Frozen Bias Zones – Sentiment Lock-ins

Overview
The Frozen Bias Zones indicator visualizes market sentiment lock-ins using a combination of RSI, MACD, and OBV. It creates "bias zones" that indicate whether the market is in a sustained bullish or bearish phase. These zones are then highlighted on the chart, helping traders spot when the market is locked in a bias. The script also detects breakout events from these zones and marks them with clear labels for easier decision-making.

Features
Multi-Indicator Sentiment Analysis: Combines RSI, MACD, and OBV to detect synchronized bullish or bearish sentiment.
Frozen Bias Zones: Identifies and visually represents zones where the market has remained in a particular sentiment (bullish or bearish) for a defined period.
Breakout Alerts: Displays labels to indicate when the price breaks out of the established bias zone.
Customizable Inputs: Adjust the zone duration, RSI, MACD, and breakout label visibility.

Input Parameters

Bias Duration (biasLength)
The minimum number of candles the market must stay in a specific sentiment to consider it a "Frozen Bias Zone".
Default: 5 candles.

RSI Period (rsiPeriod)
Period for the Relative Strength Index (RSI) calculation.
Default: 14 periods.

MACD Settings
MACD Fast (macdFast): The fast-moving average period for the MACD calculation.
Default: 12.

MACD Slow (macdSlow): The slow-moving average period for the MACD calculation.
Default: 26.

MACD Signal (macdSig): The signal line period for MACD.
Default: 9.

Show Break Label (showBreakLabel)
Toggle to show labels when the price breaks out of the bias zone.
Default: True (shows label).

Bias Zone Colors
Bullish Bias Color (bullColor): The color for bullish zones (light green).
Bearish Bias Color (bearColor): The color for bearish zones (light red).

How It Works
This indicator analyzes three key market metrics to determine whether the market is in a bullish or bearish phase:

RSI (Relative Strength Index)
Measures the speed and change of price movements. RSI > 50 indicates a bullish phase, while RSI < 50 indicates a bearish phase.

MACD (Moving Average Convergence Divergence)
Measures the relationship between two moving averages of the price. A positive MACD histogram indicates bullish momentum, while a negative histogram indicates bearish momentum.

OBV (On-Balance Volume)
Uses volume flow to determine if a trend is likely to continue. A rising OBV indicates bullish accumulation, while a falling OBV indicates bearish distribution.

Bias Zone Detection
The market sentiment is considered bullish if all three indicators (RSI, MACD, and OBV) are bullish, and bearish if all three indicators are bearish.

Bullish Zone: A zone is created when the market sentiment remains bullish for the duration of the specified biasLength.

Bearish Zone: A zone is created when the market sentiment remains bearish for the duration of the specified biasLength.

These bias zones are visually represented on the chart as colored boxes (green for bullish, red for bearish).

Breakout Detection
The script automatically detects when the market exits a bias zone. If the price moves outside the bounds of the established zone (either up or down), the script will display one of the following labels:

Bias Break (Up): Indicates that the price has broken upwards out of the zone (with a green label).

Bias Break (Down): Indicates that the price has broken downwards out of the zone (with a red label).

These labels help traders easily identify potential breakout points.

Example Use Case

Bullish Market Conditions: If the RSI is above 50, the MACD histogram is positive, and OBV is increasing, the script will highlight a green bias zone. Traders can watch for potential bullish breakouts or trend continuation after the zone ends.

Bearish Market Conditions: If the RSI is below 50, the MACD histogram is negative, and OBV is decreasing, the script will highlight a red bias zone. Traders can look for potential bearish breakouts when the zone ends.

Conclusion
The Frozen Bias Zones indicator is a powerful tool for traders looking to visualize prolonged market sentiment, whether bullish or bearish. By combining RSI, MACD, and OBV, it helps traders spot when the market is "locked in" to a bias. The breakout labels make it easier to take action when the price moves outside of the established zone, potentially signaling the start of a new trend.

Instructions
To use this script:
Add the Frozen Bias Zones indicator to your TradingView chart.
Adjust the input parameters to suit your trading strategy.
Observe the colored bias zones on your chart, along with breakout labels, to make informed decisions on trend continuation or reversal.