Expansion Finder by nnam

What this Indicator Does

This indicator helps the trader locate expansion and contraction areas in an easy visual way.

When the asset moves from a contraction phase into an expansion phase, the bars change color (customizable). This allows the trader to recognize areas of contraction and avoid trading them. Once a Bar Range moves outside of the average range as specified by the user, the bar will change color informing the trader that the current bar and by default the market, is moving into an expansion phase from a contraction phase.

The indicator works well for those traders that use the Forex Master Pattern to locate Value Lines and Value Areas on the chart giving them an opportunity to draw in these areas with ease.

As shown in the screenshot below, the boxes are manually drawn after the trader locates an easily identifiable area of contraction.

The Indicator makes it easy to find longer areas of contraction and ignore the noise of smaller contractions.

Customizable Settings allow the trader to define the lookback range that determines the number of bars to base the average.
A "multiplier" setting allows the trader to easily adjust the Average by changing the average using a simple calculation.

Example, if the average multiplier is set to "1", the average will be used.

Using the standard average is not always the best way to define these contractions, so traders can set the average to a higher or lower number by using the multiplier, thus changing the calculation but maintaining a consistent number across the chart.

Example: If the average is not plotting the contraction correctly, the trader can manually adjust the multiplier down to 0.5 thus adjusting the average in half or increase the multiplier to 2 thus doubling the average.

As seen in the screenshot below, this changes the number of expansion bars visible on the chart.

Below you can see Value Areas and Value Lines drawn in. These lines assist the trader in defining important levels for future trading.

I hope this Indicator helps you locate value areas and value lines on charts in an easy way.

Any questions or concerns or suggestions, please do not hesitate to reach out.

Happy Trading !!!!

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Skrip sumber terbuka

Dalam semangat TradingView yang sebenar, penulis skrip ini telah menerbitkannya dengan menggunakan sumber terbuka supaya pedagang-pedagang dapat memahami dan mengesahkannya. Sorakan kepada penulis! Anda dapat menggunakannya secara percuma tetapi penggunaan semula kod ini dalam penerbitan adalah dikawalselia oleh Peraturan Dalaman. Anda boleh menyukainya untuk menggunakannya pada carta.


Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.

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