indicator · on price · open source

Equal Lows (EQL)

Deepwick · @deepwickv1Updated 2 Oct 2026▲ 0 users

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About

Equal Lows (EQL) — two consecutive confirmed swing lows within a percentage tolerance. Mirror of EQH.

Line extends forward from the EQL confluence.
tolerancePct controls the matching tolerance.
A clean sweep of an EQL is a textbook SMC reversal trigger.

Source code

//@version=5
indicator("Equal Lows (EQL)", overlay=true)
swing = input.int(5, "Swing Length", minval=2, maxval=50)
tolerancePct = input.float(0.5, "Tolerance %", minval=0, maxval=2, step=0.1)
pl = ta.pivotlow(low, swing, swing)
var float lastPl = na
var float prevPl = na
if not na(pl)
    prevPl := lastPl
    lastPl := pl
tol = tolerancePct / 100
eql = not na(lastPl) and not na(prevPl) and math.abs(lastPl - prevPl) <= math.max(lastPl, prevPl) * tol
var float eqlLevel = na
if eql
    eqlLevel := math.min(lastPl, prevPl)
p_EQL_Level = plot(eqlLevel, "EQL Level", color=color.aqua, style=plot.style_stepline, linewidth=2)
plotshape(eql and not eql[1], "EQL", style=shape.diamond, location=location.belowbar, color=color.aqua, text="EQL")
alertcondition(eql and not eql[1], "Equal lows", "Two swing lows within tolerance")

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