Using a proprietary methodology, the algorithm can dynamically adjust to chart behavior and plot the expected range of the current trend. When that range is violated to the backside (losing side) of a trend, the next opposite trend may begin. When the range is violated to the frontside (winning side) of the trend, the current trend is very strong. This indicator depicts this using bar-coloring and cloud-fill. Also included: alerts for the backside range violations (trend flipped).
The input structure is very simple. One input called "Sensitivity" controls the algorithm. The more sensitive the input (0-100), the tighter range found. Most charts can be left at the default 50, and multiple instances of the script at different sensitivities can help call out multiple dynamically created ranges. The rest of the inputs are cosmetic in nature, as the colors and transparency of the bar-coloring and cloud-fill are managed by user inputs.
Why is this algorithm and script a great tool?
- It works on ANY symbol - This indicator will work on any chart that makes highs and lows thru time.
- It works on ANY timeframe or bar resolution
- It works on ANY bar or candle type
- It works dynamically to analyze chart behavior, draws SOLID conclusions about trend and the expected range within that trend
- The clouds often give you a sense of sideways range and choppy action
- The bar-colors often give you a sense of trendy action, brightly pointing out strong trends
- Knowing an expected trading range of the current trend can help you 'stay in the trade'
Shown here with the B3 Measured Moves Triangle indicator.
INFORMATION ON PERMANENT ACCESS PROVIDED BY SCRIPTaCHART.COM BELOW:
- Simple bug fix with colors on reversal bar
- Text typo corrected in information mouse-over for "Range Cloud Brightness"
Access to this script is restricted to users authorized by the author and usually requires payment. You can add it to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author. Contact HammondB3 for more information, or follow the author's instructions below.
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