[RS]Temporal Extreme Spliter V0 — Indicator by RicardoSantos

experimental time levels extreme pullback retrace trend

EXPERIMENTAL: this script can be used as a trend follower if bgcolor is active, it can be used to catch extremes and target levels for a pull back to the mean, can be used as support and resistance with the time period open price and extreme. other uses, improvements let me know :p.

Open-source script

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.

Disclaimer

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Want to use this script on a chart?

study(title="[RS]Temporal Extreme Spliter V0", shorttitle="[RS]TES.V0", overlay=true)
hideBG = input(true)
window = input(100)
openprice = security(tickerid, input("12M"), open)
extremeprice = high <= openprice ? lowest(window) : low >= openprice ? highest(window) : openprice

half = avg(openprice, extremeprice)
openquarter = avg(half, openprice)
extremequarter = avg(half, extremeprice)

condition = low >= openprice ? 1 : high <= openprice ? -1 : 0
bgcolor(hideBG ? na : (condition == 1 ? green : condition == -1 ? maroon : gray))
plot(openprice, color=(openprice!=openprice[1]?na:black))
plot(extremeprice, color=(extremeprice!=extremeprice[1]?na:black))
halfcolor = half != half[1] ? na : black
plot(half, color=halfcolor, style = circles)
plot(openquarter, color=halfcolor, style = circles)
plot(extremequarter, color=halfcolor, style = circles)