OPEN-SOURCE SCRIPT
Trend dealing range
Hi all!
This indicator will help you find the current dealing range according to the trend. If the trend is bullish the indicator will look for a range between the latest low pivot to the latest high pivot. Vice versa in a bearish trend. The code uses my new library 'FibonacciRetracement' (tradingview.com/script/lm5l7XJl-FibonacciRetracement/) that has the same code as my other indicator 'Fibonacci retracement' (tradingview.com/script/yFIioDwi-Fibonacci-retracement/).
It plots 5 lines from the low to the high and labels them 0 %, 25 %, 50 %, 75 % and 100 %. A trendline can be drawn between the two pivots (dashed and gray by default). Firstly you can define the pivot lengths used, this setting is in the 'Market structure' section but it also applies to the dealing range (it defaults to 5 (left) and 2 (right)). You can show prices if you want to (shown in parantheses, off by default). You can change the default labels position (from left) and the font size (12 by default and higher up it's 7 for market structure text). Lastly you can change the alert frequency (defaults to once per bar close) and the price that has to enter a zone for alert to be sent. 'Close' means that the closing price (or current price if you change the alert frequency to all or once per bar) has to be inside the zone and 'Wick' means that the entire candle needs to be inside the zone.
It's very useful for traders to find the current dealing range and this indicator will help you to do so.
So, this indicator will give you the dealing range and basic market structure through break of structures and change of characters.
If you have any input or suggestions on future features or bugs, don't hesitate to let me know!
Best of trading luck!
This indicator will help you find the current dealing range according to the trend. If the trend is bullish the indicator will look for a range between the latest low pivot to the latest high pivot. Vice versa in a bearish trend. The code uses my new library 'FibonacciRetracement' (tradingview.com/script/lm5l7XJl-FibonacciRetracement/) that has the same code as my other indicator 'Fibonacci retracement' (tradingview.com/script/yFIioDwi-Fibonacci-retracement/).
It plots 5 lines from the low to the high and labels them 0 %, 25 %, 50 %, 75 % and 100 %. A trendline can be drawn between the two pivots (dashed and gray by default). Firstly you can define the pivot lengths used, this setting is in the 'Market structure' section but it also applies to the dealing range (it defaults to 5 (left) and 2 (right)). You can show prices if you want to (shown in parantheses, off by default). You can change the default labels position (from left) and the font size (12 by default and higher up it's 7 for market structure text). Lastly you can change the alert frequency (defaults to once per bar close) and the price that has to enter a zone for alert to be sent. 'Close' means that the closing price (or current price if you change the alert frequency to all or once per bar) has to be inside the zone and 'Wick' means that the entire candle needs to be inside the zone.
It's very useful for traders to find the current dealing range and this indicator will help you to do so.
So, this indicator will give you the dealing range and basic market structure through break of structures and change of characters.
If you have any input or suggestions on future features or bugs, don't hesitate to let me know!
Best of trading luck!
Script open-source
Dans l'esprit de TradingView, le créateur de ce script l'a rendu open-source, afin que les traders puissent examiner et vérifier sa fonctionnalité. Bravo à l'auteur! Vous pouvez l'utiliser gratuitement, mais n'oubliez pas que la republication du code est soumise à nos Règles.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Script open-source
Dans l'esprit de TradingView, le créateur de ce script l'a rendu open-source, afin que les traders puissent examiner et vérifier sa fonctionnalité. Bravo à l'auteur! Vous pouvez l'utiliser gratuitement, mais n'oubliez pas que la republication du code est soumise à nos Règles.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.