OPEN-SOURCE SCRIPT
[TK] Congestion pattern
Draw on your chart the congestion zone.
The exit of the congestion zone is an interesting time for trading.
How is calculated the congestion zone ?
If the candle close in the range of the previous candle : this is a continuation of the congestion zone
if the candle close out of the range of the previous candle : the congestion zone is over
The exit of the congestion zone is an interesting time for trading.
How is calculated the congestion zone ?
If the candle close in the range of the previous candle : this is a continuation of the congestion zone
if the candle close out of the range of the previous candle : the congestion zone is over
Open-source script
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 publication is governed by House rules. You can favorite it to use it on a chart.
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