Latest years number of new highs and new lows indicator

• 07/29/2019 at 12:32 PM #103710
  Vonasi

  In the news it is often commented on how many new daily highs or new daily lows a market has made within the last year so I thought I would try to create an indicator to display this. I post it here just in case if it is of any interest to other forum members.

  First of all the code works out how many candles there has been in the last calendar year/12 months. It then counts how many new highs or new lows have been made during this calendar year. Each time a new high or a new low is achieved that value is set as the benchmark for checking for future new highs and lows.

  The results can be displayed as just a straight forward count of new highs and new lows or as a percentage. This percentage is calculated as the number of new highs (or new lows) as a percentage of the total combined number of new highs and new lows.

  Use the indicator on daily charts. It should work on other time frames but you will obviously need at least one calendar years worth of data and it will output on for example a 1 hour chart the number of 1 hour new highs and new lows and not daily highs and lows. Be warned that it is very, very slow to calculate so set it off and go and make a cup of tea! Perhaps you might consider using the ‘calculateonlastbars’ to reduce the time by only testing on the latest data. There is most likely a much prettier and faster way to achieve the same thing but this version is all I’ve got at the moment!

  The results can be analysed in many ways – if new highs represents 100% of new highs and lows then you might consider it to be a strong bull market or alternatively you might consider it to be an overbought market – as ever your interpretation is totally up to you!

  //defparam calculateonlastbars = 1000 percentage = 1 //1=display result as a percentage of all new highs and lows. 0=count of new highs and new lows once chartstart = opendate //get start date of chart startdate = opendate - 10000 //Date one year ago //Count how many candles in the last year if opendate - chartstart >= 10000 then //Check that we have at least one year for j = 1 to barindex if opendate[j] <= startdate then p = j break endif next //Count the number of new highs and lows in the last year NewHighs = 0 NewLows = 0 for a = p-1 downto 0 //Set startig high and low values if a = p-1 then hh = high[a + p - 1] ll = low[a + p - 1] endif //Check for new high if high[a] > hh then NewHighs = NewHighs + 1 hh = high[a] //Set new high as value to compare to endif //Check for new low if low[a] < ll then NewLows = NewLows + 1 ll = low[a] //Set new low as value to compare to endif next //Calculate result as percentage or count of values if percentage then hhResult = (NewHighs / (NewHighs + NewLows)) * 100 llResult = (NewLows / (NewHighs + NewLows)) * 100 else hhResult = NewHighs llResult = NewLows endif endif return hhResult coloured(0,128,0) as "New Highs", llResult coloured(128,0,0)as "New Lows"

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  //defparam calculateonlastbars = 1000   percentage = 1  //1=display result as a percentage of all new highs and lows. 0=count of new highs and new lows   once chartstart = opendate //get start date of chart   startdate = opendate - 10000 //Date one year ago   //Count how many candles in the last year if opendate - chartstart >= 10000 then //Check that we have at least one year for j = 1 to barindex if opendate[j] <= startdate then p = j break endif next   //Count the number of new highs and lows in the last year NewHighs = 0 NewLows = 0 for a = p-1 downto 0   //Set startig high and low values if a = p-1 then hh = high[a + p - 1] ll = low[a + p - 1] endif   //Check for new high if high[a] > hh then NewHighs = NewHighs + 1 hh = high[a] //Set new high as value to compare to endif   //Check for new low if low[a] < ll then NewLows = NewLows + 1 ll = low[a] //Set new low as value to compare to endif next   //Calculate result as percentage or count of values if percentage then hhResult = (NewHighs / (NewHighs + NewLows)) * 100 llResult = (NewLows / (NewHighs + NewLows)) * 100 else hhResult = NewHighs llResult = NewLows endif endif   return hhResult coloured(0,128,0) as "New Highs", llResult coloured(128,0,0)as "New Lows"

   

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  Nicolas

  

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