OPEN-SOURCE SCRIPT
Narrow Range (NR) Indicator
Narrow Range (NR) trading strategy is a breakout-based method that assumes that the price of security trends up or down after a brief consolidation in a narrow range. This indicator can plot:
1. Narrow Range (NR) 4, 7, and 21
2. Narrow Range (NR) 4, 7, and 21 + Inside Bars (IB)
NR 4/NR 7/NR 21 day acts as a confirming factor on where the price will move further. Breakout of NR 4/NR 7/NR 21 candle with high volumes indicates bullishness, while the breakdown candle indicates bearishness.
1. Narrow Range (NR) 4, 7, and 21
2. Narrow Range (NR) 4, 7, and 21 + Inside Bars (IB)
NR 4/NR 7/NR 21 day acts as a confirming factor on where the price will move further. Breakout of NR 4/NR 7/NR 21 candle with high volumes indicates bullishness, while the breakdown candle indicates bearishness.
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.
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
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.
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.