IND-Range Box [Salar Kamjoo]

Hello to all dear traders,

One of the trading methods in financial markets is Range Box Trading. Ranges are specific price levels where the market reaches equilibrium, meaning the buying force is roughly equal to the selling force. Consequently, the market neither moves significantly upwards nor downwards; it oscillates within a particular range. The indicator I have designed for you is based on this concept. It utilizes the number of candles and their oscillations to identify specific ranges on the chart. These ranges are drawn based on the maximum and minimum of the box.

The optimal time for trading and using this indicator is when the market is less volatile, specifically outside of the overlapping London and New York sessions. Additionally, be cautious during news releases as they might lead to stop-hunting scenarios. Therefore, the best time to employ this indicator is when the market is relatively calm.

This indicator has 4 settings:

Setting Number 1: Number of Candles
This setting determines the number of candles involved in calculating the range boxes. A higher value indicates longer range boxes will be identified for you, while a lower value results in quicker recognition of range boxes. However, a smaller value may reduce the reliability of the identified range boxes. The recommended value for this setting may vary for each currency pair and time frame.
https://s3.tradingview.com/snapshots/g/gWFFznzs.png

Setting Number 2: Range Percentage
This setting determines the maximum percentage difference between the high and low of the identified range box. (These settings are interconnected with Setting Number 3, as your choice in Setting Number 3—whether to base the range box calculation on the high or low, or on the candle close—will impact how this range percentage is applied.)
https://s3.tradingview.com/snapshots/h/H9HbehSt.png

Setting Number 3: Calculation Basis
This setting determines whether the maximum width of the range box is based on the highest or lowest points, or if it is calculated based on the closing prices of the candles.
https://s3.tradingview.com/snapshots/d/dGTTETaw.png

https://s3.tradingview.com/snapshots/w/wGJedT1W.png

Setting Number 4: Number of Extended Candles
This visual setting determines the extension of your range box forward by a specified number of candles.

Another valuable feature of this indicator is the ability to configure alerts. By setting up alerts, you can promptly receive notifications whenever a range box is identified on the chart. This ensures that you are promptly informed about potential trading opportunities.

If you have any questions feel free to ask in the comments section.
be profitable :)