This indicator was made to backtest the DR / IDR concept (Defining Range / Implied Defining Range). There is only one built in DR session, but it can be changed to fit whatever session you like. Just make sure that the beginning time of the Session parameter matches the end time of the Defining Range parameter.
I'm not trying to validate or invalidate the claims of the DR concept, as the sample size of the success rate from this indicator is likely significantly smaller than that of the backtests where the initial success rates were derived. I'm simply sharing this indicator to encourage others to do their own due diligence by collecting their own data before implementing new concepts in their trading. Likewise I'm also making this open source for those who wish to do different kinds of backtesting and extract more value from this concept - for example, what percentage of the time does the session actually close further from the DR after initially closing through the range? Data like this could be good to track for those looking to make a trading model out of the DR concept.
Please note that all times are set to the "America/New_York" time zone by default. Besides the fact that the input times will use New York local time, this also means that they automatically adjust for Daylight Savings (this only impacts areas that do not observe Daylight Savings).
Hi, thanks for making this indicator. Saved me some effort to code on my own.
I_am_The_Onyx
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Beautiful, it saved me a lot of time... Is there any provision to look beyond 50 sessions? Thank you..
tradeforopp
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@Abhijit101, to get more sessions I usually just switch from ETH to RTH, but I think your TradingView subscription may also impact the length of the backtest
decentMeerkat007
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what are the rules and how to use this? thanks
tradeforopp
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@decentMeerkat007, take a look at @TheMas7er profile and his social media for more information on the concept
niemelinvm
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This is very interesting. Thanks for sharing.
Sprout
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Goat!
enjoyyoursoup
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Weird, I was experimenting the other day by changing the zones to minute candles. Tried it again today and it's stuck to 15 min increments. Not sure how I did it.
Ross-J-Burland
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so far from what i can see this indi stats change depending on what time frame your using. the 1 hour skews all of the results.