Range Detect System

2 nov.

Technical analysis indicator designed to identify potential significant price ranges and the distribution of volume within those ranges. The system helps traders calculate POC and show volume history. Also detecting breakouts or potential reversals. System identifies ranges with a high probability of price consolidation and helps screen out extreme price moves or ranges that do not meet certain volatility thresholds.

⭕️ Key Features

• Range Detection — identifies price ranges where consolidation is occurring.
  
• Volume Profile Calculation — indicator calculates the Point of Control (POC) based on volume distribution within the identified range, enhancing the analysis of market structure.
  
• Volume History — shows where the largest volume was traded from the center of the range. If the volume is greater in the upper part of the range, the color will be green. If the volume is greater in the lower part, the color will be red.
  
• Range Filtering — Includes multi-level filtering options to avoid ranges that are too volatile or outside normal ranges.
  
• Visual Customization — Shows graphical indicators for potential bullish or bearish crossovers at the upper and lower range boundaries. Users can choose the style and color of the lines, making it easier to visualize ranges and important levels on the chart.
  
• Alerts — system will notify you when a range has been created and also when the price leaves the range.
  

⭕️ How it works

Extremes (Pivot Points) are taken as a basis, after confirming the relevance of the extremes we take the upper and lower extremes and form a range. We check if it does not violate a number of rules and filters, perform volume calculations, and only then is the range displayed.
Pivot points is a built-in feature that shows an extremum if it has not been updated N bars to the left and N bars to the right. Therefore, there is a delay depending on the bars specified to check, which allows for a more accurate range. This approach allows not to make unnecessary recalculations, which completely eliminates the possibility of redrawing or range changes.

⭕️ Settings

• Left Bars and Right Bars — Allows you to define the point that is the highest among the specified number of bars to the left and right of this point.
  
• Range Logic — Select from which point to draw the range. Maximums only, Minimums only or both.
  
• Use Wick — Option to consider the wick of the candles when identifying Range.
  
• Breakout Confirmation — The number of bars required to confirm a breakout, after which the range will close.
  
• Minimum Range Length — Sets the minimum number of candles needed for a range to be considered valid.
  
• Row Size — Number of levels to calculate POC. *Larger values increase the script load.
  
• % Range Filter — Dont Show Range is than more N% of Average Range.
  
• Multi Filter — Allows use of Bollinger Bands, ATR, SMA, or Highest-Lowest range channels for filtering ranges based on volatility.
  
• Range Hit — Shows graphical labels when price hits the upper or lower boundaries of the range, signaling potential reversal or breakout points.
  
• Range Start — Show points where Range was created.