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OPEN-SOURCE SCRIPT
Updated

Consolidation Spotter Multi Time Frame

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This tool is designed for traders looking to spot areas of consolidation on their charts across various time frames. It highlights these consolidation areas using visually appealing boxes, making it easier to identify potential breakout or breakdown zones.

How To Use:

  • Spotting Consolidation: When you see a box form on your chart, this represents a consolidation zone. Within this zone, the price is moving sideways without a strong upward or downward trend.
  • Anticipating Breakouts & Breakdowns: Watch the price as it approaches the edges of the box. A movement outside the box can signal a potential breakout (if above the box) or a breakdown (if below the box). This is where momentum shifts can happen.
  • Momentum Confirmation: Once the price clearly moves out of the box, it indicates a momentum shift. If the price moves upwards out of the box, this can be seen as bullish momentum. Conversely, if the price moves downwards out of the box, this can be seen as bearish momentum.

    To use the tool effectively, adjust the settings to suit your trading style, choose your preferred visual theme, and watch as the script highlights key consolidation areas on your chart.

    Tip: To visualize fractals, consider using multiple instances of the "Consolidation Spotter" indicator, each set to a different timeframe. This approach allows you to observe consolidations nested within larger consolidations, offering deeper insights into market structures. 😉
Release Notes
Updated chart

Open-source script

In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.

For quick access on a chart, add this script to your favorites — learn more here.

farkasszilard
Get access to our indicators at: huntergatherers.tech
Also on:
consolidationconsolidation-breakoutmulti-timeframePivot points and levels

Disclaimer

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.
consolidationconsolidation-breakoutmulti-timeframePivot points and levels

Open-source script

In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.

For quick access on a chart, add this script to your favorites — learn more here.

farkasszilard
Get access to our indicators at: huntergatherers.tech
Also on:

Disclaimer

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.