
In its simplicity is a lot more powerful than might appear at first glance.
Does not rely on volatility calculation.
Can be linked together to create an objective view of recent support and resistance levels.
Makes current trends more visible.