Range Detector Converted
- Indicators
- Mahdi Ebrahimzadeh
- Version: 2.0
- Updated: 9 March 2024
- Activations: 5
Indicator converted from another platform which was coded by LuxAlgo.
I added Moving Average different type also source data variety. At original version moving average is SMA and data source from market gathered just from close of candles.
In this version you can select many moving average types and also source data like high/low/HL2/HLC/HLC2/.. .
here are some details from original developer:
The Range Detector indicator aims to detect and highlight intervals where prices are ranging. The extremities of the ranges are highlighted in real-time, with breakouts being indicated by the color changes of the extremities.
Ranging prices are defined by a period of stationarity, that is where prices move within a specific range.
Detecting ranging markets is a common task performed manually by traders. Price breaking one of the extremities of a range can be indicative of a new trend, with an uptrend if price breaks the upper range extremity, and a downtrend if price breaks the lower range extremity.
Ranges are highlighted as zones and are set retrospectively, that is the starting point of a range is offset in the past. The exact moment a range is detected is highlighted by a gray background color. The average between the maximum/minimum of a zone is also highlighted as a dotted line and is also set retrospectively.
The range extremities are set in real-time, blue extremities indicate the range extremities were not broken, green extremities indicate that price broke the upper range extremity, while red extremities indicate price broke the lower range extremity.