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: 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.
This cannot be done now, using the documented APIs, definitely not in realtime.
LazyBear
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May be another pane showing the count of bars inside the range and marking the invalid ones...this might work.
NEKSUS_
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in this case .... maybe possible to realize color setting?
For example, if the filter is set to 5 bars in range.
Zones in which less than 5 bars are painted a dull color, and areas where the 5 bars and more, painted a bright color
LazyBear
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I really like the features you are suggesting :)
Here's an updated version: pastebin.com/Z11JYVQK (I am gonna release this as a separate indicator as the feature set delta from original has exploded!)
Sample chart:
RIDv3 has full backward compatibility (!?), meaning all my descriptions above 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.
Lot of customization possible, hope this helps you in your trades.
BTCUSD ranges before the bull run
GOOGL broke above the range
YHOO at the bottom of its range
EA testing the range top