LazyBear

Range Identifier [LazyBear]

---- May 05 2015 -----

Added support for filtered ranges:
RID V3 : http://pastebin.com/Z11JYVQK

RIDv3 has full backward compatibility (!?), meaning all my descriptions below still apply for V3.
-- In addition, I have added a NON-OVERLAY mode, which can be put in its own pane, that shows the number of bars in the current range.
-- in Overlay mode, you can switch on/off filtering ranges based on the bar count.

Sample chart:

---- April 30 2015 -----

Updated the source to show a connected Midline only when ConnectRanges option is enabled.
Updated src: http://pastebin.com/xgweVbrC

Sample chart:

---- Original Desc ----

This is a simple indicator that highlights the price ranges. Very helpful in determining a breakout.

There are many ways to incorporate this in to your strategy. One simple idea could be to buy if the price breaks above a range, when above the specified EMA , and to SELL when it breaks down from a range below the EMA .

All options are configurable. Alerts can be setup using the specified plot names.

By default it shows only the ranges, but can be configured to show the full "channel". Chart below shows connected ranges with highlights ON.

Range highlighting can be turned OFF. Chart below shows that:

Note for the pine coders:
As you probably noticed in the charts above, single range is showing 2 colors(red/green). Fill() doesn't accept a series for colors, so I worked around this using two fill() statements with a moving DUMMY line, to get this mixed color effect.

List of my public indicators: http://bit.ly/1LQaPK8
List of my app-store indicators: http://blog.tradingview.com/?p=970
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Want to use this script on a chart?
//
// @author LazyBear 
// 
// List of my public indicators: http://bit.ly/1LQaPK8 
// List of my app-store indicators: http://blog.tradingview.com/?p=970 
//
//
study("Range Identifier [LazyBear]", shorttitle="RID_LB", overlay=true)
connectRanges=input(false, title="Connect Ranges")
showMidLine=input(false, title="Show MidLine")
lengthEMA=input(34, title="EMA Length")
showEMA=input(true, title="Show EMA")
hc=input(true, title="Highlight Consolidation")
e=ema(close,lengthEMA)
up = close<nz(up[1]) and close>down[1] ? nz(up[1]) : high
down = close<nz(up[1]) and close>down[1] ? nz(down[1]) : low
mid = avg(up,down)
ul=plot(connectRanges?up:up==nz(up[1])?up:na, color=gray, linewidth=2, style=linebr, title="Up")
ll=plot(connectRanges?down:down==nz(down[1])?down:na, color=gray, linewidth=2, style=linebr, title="Down")
dummy=plot(hc?close>e?down:up:na, color=gray, style=circles, linewidth=0, title="Dummy")
fill(ul,dummy, color=lime)
fill(dummy,ll, color=red)
plot(showMidLine?mid:na, color=gray, linewidth=1, title="Mid")
plot(showEMA?e:na, title="EMA", color=black, linewidth=2)
List of my free indicators: http://bit.ly/1LQaPK8
List of my indicators at Appstore: http://blog.tradingview.com/?p=970

Comments

Some interesting ranges :)

BTCUSD ranges before the bull run


GOOGL broke above the range


YHOO at the bottom of its range


EA testing the range top
+3 Reply
tprasad1984 LazyBear
@LazyBear, thank you sir
Reply
Please do to the middle line is visible only in the areas of Range and not on the entire chart
http://jpegshare.net/code/e1/95/e19560bf21da7d5125effbb07e9f6330.gif.html
+2 Reply
LazyBear NEKSUS_
Here you go. Updated source here -> http://pastebin.com/xgweVbrC

+2 Reply
NEKSUS_ LazyBear
Many Thanks )
+1 Reply
Very nice. Thanks for your hard work.
+1 Reply
LazyBear FrankTurd
yw :)
+1 Reply
Hi @LazyBear, This is a great script, Thank You.
Pinescript now supports box.new & line.new function, are you able upgrade this script with these functions?
Box for the range & Lines for the middle line.
Reply
Great work, thank you! As I basically use the same technique to identify ranges and published an idea on the german page, I will link your script in my idea. I hop you dont mind ;-) Thank you for all your scripts, you are really one of TradingViews Scripting heroes!
Reply