CD DeMark Range Expansion V3

martinweb Updated   
I pretty much liked the initial idea by CristianD and the updated version by Eduardo Mattje of DeMarks Range Expansion.
The idea is to the range of the last day, multiplying it by 0.38 and 0.62 and projecting them from the opening of the current day, both in the up and down directions.

I tried to make it better with following fixes.
– Changed the range / amplitude to actually use the previous instead of the current candle >> amplitude = high - low
– Added the ability to set a custom number for the calculation of the expansion. The default is math.rphi which is ~0.618.
– Added a custom resolution entry field so you can for example enter 720 for half a day.
– You now can choose wheter it should use the daily open or the last days hl2 ( (high+low) / 2 ) for the calculation of the range expansion.
– Connecting lines for the ranges can now be turned off
Release Notes: Description update
Release Notes: Set the normal mode to default instead of the hl2 range mode.
Release Notes: Fixed the tooltip to make it fit.
Release Notes: – Added a mode dropdown selection for higher convenience. You can now choose between Daily Open, HL2 (Center) or HLC3 (Pivot) as a starting point for the calculation of the expansion.
– The offset selection for HL2/HLC3 mode and amplitude (range) are now completely customizable to your likes.
Release Notes: Minor descriptory fix
Release Notes: Added a second level due to a request and added a ATR table for daily and current charts candles movement.
Center mode seems to be interesting for crypto assets.
Release Notes: Fixed the color bug and added the central pivot range.
Release Notes: Added technical ratings
Release Notes: Global Switches added for DMRE and CPR
Release Notes: Added a second Central Pivot Range.
Release Notes: Added Daily, Weekly and Monthly Open keylevels.
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.


The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Want to use this script on a chart?