Narrow Range (NR) Indicator

Narrow Range ( NR ) trading strategy is a breakout-based method that assumes that the price of security trends up or down after a brief consolidation in a narrow range. This indicator can plot:

1. Narrow Range ( NR ) 4, 7, and 21
2. Narrow Range ( NR ) 4, 7, and 21 + Inside Bars ( IB )

NR 4/ NR 7/ NR 21 day acts as a confirming factor on where the price will move further. Breakout of NR 4/ NR 7/ NR 21 candle with high volumes indicates bullishness, while the breakdown candle indicates bearishness.

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.