PROTECTED SOURCE SCRIPT
Range Identifier
Aggiornato
*Re-upload as previous attempt was removed.
An attempt to create a half decent identifier of when the markets are ranging and in a state of choppiness and mean reversion - as opposed to in trending trade conditions.
It's super simple logic just working on some basic price action and market structure operating on higher time frames.
It uses the Donchian Channels but with hlc3 data as opposed to high/lows - and identifies periods in which the baseline is static, or when the channel upper & lower are contracting.
This combination identifies non trending price action with decreasing volatility, which tends to indicate a lot of upcoming chop and ranging/sideways action; especially when intraday trading and applied on the daily timeframe.
The filter increasing results in a decrease of areas identified as choppy by extending the required period of a sideways static basis, I've found values of 2 or 3 to be a nice sweetspot!
Overall should be pretty intuitive to use, when the background changes just consider altering your trading and investing approach. This was created as I've not really seen anything on here that functions quite the same.
I decided to not include the Donchian upper/lower/basis as I found that can often lead to decision bias and being influenced by where these lines are situated causing you to guess on future direction.
It's obviously never going to be perfect, but a nice and unbiased way to quickly check where we may be in a cycle; let me know if there are any issues/questions and please enjoy!
An attempt to create a half decent identifier of when the markets are ranging and in a state of choppiness and mean reversion - as opposed to in trending trade conditions.
It's super simple logic just working on some basic price action and market structure operating on higher time frames.
It uses the Donchian Channels but with hlc3 data as opposed to high/lows - and identifies periods in which the baseline is static, or when the channel upper & lower are contracting.
This combination identifies non trending price action with decreasing volatility, which tends to indicate a lot of upcoming chop and ranging/sideways action; especially when intraday trading and applied on the daily timeframe.
The filter increasing results in a decrease of areas identified as choppy by extending the required period of a sideways static basis, I've found values of 2 or 3 to be a nice sweetspot!
Overall should be pretty intuitive to use, when the background changes just consider altering your trading and investing approach. This was created as I've not really seen anything on here that functions quite the same.
I decided to not include the Donchian upper/lower/basis as I found that can often lead to decision bias and being influenced by where these lines are situated causing you to guess on future direction.
It's obviously never going to be perfect, but a nice and unbiased way to quickly check where we may be in a cycle; let me know if there are any issues/questions and please enjoy!
Note di rilascio
Updated to improve visual settings.Note di rilascio
Change all settings to default and removed options.Note di rilascio
Updated to allow togglable visuals.Note di rilascio
Updated default settings.Script protetto
Questo script è pubblicato con codice protetto, ma puoi comunque usarlo gratuitamente. Mettendolo tra i preferiti potrai applicarlo al grafico, senza però la possibilità di visualizzare o modificare il codice sorgente.
Vuoi usare questo script sui tuoi grafici?
BlockchainSpecialists.co.uk - The UK's leading network of qualified
Blockchain experts
Blockchain experts
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.