First of all we want to thank everyone in our community that helped build this script. Thank you for answering all my questions and helping me with research. The best part of putting ourself online is being able to meet like minded individuals, and we are overwhelmed by the support we have received
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TradingView — Track All Markets
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There’s 2 ways you can use this indicator. One way is to simply copy the code and paste the code onto the Pine Script Editor and click add to chart
The other way is to go to this link below and add to favourite indicators. It will then appear in your favourite indicators where you can add it into your charts
High Low Index [Weeblings] — Indicator by vereweedus
This isn’t really a bottom indicator, i keep calling it that for “click bait”. But it is actually a capitulation indicator, as it takes the total of new 52 weeks high and lows and finds the % of Highs.
Its a phenomenon that occurs at the bottom where sellers give up and sell of all their assets, either due to fear, covering position, or portfolio rotations. This causes a huge price movement down of the entire market, leaving no sellers left. Allowing price to finally rebound. Historically the 5% mark is avery good indication of a capitulation event. On trading view i only have data till ~2005, but you can test this out on your own at stockcharts.com
This indicator doesnt get activated often, as the markets tend to be going up more often than not, and this is only meant to be used for swing trades/long term trades on the daily time frame.
Capitulation is an agreement in time of war for the surrender to a hostile armed force of a particular body of troops, a town or a territory. It is an ordinary incident of war, and therefore no previous instructions from the captors' government are required before finally settling the conditions of capitulation.
This means during a prolonged bear market with multiple local bottom and capitulation events, we tend to get false signals like in 2008. This is due to macro economics downward pressures. However even though there are false signals, those we’re not bad times to DCA in
