Narrow Range Indicator can help determine when a possible Break Out can occur through narrowing price action. The diamonds above the bar shows the bar to completed the Narrowest Range (high - low) of your selected time period. The default period is 7 but can be changed through the inputs. The next bar will indicate with a label weather it is a predicted Break UP (Green label) or Break Down (Red label). The original creator of this style of indicator (thepatternsite.com/nr7.html) even admits the accuracy is only around 50%. To help increase those odds I combined his original work with an ATR(x) to help guesstimate the direction of breakout based on overall trend direction.
Thanks,very interesting..to me it looks like another indication that the start of the rally we have entered in last three days,may lead to a strong break out,gap to the upside after the 2nd of January...