IvanLabrie

R.E.Signal V3.0: Updated version to work with Key Hidden Levels

Hi, I updated the code to be able to use Tim West's TW_UB indicator, which helps a lot with seeing price waves, coloring bars that form new highs green, new lows red and inside and outside bars red.
The indicator now only plots range expansion bars, with a triangle shape above or below each bar to make it visually clear.
Hope you find this of use.
Cheers,
Ivan.
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study("R.E.Signal V3.0", overlay=true)
rangeup = close[1]+tr[1]
rangedown = close[1]-tr[1]
over() => high > rangeup and close > open and low > low[1]
under() => low < rangedown and close < open and high < high[1]
plotshape(over(), style=shape.triangleup, location=location.belowbar, color=green)
plotshape(under(), style=shape.triangledown, location=location.abovebar, color=red)
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Thanks for this!
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IvanLabrie PRO KevinSinghDhaliwal
a year ago
I find it can help confirm impulse legs for pattern traders as well. The 50% retrace of these bars is a strong s/r level too, and they trigger breakouts from consolidation with very high success rate.
+1 Reply
KevinSinghDhaliwal IvanLabrie
a year ago
definitely
+1 Reply
Please try version 3.1:

study("R.E.Signal V3.0", overlay=true)
rangeup = close+tr
rangedown = close-tr
over() => high > rangeup and close > open
under() => low < rangedown and close < open
plotshape(over(), style=shape.triangleup, location=location.belowbar, color=green)
plotshape(under(), style=shape.triangledown, location=location.abovebar, color=red)

I changed it so that it doesn't ignore range expansion bars that are outside bars. With Tim West's TW_UB you get black colored outside and inside bars anyway.
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this looks really interesting. Have you thought of combining it to show both range and volume expansion, perhaps compared to the same bar previous session for intraday? NinjaTrader has a 'volatility bar' which functions like this, i've yet to find one on TradingView
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IvanLabrie PRO downtownCAIRO
8 months ago
There's an indicator in Tim West's suite that does this, called RgExp.

snapshot


The volume gives useful clues...that bar I highlight has lower volume than the previous up move, seems like some kind of shakeout too (the big drop on below average volume to then instantly flip up).
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