10% Drop from Current High - Akshay

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10% Drop from Current High TradingView Indicator
Description:
The "10% Drop from Current High" indicator dynamically tracks the highest price within a user-defined period and highlights when the current price drops by a specified percentage. This tool is invaluable for traders looking to monitor significant pullbacks or corrections from recent highs.

Key Features:

Customizable Drop Percentage:
Allows users to set the percentage drop to track, with a default value of 10%.
Configurable via an input field to suit different trading strategies and market conditions.

Lookback Period:
Tracks the highest price over a user-defined lookback period (default is 20 bars).
This ensures the indicator adapts to short-term or long-term market conditions based on user preferences.

Dynamic Levels:
Current High Level: Plots the highest price within the lookback period in blue.
Drop Level: Plots the calculated drop level (e.g., 10% below the current high) in red.

Visual Alerts:

Background Highlighting:
A translucent red background appears when the current price is at or below the drop level, signaling a significant pullback.

Shape Marker:
A downward label is plotted below the bar when the price touches or falls below the drop level, providing cSet Alerts:lear visual feedback.

Overlay on Price Chart:
The indicator is plotted directly on the price chart (overlay=true), ensuring seamless integration with other technical analysis tools.

Use Case:
This indicator is designed for traders who want to:

Monitor Pullbacks:
Identify when the price of an asset experiences a defined percentage drop from its recent high, signaling potential reversal zones or buying opportunities.


Use visual cues to react quickly to price movements.
Analyze Trends:
Combine with other indicators to assess the strength of trends and corrections.
Customization Options:

Drop Percentage: Adjust the percentage drop to track based on asset volatility and trading strategy.

Lookback Period: Modify the lookback period to focus on short-term (e.g., 5 bars) or long-term (e.g., 50 bars) price highs.
This indicator provides a flexible and intuitive way to track price pullbacks, helping traders make informed decisions and stay ahead in dynamic market conditions.