ChrisMoody

CM_NarrowRange_WideRange_Bars_V1

2918 12 583
Ever heard of NR2, NR3, NR4, NR7 Strategies?

Version 1 of Narrow Range And Wide Range Bars

Link To Rare Book On Technical Price Patterns!!!

More To Come Once I Go Thru Book.

***While I haven’t read the book yet…Skimming Thru it Shows Great Examples of The Statistics Any Technical Trader Should Know Regarding Their Trading Methodology!!!

Link To PDF - Day Trading With Short Term Price Patterns And Opening Range Breakout.
http://d.pr/f/1fDD5
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//Created By ChrisMoody By Request for TonyCampbell
//Thanks to RicardoSantos For Help with The Code....

study(title="CM_NarrowRange_WideRange_Bars_V1", shorttitle="CM_NR_WR_Bars_V1", overlay=true)

lb = input(7, minval=2, maxval=100, title="Narrow Range Bar = Current Bars Range is Greater than X Bars Lookback")
lb2 = input(7, minval=2, maxval=100, title="Wide Range Bar = Current Bars Range is Greater than X Bars Lookback")
snr = input(true, title="Show Narrow Range Bars?")
swr = input(true, title="Show Wide Range Bars?")

range = high-low
lowRange = lowest(range[1], lb)
wideRange = highest(range[1], lb2)

narrow()=> snr and range < lowRange ? 1 : 0
wide()=> swr and range > wideRange ? 1 : 0

barcolor(narrow() ? yellow : na)
barcolor(wide() ? fuchsia : na)
God I spent the last week trying to do this exact thing and could not. Thank you
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snapshot


pic says enough
+2 Reply
snapshot


Counter trend Wide Range Bar, fib draw.
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ChrisMoody PRO coondawg71
Thanks for the posts...
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snapshot


...and this is what I mean. I use the Wides for Targets and the Narrows can be used for obvious price action reversal. Candles have been darkened to help highlight just the indicator candles of significance.
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My experience has been that Wide Range Bars lend themselves to better trading. Meaning that they signal a heavy move and momentum usually carries through. I simple draw a Fib on the whole candle to measure the whole price action of the respective bar. Gives easy targets.
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Thanks for doing this Chris. You should checkout Thomas Bulkowski site http://thepatternsite.com/CPIUpdate.html. Maybe this is where Bulkowski obtained the NR-7 idea. Good work you do!
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Thanks Chris, great tool! Going straight in the tool box and on the chart.
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ChrisMoody PRO coondawg71
No idea how to use it yet..someone requested it...forgot to give them credit....
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TonyCampbell ChrisMoody
I noticed..........
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