this andicator is build in base of ichimoku cloud.
Select the interval at which the kumo clouds change phase and depending on what time frame we are in, we give the time inputs to the indicator.
then, the indicator calculates the area of the cloud and set the ascending and descending targets when price break the highest or lowest candle in that time range.
So...
Trade Range Indicator BASIC - AltSumo.com
Ideal for automatically updating the traderanges on a hourly, daily, weekly or monthly timeframe .
You don't have to add support/resistance lines manually anymore.
Just choose the desired range timeframe and the indicator will add the the ranges on the chart....