OPEN-SOURCE SCRIPT
Updated Smart Range Detector
Smart Range Detector
What It Does
This indicator automatically detects and validates significant trading ranges using pivot point analysis combined with logarithmic fibonacci relationships. It operates by identifying specific pivot patterns (High-Low-High and Low-High-Low) that meet fibonacci validation criteria to filter out noise and highlight only the most reliable trading ranges. Each range is continuously monitored for potential mitigation (breakout) events.
Key Features
How To Use It
Settings Guide
Technical Details
This indicator works well on all timeframes and instruments, but performs best on 5-minute to daily charts. Perfect for swing traders, range traders, and breakout strategists.
What Makes It Different
Most range indicators simply draw boxes based on recent highs and lows. Smart Range Detector validates each potential range using proven fibonacci relationships to filter out noise. It then adds sophisticated volume analysis to help traders identify the most significant price levels within each range. The performance optimization features ensure smooth operation even on lower timeframes and extended history analysis.
What It Does
This indicator automatically detects and validates significant trading ranges using pivot point analysis combined with logarithmic fibonacci relationships. It operates by identifying specific pivot patterns (High-Low-High and Low-High-Low) that meet fibonacci validation criteria to filter out noise and highlight only the most reliable trading ranges. Each range is continuously monitored for potential mitigation (breakout) events.
Key Features
- Identifies both High-Low-High and Low-High-Low range patterns
- Validates each range using logarithmic fibonacci relationships (more accurate than linear fibs)
- Detects range mitigations (breakouts) and visually differentiates them
- Shows fibonacci levels within ranges (25%, 50%, 75%) for potential reversal points
- Visualizes extension levels beyond ranges for breakout targets
- Analyzes volume profile with customizable price divisions (default: 60)
- Displays Point of Control (POC) and Value Area for traded volume analysis
- Implements performance optimization with configurable range limits
- Includes user-adjustable safety checks to prevent Pine Script limitations
- Offers fully customizable colors, line widths, and transparency settings
How To Use It
- Identify Valid Ranges: The indicator automatically detects and highlights trading ranges that meet fibonacci validation criteria
- Monitor Fibonacci Levels: Watch for price reactions at internal fib levels (25%, 50%, 75%) for potential reversal opportunities
- Track Extension Targets: Use the extension lines as potential targets when price breaks out of a range
- Analyze Volume Structure: Enable the volume profile mode to see where most volume was traded within mitigated ranges
- Trade Range Boundaries: Look for reactions at range highs/lows combined with volume POC for higher probability entries
- Manage Performance: Adjust the maximum displayed ranges and history bars settings for optimal chart performance
Settings Guide
- Left/Right Bars Look Back: Controls how far back the indicator looks to identify pivot points (higher values find more ranges but may reduce sensitivity)
- Max History Bars: Limits how far back in history the indicator will analyze (stays within Pine Script's 10,000 bar limitation)
- Max Ranges to Display: Restricts the total number of ranges kept in memory for improved performance (1-50)
- Volume Profile: When enabled, shows volume distribution analysis for mitigated ranges
- Volume Profile Divisions: Controls the granularity of the volume analysis (higher values show more detail)
- Display Options: Toggle visibility of range lines, fibonacci levels, extension lines, and volume analysis elements
- Transparency & Color Settings: Fully customize the visual appearance of all indicator elements
- Line Width Settings: Adjust the thickness of lines for better visibility on different timeframes
Technical Details
- The indicator uses logarithmic fibonacci calculations for more accurate price relationships
- Volume profile analysis creates 60 price divisions by default (adjustable) for detailed volume distribution
- All timestamps are properly converted to work with Pine Script's bar limitations
- Safety checks prevent "array index out of bounds" errors that plague many complex indicators
- Time-based coordinates are used instead of bar indices to prevent "bar index too far" errors
This indicator works well on all timeframes and instruments, but performs best on 5-minute to daily charts. Perfect for swing traders, range traders, and breakout strategists.
What Makes It Different
Most range indicators simply draw boxes based on recent highs and lows. Smart Range Detector validates each potential range using proven fibonacci relationships to filter out noise. It then adds sophisticated volume analysis to help traders identify the most significant price levels within each range. The performance optimization features ensure smooth operation even on lower timeframes and extended history analysis.
Release Notes
- Upgraded to V6- Fixed Problem with VP Mode
- Added Vwap Mode
Release Notes
- Optimized Range Detection wont miss any range, wont over detect eitherRelease Notes
- Added an update to help trading range as they breakoutRelease Notes
- Adaptive Mitigation- Better Range tracking with VWAP/VP Modes
Release Notes
- Fixed Issue where Ranges where covered with Multiple Boxes- Faster
Release Notes
- Better Mitigation Methods- Custom Displays vs Mitigation Levels
Release Notes
- Ability To Delete Unmitigated ranges after a PeriodRelease Notes
- Added Signals for Range RetestRelease Notes
- Alert Frequency to Bar CloseRelease Notes
- Mitigated Range Extension AddedRelease Notes
- Cleaning to Avoid Double BoxingRelease Notes
- Allow Retest for All Ranges that are MitigatedRelease Notes
- Major Speed UpgradeRelease Notes
- Hotfix (Issue where it don't work when new bars get created)Release Notes
- A lot of Clean-up- A lot of Big O clean-ups and speed and performance improvement
Release Notes
- Sweep CleaningOpen-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.