You define a time range (hours and minutes) and based on this, the indicator draws the price range (high / low) as a channel in your chart - projected into the future and, if desired, also for past days. You are completely free to choose the time range and NOT limited to trading sessions.
In addition, further lines are drawn below / above the price range channel at a distance that you can define (based on the price range).
These lines can serve as target levels, support and resistance lines.
What functions does this free version of the indicator offer?
How can this indicator be used?
The time-based price range channel and the additional lines can serve as support and resistance lines.
Whether you are enthusiastic about scalping, swing trading or another type of trading,… “TPRC - Time-based Price Range Channel” could therefore support you. Try it out. I want to invite you to experiment and thereby adapt “TPRC” to your own way of trading.
Due to the free choice with regard to the time span, for example “opening range (break-out)” strategies and the like are conceivable. Much has been written or published as a video on the subjects of "Price Range Trading", "Range Trading", "Opening Range Breakout Trading" and the like. Research on this is recommended to every interested trader. I would be happy to provide a list of interesting articles on this topic - just send me a short message.
Due to the implementation and the functions, the focus is definitely on intraday trading strategies.
For which timeframe is this indicator intended?
This indicator was developed for Chart Time Intervals between 1 and 120 minutes, whereby the following Chart Time Intervals have proven themselves and successfully withstand tests: 1, 2, 5, 10, 15, 30, 60, 90
What do I need to consider?
It may be advisable to add further indicators and an analysis of the market structure in order to confirm the signals issued by the indicator. Please note that when you make adjustments to any strategy, you always carry out particularly detailed tests.
Will this indicator be further developed and will I receive free updates?
All my indicators are of course constantly updated and, if possible and with the aim of the indicator justifiable, supplemented by user requests.
An example of the use of this indicator (here with the premium version)
#revision: dv699
In addition, further lines are drawn below / above the price range channel at a distance that you can define (based on the price range).
These lines can serve as target levels, support and resistance lines.
What functions does this free version of the indicator offer?
- Selection of the time range for which a price range is to be determined and based on this a price range channel is to be created
- Display of 3 additional lines above / below the price range channel
- Distance between the lines: height of the price range
- Display of the price range channels for the past 3 days as well as for the current day.
- Lines are shown in gray
- For the past days, only those lines are displayed that are required due to the distance to the price. This will make your chart cleaner.
How can this indicator be used?
The time-based price range channel and the additional lines can serve as support and resistance lines.
Whether you are enthusiastic about scalping, swing trading or another type of trading,… “TPRC - Time-based Price Range Channel” could therefore support you. Try it out. I want to invite you to experiment and thereby adapt “TPRC” to your own way of trading.
Due to the free choice with regard to the time span, for example “opening range (break-out)” strategies and the like are conceivable. Much has been written or published as a video on the subjects of "Price Range Trading", "Range Trading", "Opening Range Breakout Trading" and the like. Research on this is recommended to every interested trader. I would be happy to provide a list of interesting articles on this topic - just send me a short message.
Due to the implementation and the functions, the focus is definitely on intraday trading strategies.
For which timeframe is this indicator intended?
This indicator was developed for Chart Time Intervals between 1 and 120 minutes, whereby the following Chart Time Intervals have proven themselves and successfully withstand tests: 1, 2, 5, 10, 15, 30, 60, 90
What do I need to consider?
It may be advisable to add further indicators and an analysis of the market structure in order to confirm the signals issued by the indicator. Please note that when you make adjustments to any strategy, you always carry out particularly detailed tests.
Will this indicator be further developed and will I receive free updates?
All my indicators are of course constantly updated and, if possible and with the aim of the indicator justifiable, supplemented by user requests.
An example of the use of this indicator (here with the premium version)
#revision: dv699
Nota Keluaran:
With this update, all features previously exclusive to the premium version of the indicator are now available in the free version.
The following functions have been implemented:
The following functions have been improved or modified:
The following functions have been implemented:
- Define whether you - and if so, how many - additional lines should be displayed above / below the price range channel
- Select for how many days (up to 150) in the past you would like the price range channels to be displayed.
- Adjust the spacing of the lines above / below the price range channel according to your own requirements.
- If a line is crossed, this can be indicated: With shape, candle color, background color, ...
- Filter out crosses with lines based on the direction of the candlestick in relation to position relative to the channel - e.g. highlight only bullish candlesticks that cross lines above the channel.
- Decide whether all crossovers with all lines or only the top / bottom line of the price range channel should be highlighted.
- Adjust colors, opacity, line width and the like according to your taste.
- Alerts: If a line is crossed, you can have a notification sent to you based on your settings for the crossovers.
The following functions have been improved or modified:
- The indicator has been successfully ported to version 5 of PineScript.
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