This is the script that finds Consolidation Zones in Realtime.
How it works? - The script finds highest/lowest bars by using "Loopback Period" - Then it calculates direction - By using the direction and highest/lowest bar info it calculates consolidation zones in realtime - If the length of consolidation area is equal/greater than user-defined min length then this area is shown as consolidation zone - Then Consolidation Zone extends automatically if there is no breakout
if you increase the Loopback Length then you get bigger consolidation zones:
You have option to "Paint Consolidation Area" or not:
Enjoy!
Release Notes
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Fixed: if new highest/lowest is in Consolidation zone then Consolidation Zone is extended
Have you ever seen anything, so full of splendour?
olivier25298
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@haikustar, you are right. I have started to use this script and it does work very well. that being said, I got this realization.
you can pretty much obtain a very similar result with some bands. The one that comes to my mind are the classical Bollinger bands and the G-Channel from Alex Grover (very efficient, very impressive)... When the channel is tightening, you can conclude that you are in a consolidation zone...
LonesomeTheBlue script is very good but also computationally intensive to calculate... If efficiency is something important to you, consider looking into some sort of band system...
mperdue
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Great Work
TK42DAN
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This looks like what I want! Thanks so much for your work on all these amazing scripts.
Question: Can you help me understand why it paints grey, but only the latter portion of the zone? Does the painted area versus the non-painted part of the zone mean something?
Thanks!
Jannfaiz88
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Hi , can you make a multi time frame one plz ..
LonesomeTheBlue
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@Jannfaiz88, not easy and may have latency but when I have time I will try
Jannfaiz88
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@LonesomeTheBlue, Not an issue sir , all f ur scripts are awesome , looking forward for more .. Thank You!
juananjato
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hi @Jannfaiz88, add twice the indicator, and setup a different length and color
fasteasytrading
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@juananjato, can you please explain ? are you using different time frames for your lengths ? If so do you mind sharing what the best combo u have found?