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The "HhvLlv" function returns the highest or the lowest value of a time series over a preceding period. Unlike the built-in "hhv" and "llv" functions, this function accepts dynamic lookback periods. This means that you can get, for example, the highest high of a stock over a non-constant period.
Here is an example:
Let us say you want to get the highest value of the RSI indicator since the last crossover of that RSI with the 30 threshold.
To implement this, you can type:
a = rsi(14); // Relative Strength Indicator
b = cross(a, 30); // Crossover of RSI and 30
c = barssince(b); // Number of bars that passed since the last crossover
d = hhvllv(0, a, c); // Highest RSI value since the last crossover
// You cannot use "hhv" instead of "hhvllv" because the "c" variable is not constant and varies from bar to bar.
The "HhvLlv" trading indicator has three parameters:
Type: Set "0" to get highest value, otherwise the lowest value is returned
Series: Get highest and lowest values from this time series
Period: Specify the dynamic period to use for calculating highest and lowest values
Trading financial instruments, including foreign exchange on margin, carries a high level of risk and is not suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in financial instruments or foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading and seek advice from an independent financial advisor if you have any doubts.