This filter sees whether the last closing price is the new high (or the new low) of the specified period, before the instrument can be traded. It can also identify if it's not a new high (or not a new low) of the period. Keep in mind this is not about all-time high or all-time low, but just what's seen within the period specified. And it simply looks at the closing prices, not the candles' wicks.
Common sense suggests that it's bullish if the instrument makes a new high for the specified period, and bearish if it makes a new low. But it's a very loose criteria, so you better use this filter with others that identify trend and momentum.
Note, there's no indicator line plotted for this filter (on the Instrument Tab), as it's all about the pure price action.
1. The first parameter defines the mode (method) to use this filter.
There are four modes:
2. The second parameter defines the period (timeframe), in which the highest & lowest closing prices are identified (as shown by the pink lines in the screenshot above).
So it's not like this filter identifies all-time high and all-time low; there's already another filter for that.
Our tests indicate that:
But as usual, these are just the general values when this filter is used simultaneously as a Buy and a Sell Filter. You may need different periods depending on your strategy's portfolio, rules, and other filters used.
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