Consolidation Ranges [kingthies]

Consolidation Range Analysis
[I] Published by Eric Thies, January 2021

█ Indicator Summary

This tool calculates, analyzes and plots the visualization of a relative range over a given period of time
By adding to charts, users are enabled to see the impulsive nature of market cycles, along with their efforts to consolidate thereafter
The default period is 30, and should be adjusted to users preference
The default input is the current close price, on the chosen timeframe of the chart

█ Script Source

Pine Script®

// //@version=4 //© kingthies || This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/ study("Consolidation Ranges [kingthies]", shorttitle="CR [kingthies]", overlay=true) // !<------ User Inputs -----> src = input(close, title='Range Input (Default set to Close'), lengthEMA=input(30,title='Length'),zoneToggle = input(true, title="Toggle Zone Highlights"), iCol = color.new(#FFFFFF, 100), // !<---- Declarations & Calculations ---- > trndUp = float(na),trndDwn = float(na), mid = float(na), e = ema(src, lengthEMA) trndUp := src < nz(trndUp[1]) and src > trndDwn[1] ? nz(trndUp[1]) : high, trndDwn := src < nz(trndUp[1]) and src > trndDwn[1] ? nz(trndDwn[1]) : low, mid := avg(trndUp, trndDwn) // !< ---- Plotting -----> highRange = plot(trndUp == nz(trndUp[1]) ? trndUp : na, color=color.white, linewidth=2, style=plot.style_linebr, title="Top of Period Range") lowRange = plot(trndDwn == nz(trndDwn[1]) ? trndDwn : na, color=color.white, linewidth=2, style=plot.style_linebr, title="Bottom of Period Range") xzone = plot(zoneToggle ? src > e ? trndDwn : trndUp : na, color=iCol, style=plot.style_circles, linewidth=0, editable=false) fill(highRange, xzone, color=color.lime,transp=70), fill(xzone, lowRange, color=color.red,transp=70) //

Release Notes

Upgraded to pine v5

Open-source script

In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.

kingthies

Eric Thies

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Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Open-source script

kingthies

Eric Thies

Also on: