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.
---- April 30 2015 -----
Updated the source to show a connected Midline only when ConnectRanges option is enabled.
Updated src: http://pastebin.com/xgweVbrC
---- 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 , and to SELL when it breaks down from a range below the .
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
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.
// // @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) and close>down ? nz(up) : high down = close<nz(up) and close>down ? nz(down) : low mid = avg(up,down) ul=plot(connectRanges?up:up==nz(up)?up:na, color=gray, linewidth=2, style=linebr, title="Up") ll=plot(connectRanges?down:down==nz(down)?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)
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.