This is a plain and simple trend indicator. The indicator considers there is a downtrend, if the current minimum is lower than the minimum located N bars before.
Conversely, there is an uptrend, if the current maximum is higher than the maximum located N bars before. You can set the check depth in the properties. The indicator is good for finding pullbacks to use them as entry points.
Originally this indicator has been written in MQL4 and was first published in the Code Base on 9.09.2014.
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