Lowest Value draws the running minimum of a price series over a fixed lookback. On each bar it looks at the last period values of the source and plots the smallest of them, so the line steps down the moment a new low enters the window and steps up only when the old low drops out of the back of it.
While fewer than period bars exist, the line is the lowest value seen since the first bar, so it starts on the very first bar instead of leaving a warmup gap. A missing source value is read as zero and still takes its place in the window. Once the window is full, the line is the plain rolling lowest of the last period bars, the current bar included.
How to read Lowest Value (LOWEST)
Read the line as the floor of recent trading. A flat stretch means no new low has been made inside the window, and its length shows how long the last low has held. A step down means price has just set a new low for the window. When the line steps up, the old low has aged out, which often follows a quiet or rising market.
The window includes the current bar, so the source can never be below the line. To test for a breakdown, compare the source with the line one bar earlier. With the low as the source, the line has the shape of a simple channel stop for a long position.
Settings
- Period
- How many bars the window covers. A longer window holds old lows for longer and changes less often.
- Source
- The series whose lowest value is tracked, for example the close or the low of each bar.
Frequently asked questions
Why does the line start on the first bar?
Until the window holds period bars, the study reports the lowest value seen so far. After that it reports the lowest value of the last period bars.
Can the source ever be below the line?
No. The window includes the current bar, so the line is always at or below the source. Compare the source with the previous bar's value of the line to spot a new low.
Can I use it as a trailing stop?
Yes. With the low as the source, the line rises as old lows drop out and never falls unless price makes a new low, which is the shape of a simple channel stop for a long position.
