The B3 Measured Moves Triangle indicator measures the individual moves from a pivot high to pivot low, or vise versa. Then, two of the most recent moves are projected from three different points of a HHLLHH or LLHHLL triangle. The idea behind the system is to plot expected ranges from the current pivot high or low, based on recent price activity. The proprietary algorithm has a method of locating the moves and projection points that ensures it will work on any chart symbol and any bar style or interval resolution, and it adjusts to the current trading ranges as they form.
There is only one numeric sensitivity input, and when at a higher value, the algorithm is more sensitive to reversal pivots which affects both the moves and the triangle size. The rest of the inputs are on/off settings, and there are many ways to modify the look of this indicator on your charts.
Why is this algorithm and script a great tool?
It works on ANY symbol – This indicator works on any chart that makes highs and lows thru time.
It works on ANY timeframe or bar resolution
It works on ANY bar or candle type
It works dynamically to analyze chart behavior, draws SOLID conclusions based on price action
It plots ‘ahead of price’ – making it more of a leading indicator than a lagging indicator
Works really well in concert with the B3 Trend-Range bar painting indicator. INFORMATION ON PERMANENT ACCESS PROVIDED BY SCRIPTaCHART.COM BELOW: