CM_NarrowRange_WideRange_Bars_V1 — Indicator by ChrisMoody

chrismoody

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.

Coming Soon: www.ChrisMoodyTrading.com

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Want to use this script on a chart?

//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)

Related Ideas

about XAUUSD 28