NR4 / NR7 + Inside Bar

Indicator Script for identifying Narrow Range 4 / 7 + Inside Bar

It also helps to check whether NR4 / NR7 breakout trading has been profitable or not in the past in a particular instrument.
It has helped me to select profitable scripts and avoid losing ones. Can be used for anytime frame.

NR4 == Narrowest range of 4 periods + signal day is an inside bar
NR4 & NR7 == Narrowest range of 7 periods + signal day is an inside bar

Prior day was NR4 / NR7 and next day price broke out of prior day range in 1 direction and closed in the direction of breakout away from breakout price, resulting in a profit trade.

Prior day was NR4 / NR7 and next day price broke out of prior day range and returned back to close inside the narrow zone OR went in opposite direction after the initial breakout, resulting in a loss trade.
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 a publication is governed by House Rules. You can favorite it to use it on a chart.

Want to use this script on a chart?


Unable to visible NR4 NR7 in the chart after clicking the add to chart from Pine editor screen, could you please help.
thank you
+14 Reply
syedsufiyan9519 Trade_By_Chart
@Trade_By_Chart, Change the color of your background to black or Vice versa
+4 Reply
+4 Reply
As the maximum reversals are limited, we can apply averaging technique here. It helps
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