OPEN-SOURCE SCRIPT
Updated Bob Volman - Consolidation Box
This indicator identifies consolidation zones based on Bob Volman's scalping methodology. It highlights tight price ranges where the market is coiling before a potential breakout.
🔧 Features
📊 Detects consolidation boxes based on:
• Minimum number of candles
• ATR-based range filter (ATR × multiplier)
• Proximity to EMA (EMA ± multiplier × ATR)
⏩ Automatically extends the box while price remains inside
❌ Option to hide boxes after breakout
🧾 Status line plots:
• 🔺 Box High / 🔻 Box Low
• 📏 Box Range (in ATR units)
• 🕒 Box Length (number of bars)
⚙️ Fully customizable: ATR/EMA lengths, multipliers, border color
🔔 Alert on new consolidation box
🎯 Use Cases
✅ Combine with volume, breakout confirmation, market structure, and price action for better accuracy
📚 Inspired by the book: "Understanding Price Action" by Bob Volman
🔧 Features
📊 Detects consolidation boxes based on:
• Minimum number of candles
• ATR-based range filter (ATR × multiplier)
• Proximity to EMA (EMA ± multiplier × ATR)
⏩ Automatically extends the box while price remains inside
❌ Option to hide boxes after breakout
🧾 Status line plots:
• 🔺 Box High / 🔻 Box Low
• 📏 Box Range (in ATR units)
• 🕒 Box Length (number of bars)
⚙️ Fully customizable: ATR/EMA lengths, multipliers, border color
🔔 Alert on new consolidation box
🎯 Use Cases
- Identify tight consolidation zones before breakout
- Improve scalping entries and exits
- Spot potential support/resistance areas
✅ Combine with volume, breakout confirmation, market structure, and price action for better accuracy
📚 Inspired by the book: "Understanding Price Action" by Bob Volman
Release Notes
✅ Added:➕ Grouped input settings (General, ATR, EMA, Option, Alert)
➕ Option to show/hide EMA (showEma, default: ON)
➕ Option to show only the latest box (showLastBoxOnly, default: ON)
➕ Option to display box info table (showLastBoxTable, default: ON)
➕ Optional alerts for new box and breakout:
• alertNewBox (default: OFF)
• alertBreakingOut (default: ON)
🔔 Alerts:
➕ Breakout and new box alerts are now optional via user settings
🛠 Changed:
➕ Cleaner box lifecycle logic with lastBox handling
➕ UI inputs now grouped for better organization
Release Notes
- consolidatingBorderColor: box border color during consolidation (group: Styles)
- breakoutBorderColor: box border color on breakout (group: Styles)
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.