Abbreviation:
Category: Chart Pattern Identification
Input Parameters:
| Name | Range | Default |
| High Price | High | |
| Low Price | Low | |
| Closing Price | Close | |
| Percent | Real > 0.0 | 1.6 |
Calculation:
If ((Highest High – Closing Price) / Highest High > X%) then 1
Otherwise 0
where
initially the Highest High = High of first bar and Lowest Low = Low of first bar
X% = Percent
Highest High = The high the last time that (Lowest Low – Closing Price) / Lowest Low > X%
where
Lowest Low = The low the last time that (Highest High – Closing Price) / Highest High > X%
Discussion:
Indicates the occurrence of an X% downturn from the most favorable price. This indicator may produce unusual results depending on the shape of your bars, you may want to use one price stream (e.g., Close) for the high, low, and the close.