Market Structure Ranges
I have written a script for determining the BIAS.
It uses fractals of 3 for the highs and lows.
It works as follows:
If a range high is broken (!!!candelclose!!!), the last fractal low is selected as the new low point. The Rangelow is determined from this low point.
If a fractal high now occurs, the range high is set at this point.
This Range between the low range and high range is called "Dealing range" , this is divided at the centre - into premium and discount.
The range stays the same, until we see a body close outside this range!
The same applies to a short scenario, only in reverse.
In the indicator, the higher timeframe is selected, which determines the input for the dealing range. Then the dealing range from the higher timeframe is displayed in each timeframe that we want to use for our trades.
The indicator should be used to trade with the trend: for example, the last higher timeframe break is bullish (displayed in the table) -- called kMS
and on the other hand that we only want to take tades that are in the lower part of the range, i.e. in the discount area for buy trades.
This indicator therefore serves as a filter for the higher timeframe trend and higher timeframe premium/discount ranges.
It uses fractals of 3 for the highs and lows.
It works as follows:
If a range high is broken (!!!candelclose!!!), the last fractal low is selected as the new low point. The Rangelow is determined from this low point.
If a fractal high now occurs, the range high is set at this point.
This Range between the low range and high range is called "Dealing range" , this is divided at the centre - into premium and discount.
The range stays the same, until we see a body close outside this range!
The same applies to a short scenario, only in reverse.
In the indicator, the higher timeframe is selected, which determines the input for the dealing range. Then the dealing range from the higher timeframe is displayed in each timeframe that we want to use for our trades.
The indicator should be used to trade with the trend: for example, the last higher timeframe break is bullish (displayed in the table) -- called kMS
and on the other hand that we only want to take tades that are in the lower part of the range, i.e. in the discount area for buy trades.
This indicator therefore serves as a filter for the higher timeframe trend and higher timeframe premium/discount ranges.