This rule looks at an instrument's lowest closing-price during the specified period, and then calculates how much the instrument has gained since that lowest close. It then ranks the various instruments based on such gain.
This rule is good to find instruments that experience a strong rally after their lowest price, which will give you the lowest entry price, the most profit, and are likely to remain in the uptrend.
Keep in mind, that the lowest closing-price may happen at different times between instruments (within that specified period). So, if an instrument's lowest close happened most recently, and it showed the strongest gain after such dip, that instrument will have the highest score.
1. The first parameter defines how to sort the instruments from top to bottom ranks. “Highest” means the instrument that has gained the most will have the top rank.
While “Lowest” means the instrument that has the least gain (even loss, i.e. the greatest loss) will have the top rank, thus you're finding instruments for Short Positions.
2. The second parameter defines how many days ago (or months) to find the lowest closing price.
Regarding the “Offset” and “Weight” parameters, please refer to the guide about Ranking Panel.