Determining operating range is critical for trading. You *need* to sell in premium & buy in discount.
This script determines an operating range by stepping back on an HTF timeframe to calculate that HTF candle's range. If the current candle in HTF breaks out, the range expands accordingly.
The timeframe mapping I've used is
Intraday & <= 2H : use Daily as HTF range
Intraday & > 2H : use Weekly as HTF range
Daily : use Monthly as HTF range
Weekly : use 6 Months as HTF range
The HTF mapping is my own personal preference. If you prefer, you can easily copy the indicator and create your own mapping.
Once the HTF range is known, the indicator also plots 0%, 25%, 50% and 100% levels.
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Updated details on chart
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Cleanup
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When replaying candlesticks, old lines from the IPDA range are now deleted
is there any possible way to add custom time frame ?
stryde1
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Great indicator, however I do notice though when i add it to my charts, it disappears often. The indicator is still listed in the indicator section, but nothing is there on the chart. I'm using it on intraday like 1 min, 3 min, 15 min. Any thoughts on that?
makuchaku
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@stryde1, I'm not sure if this is going to be so useful on such lower timeframes as for intraday charts, it'll plot the daily range. Which might be too big for your to operate in (if you are trading 1 min charts).
makuchaku
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@makuchaku, Check my YT as how I use them. Cheers!
Karthi056
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@makuchaku, wow. Interesting, I recently came across your youtube channel.👍👍 Thanks for educating us
viph_hotmail
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Great indicator, thanks
Question: What means when red line is vertical instead of horizontal?
Regards
VerdeX
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Hi Makuchaku, very nice indicator. Can I ask you something about it? I mean, i´m not a professional IT, but I´m trying... I´ve built some alerts on my personal script and I want to add yours so if I get a long alert and the price is in between the low and the discount and the same for short (high and premium zone) but I do not know how to get the prices of each line... Thanks!
Tykhe
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Really nice indicator, use it often. But i noticed that when i switch to weekly or monthly timeframe, the red upper line is drawn vertically for me not horizontally. On the daily timeframe it works as it should. Any idea what could cause the error?
Crypt0pher_Walk3n
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Nice indicator, and thank you for sharing your indicators with the community. However it appears this indicator doesn't use log scale in its calculations which imo would be more accurate given that it focuses on the percentage change between data points, rather than absolute values. Fib tool in tradingview use log scale as standard.
wrestfx
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Hi Makuchaku, I know zero Pine Script - would you be so kind to add additional timeframe mapping 1) 15min use 4H as HTF range and 2) less than 5min use 1H as HTF range - THANK YOU