Hi guys.
Im sharing a small indicator which got developed some months back during my quest of hunting good breakout avoid chop situations. It was more of fun for me rather than serious. I am sharing this to make serious part on you. :sarcastic: I left developing this, its working but had some minor bug of not updating plot ( F5 update plot in live ) , i think its due to inefficient coding or perhaps far loop i used , hope our esteem programmer will correct it ( as i could not deploy more time on this ) and more tweak it.
It stands for Farthest Nearest High Low - FNHL. They are different than highest and lowest in range. They are calculated as per absolute value difference. See pic-1 where these are illustrated for two different "Current Bar" with lookback period of 7 for example.
Now this way it give rise to 4 plots, as shown in pic-2 and a trend cloud can be visually seen. I have annotated some points for how to use and about its nature, hope they are self explainable.
Following pic-3 makes another use of it , with two instances smaller ( here 3 period ) and larger ( here 9 period ). Though interpretation and nature of these pair will be synonyms of single instance.
Feel free to develop, tweak and enhance further. Have a new Chop Filter. :crazy_pilot: :becky:
Beware , it might be very volatile and unusable.