Range with expansion

MQL5 지표

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실행 시간 1 일
피고용인의 피드백
Great client!
고객의 피드백
It was great to work with this developer, very helpful and adding many good ideas, further improving the work requested. Patient to accept some changes.

명시

The idea is to create a range when a doji, pinbar or candle forms with more than 50% shadow in relation to its body. This range will be formed through the maximum and minimum of the "candle generator", there will be a horizontal line.Examples:


Regarding expansion:

The range will be expanded every time there is a false breakout (shadows above/below  the range). Then the new high/low of the initial range will be expanded for these false  breakouts. Examples:

Another way to expand is if a candle closes above/below the range but that candle has less than 30% of its body outside the range. (in this case the body of the candle must be calculated as - Bullish Candle = minimum at closing / Bearish Candle = maximum at closing, that is, we do not consider the shadow opposing the movement)

About breaking the range:

The range will be broken when there is a candle closing above/below its lines with 30% or more of its body (body calculation is the same as described above). Once broken with this candle, the range disappears and the next one will only appear if there is a new configuration for it, that is, there will always be a single range on the chart.

It is essential that when breaking the range with a candle closing above/below with 30% or more of its body the range disappears "validating the break".

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