Peek+ reversal indicator

This technical indicator identifies "peaks" in both highs and lows within a specified lookback window, generating buy and sell signals upon the detection of extreme levels.

How does it work?

• Scans price action to find Highest Highs and Lowest Lows.
• Monitors whether the current bar represents a new High or Low in relation to the previous candlesticks and bars.
• Creates two "counters" that increment when new highs or lows are established.

How does it display reversals on chart?

The Peek+ will display:

• Yellow or Red lines for for the "counters" that detect new highs or lows
• When a “significant peak” is detected and a strong reversal is due, histogram bars will appear as Green or Orange
• Intermediate reversals and signals of trend exhaustion are displayed when the Yellow or Red lines (counters) make a sharp, triangular point.

What do the modes do?

There are several options that can be toggled:

• modeHL
  • True: Compares Highs/Lows
  • False: Compares Closes only
• strict bbThr bbMin are adjustable criteria for determining when a "Peak" is deemed significant
  • bbThr is the percentage of bb (lookback window) that needs to be reached for a valid signal. The default setting is 0.5 = 50%.
  • bbMin signifies that the opposing side should not exceed this fraction. The default value is 0.1, or 10%.

Here is the source code guys as promised.