Candle Range Detector [UAlgo]

8 Jul

The "Candle Range Detector [UAlgo]" is a Pine Script™ indicator designed to identify trading opportunities based on the concept of price consolidation and breakout. It analyzes the price range of a specified number of previous candles and detects when subsequent candles stay within that range (consolidation). The indicator then highlights potential breakouts above or below the range and provides calculated Take Profit (TP) and Stop Loss (SL) levels based on your chosen method (percentage or Average True Range - ATR).

🔶 Key Features

Configurable Range: Define the minimum number of candles required to establish a valid price range.



Breakout Detection: Identify potential breakouts above or below the established range based on your selection (close price or wick).



Take Profit & Stop Loss Levels: The indicator calculates TP and SL levels based on your chosen method (percentage or ATR) and user-defined multipliers. The calculated TP and SL levels are visualized as horizontal lines with corresponding labels ("Take Profit" and "Stop Loss").



Optional Count Display: You can choose to display the number of candles currently within the range.

🔶 Disclaimer:

Not Financial Advice: This indicator is intended for educational and informational purposes only. It does not constitute financial advice or recommendations to buy, sell, or hold any financial instruments.

Use at Own Risk: Trading involves substantial risk of loss and is not suitable for all investors. Users of this indicator should exercise caution and conduct their own research and analysis before making any trading decisions.

Performance Not Guaranteed: Past performance is not indicative of future results. While the indicator aims to assist traders in analyzing market trends, there is no guarantee of accuracy or success in trading operations.

🔷 Related Scripts

Range Finder [UAlgo]

https://www.tradingview.com/script/iJIdlOP0-Range-Finder-UAlgo/