OPEN-SOURCE SCRIPT

Same high/low

If you are using support/resistance level-based strategies in your trading then this indicator can help you. I think that the retest level strategy is the best for beginners due to its simplicity of risk/reward calculations and higher abundance on the market. There is a well-known method to recognize a big player (buyer/seller) by candlestick pattern where the last two candles have the same low or same high. Moreover, abnormal candles increase the probability of a retest of a strong level, so my indicator highlights these two situations. In my opinion, a higher timeframe of a candle chart increases the win rate for this indicator (>1h).

So there are several patterns which my indicator can recognize:

1. Same low/high: blue flag up - same low, blue flag down - same high.

2. Mirror levels: high-low - green flag up, low-high - green flag down.

3. abnormal candles: yellow body if >2*ATR (please tune atr in properties, the default value is 5).

4. The red flag indicates the third candle with the same high/low in a row.

Thanks for your attention and have a good trading time!

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 publication is governed by House rules. You can favorite it to use it on a chart.

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