Ultra High/Low

The script identifies "pivot highs" and "pivot lows." These are points on the chart where the price reached a local maximum or minimum, surrounded by lower highs (for pivot highs) or higher lows (for pivot lows).

The user can customize how many bars to the left and right of the high or low the script should consider to confirm a pivot (Length argument in the settings).

The script uses Pine Script functions for pivot detection. ta.pivothigh() and ta.pivotlow().

Once a pivot is identified, the script draws a dashed line from the pivot point to the current price bar. This line helps visualize where significant price reversals have occurred.

The script also adds a label next to these lines showing the exact price of the pivot point. This label also shows "PDH" (Previous Day High) or "PDL" (Previous Day Low) if the pivot is PDH or PDL. Same for "PWH" (Previous Week High) and "PWL" (Previous Week Low).

If the price crosses a pivot line after it has been drawn, the script can either delete the old line (purged line) or keep it and add additional indicators to show that the line has been liquidated.

The script also has options to extend the lines into the right.

The script offers several customizable options, like the color of the lines and labels, whether to show the exact price or not, and whether to extend the lines. This allows traders to tailor the indicator to their specific needs and preferences.