An indicator that automatically draws a range and generates signals according to changing market conditions. ( This indicator does not REPAINT )
ALGORITHM OF THE INDICATOR:
> When we examine the price, it generally moves in trend only 30 percent of the time and in consolidation 70 percent of the time. > While the price is consolidating, it creates a range and continues to move within the range until this range is broken, BUT the market conditions are constantly changing and our range levels are expected to change with each new bar. I developed an indicator considering this situation. > When Range Trading, we determine the high and low levels and we can open trades according to the price's reactions at these levels. > However, after we draw a range, market conditions constantly change, and opening a transaction without taking into account the changing market conditions is an obstacle to our success.
IMPLEMENTATION DETAILS WITH EXAMPLE:
** What kind of algorithm do I use to draw a range automatically? For example, let's set the Number of line value to 4 and set our Period to 14. 1- Let our highest 4 values be = 100, 110, 120, 130, the average of these values is 2- (100+110+120+130)/4 = 115, in this case our Range High Value becomes 115. 3- Within the period we have determined (we have currently set 14, but you can change it), the price sees the highest level of 140. 4- In this case, our 4 largest levels = 110 120 130 140 and our average becomes (110 + 120 + 130 + 140) / 4 = 125 and the range high Our level changes automatically and becomes 125. 5- Let's take the example below, where we determine our 4 highs within the 14 bars we set and average them, if our high changes, our range high goes up.
* >> I tried to draw the change with the red arrow
* How does this situation appear on the indicator?
>>> Classic Range Trade and Auto Range Trade <<<
Classical Range Trade:
Auto Range Trade:
SETTINGS PANEL:
Which Signals Are More Important (Example Study)
If you have any ideas what to add to my work to add more sources or make calculations cooler, suggest in DM .
@hourdenau, Sir if u want I can write your ideas with this indicator
hourdenau
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@projeadam, I'm still learning how to write scripts myself. I just want to try to combine your indicator, along with others, for example, "trend strength over time", linear regression analysis, support and resistance levels, volumes, and so on, your approach to the dynamic level and the setting of longs and shorts seemed very interesting to me, so I asked you if you could share the code.
Thanks..