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i-HighLow: A Rolling Candle-Wick Extremes Channel

Article MQL5 code base
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Summary

The document describes an indicator that plots upper and lower channel boundaries from the highest and lowest candlestick wick values over a user-selected lookback. It also allows the plotted levels to be offset by a specified number of points and shifted horizontally across bars. The stated default lookback is 20 bars, with a 50-point offset and no horizontal shift.

The indicator provides a visual reference for recent price extremes, but the document does not give entry or exit rules, trading results, or evidence that the channel predicts future movement. It also does not explain how to interpret touches, breakouts, or changes in channel width. The description says the indicator was first made for MQL4 and gives its original publication date, but those historical details do not establish its trading effectiveness.

Key ideas

  • The channel boundaries use the highest and lowest candle-shadow values over a chosen number of bars.
  • A point-based offset can move the plotted boundaries away from the observed extremes.
  • A horizontal shift changes where the indicator appears relative to the bars.
  • The document provides no trading rules or performance evidence for the indicator.

Tags

Technical indicators

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.