New Intraday Day Low (Indicator)
Input Information
| Name | Expression | Default | Description |
| NumDays | Numeric | 3 | Number of days used to monitor new lows when RequireReversalGap is set to true, else not used. |
| RequireReversalGap | True/False | True | True/False indicating if the current day opened with the required reversal gap or not. |
| BarsBetween | Numeric | 10 | Minimum number of bars required between new intraday lows for triggering alert. |
| StartBarTime | Numeric | 1000 | Alerts for new intraday lows will not be triggered before this bar. |
| EndBarTime | Numeric | 1430 | Alerts for new intraday lows will not be triggered after this bar. |
| AlertColor | Numeric | Yellow | Color used to display alert. |
| ColorBars | Numeric | 3 | Number of bars for which the alert color will be displayed. |
| ColorScheme | Numeric | 2 | 0 = no coloring; 1 = color text in cell; 2 = color cell |
Market Synopsis
This indicator will trigger an alert at each bar that makes a new low for the day subject to the BarsBetween and StartBarTime/EndBarTime restrictions, if this happens in real time. Note that if RequireReversalGap is set to true, monitoring for new intraday lows will only occur on days that open with a reversal gap (characterized by NumDays).
The user can specify that the new high should be the first new high in several minutes, and request to be alerted only if the new high occurs during specified hours. The user can also restrict the monitoring for new intraday lows to days that open with a strong reversal gap (user-configured), in expectation of a continuation of the reversal during the day. Intraday price action can be particularly rewarding on such days.
This indicator is designed for intraday data interval. This is a grid-based (RadarScreen) indicator.
Plot Information
| Number | Name | Default Color | Description |
| Plot1 | DayLo | White | Continuous display of lowest low for the day so far. Will update each time there is a new low for the day. |
| Plot2 | QualLo | White | Continuous display of qualification status - true or false - of reported lowest low. Each time there is a new low for the day, this will start out as false, and change to true as soon as the BarsBetween condition is met. |
| Plot3 | GapDn | White | If the RequireReversalGap input is set to true, this column displays either true or false, indicating whether the current day opened with the required reversal gap or not. If the RequireReversalGap input is set to false, this column displays N/A. |