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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.
Remove from Favorite Scripts Add to Favorite Scripts
//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

pic says enough
+2 Reply

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

...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.
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.
Thanks for doing this Chris. You should checkout Thomas Bulkowski site Maybe this is where Bulkowski obtained the NR-7 idea. Good work you do!
Thanks Chris, great tool! Going straight in the tool box and on the chart.
ChrisMoody PRO coondawg71
No idea how to use it yet..someone requested it...forgot to give them credit....
TonyCampbell ChrisMoody
I noticed..........
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