CandelaCharts - Equal Highs/Lows (EQH/EQL)

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📝 Overview

The Equal Highs/Lows indicator is a specialized tool for detecting equal highs and lows within price movements.

These levels hold importance as they frequently signal possible reversal zones or consolidation phases in the market. By leveraging Average True Range (ATR) thresholds, the indicator employs tailored settings to pinpoint these critical price levels with precision.

• Visual Markings: Lines and labels highlight equal highs and lows directly on the chart.
  
• Dynamic Adaptability: It adjusts in real time to market volatility, ensuring accurate level identification through ATR-based thresholds.
  

Equal Highs are not used as entry and exit points; instead, they are used as confirmation that the current market trend will reverse. This means that when an EQH is formed on a chart, traders can adapt a bearish bias and look for only short entries.

📦 Features
Key features of the indicator include:

• Visual Markings: Lines and labels highlight equal highs and lows directly on the chart.
  
• Dynamic Adaptability: It adjusts in real time to market volatility, ensuring accurate level identification through ATR-based thresholds.
  
• Styling
  

⚙️ Settings

• Show: Controls whether EQH/EQL are displayed on the chart.
  
• Line Style: Controls the line type and line width
  
• Bullish Color: Color of the bullish EQH/EQL
  
• Bearish Color: Color of the bearish EQH/EQL
  

⚡️ Showcase

Short Term


Intermediate Term


Long Term


🚨 Alerts

This script provides alert options for all signals.

Bearish Signal

A bearish signal is triggered when the price forms an EQH.

Bullish Signal

A bullish signal is triggered when the price forms an EQL.

⚠️ Disclaimer

Trading involves significant risk, and many participants may incur losses. The content on this site is not intended as financial advice and should not be interpreted as such. Decisions to buy, sell, hold, or trade securities, commodities, or other financial instruments carry inherent risks and are best made with guidance from qualified financial professionals. Past performance is not indicative of future results.