The extremes in this concept act as some kind of filter to find the levels from which we will get the Change Of Delivery.

And so, levels are hidden behind the extremes. These are maximums and minimums. It seems obvious. But it is not so.

There are only 4 concepts of finding an extreme in any perspective you like:

• The first counter-directed candle, after two going in the same direction, updating the values of the previous ones.

• The last candle of two co-directed ones before the formation of the counter-directed one, if the latter does not update the latter in the pair.

The candle or candles that will continue the opposite direction to the last previous one will eventually also form an extremum. In these examples (1m) and post-fatum we can not observe the practical application so well, since the fluctuations are caused by arrivals at second and no more levels and are inside, but we will not talk about this and pay attention to 1h.

And for clarity, the same 15m graph.

The most important thing: to find key extremes, use counter-directed ones in older perspectives. This is all about the presence of counter-directed ones. But there are cases when we do not have them. They are also provided by the theory.

• In the absence of counter-directed ones, the maximum or minimum updating the value of the maximum or minimum price of the previous candle will be an extreme.

But there is a more interesting position regarding the highs and lows.