Similar to the HighestHigh() function, the
LOWESTLOW() function calculates lowest values over a specified period. It can be used on both prices and indicator values.
For example, the lowest low price over the last 52 weeks:
LOWESTLOW(BARS=52, INCBAR=True, BACKTYPE=Weeks)
From Optum 2.1 the LowestLow function has been updated to support valid zero value scenarios, such as Market Breadth charts.
In the above example, zero was a valid result several times and the Lowest Low script is reflecting that in the plot. In earlier versions of Optuma 0 would be ignored when calculating the lowest low value.
The properties for this function include:
Tool Name: Allows you to adjust the name of the tool, as it’s displayed in the Structure Panel.
Range: This allows you to select between the All Time High, a specified Look Back Period or Range. When Range is selected chose the start and end dates and the result would be the highest value between those dates.
Look Back Type: When Range is set to Look Back Period, this property will display. You can set the value to Bars, Days, Weeks, Months, or Years.
Look Back Amount: When Range is set to Look Back Period, this property will display. You set the value of the number of Bars / Days / etc you want the function to use. For example, if the Look Back Type was set to Months, and the Look Back Amount was set to 3, the function would return the highest value from the last 3 months of data.
Include Inside Bar: When Range is set to Look Back Period, this property will display. This checkbox will determine whether inside bars are counted in the look back period. An inside bar is classified as a bar where the high is lower than the previous bars high, and the low is higher than the previous bars low.
Include Current Bar: This checkbox will determine whether the last bar is counted in the look back period. If your script is being used to look for breakouts, this checkbox should be unticked (see below).
Allow Equal To: This checkbox will determine whether an Equal High value is considered to be a new Lowest Low or not.
Signal Only: This checkbox will determine whether the script will show a dynamic value across the entire historical data set, or reflect only the last value from the latest bar.
Timeframe: Allows you to adjust the time frame the script is working on (Daily, Weekly, Monthly Data, etc).
Is today a new closing 12 week low?
CLOSE() < LOWESTLOW(CLOSE(),BACKTYPE=Weeks, BARS=12)