kingthies

Consolidation Ranges [kingthies]

Consolidation Range Analysis
Published by Eric Thies, January 2021

Indicator Summary
  • This tool calculates, analyzes and plots the visualization of a relative range over a given period of time
  • By adding to charts, users are enabled to see the impulsive nature of market cycles, along with their efforts to consolidate thereafter
  • The default period is 30, and should be adjusted to users preference
  • The default input is the current close price, on the chosen timeframe of the chart


Script Source

// [pine]
//@version=4
//© kingthies || This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
study("Consolidation Ranges [kingthies]", shorttitle="CR [kingthies]", overlay=true)

// !<------ User Inputs -----> 
[symbol=src]src[/symbol] = input(close, title='Range Input (Default set to Close'), lengthEMA=input(30,title='Length'),zoneToggle = input(true, title="Toggle Zone Highlights"), iCol = color.new(#FFFFFF, 100), 

// !<---- Declarations & Calculations ---- > 
trndUp = float(na),trndDwn = float(na), mid = float(na), e = [__tag__=ema]ema[/__tag__]([symbol=src]src[/symbol], lengthEMA)
trndUp := [symbol=src]src[/symbol] < [symbol=nz]nz[/symbol](trndUp[1]) and [symbol=src]src[/symbol] > trndDwn[1] ? [symbol=nz]nz[/symbol](trndUp[1]) : high, trndDwn := [symbol=src]src[/symbol] < [symbol=nz]nz[/symbol](trndUp[1]) and [symbol=src]src[/symbol] > trndDwn[1] ? [symbol=nz]nz[/symbol](trndDwn[1]) : low, mid := [symbol=avg]avg[/symbol](trndUp, trndDwn)

// !< ---- Plotting -----> 
highRange = plot(trndUp == [symbol=nz]nz[/symbol](trndUp[1]) ? trndUp : na, color=color.white, linewidth=2, style=plot.style_linebr, title="Top of Period Range")
lowRange = plot(trndDwn == [symbol=nz]nz[/symbol](trndDwn[1]) ? trndDwn : na, color=color.white, linewidth=2, style=plot.style_linebr, title="Bottom of Period Range")
xzone = plot(zoneToggle ? [symbol=src]src[/symbol] > e ? trndDwn : trndUp : na, color=iCol, style=plot.style_circles, linewidth=0, editable=false)
fill(highRange, xzone, color=color.lime,transp=70), fill(xzone, lowRange, color=color.red,transp=70)
// [/pine]

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Ingin menggunakan skrip ini pada carta?

Komen

Please specify the operating rules, I am not very good at using it
Balas
The default period is 30, and should be adjusted to users preference. What are the days, hours, candles expressed in?
Balas
 
Hello World! 
Balas
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