OPEN-SOURCE SCRIPT
Expansion Bar Indicator
This indicator shows bars with large bodies (large expansion bars) as a red bar.
They are important in the cd leg of a harmonic pattern, because they signal that extra confirmation is needed and that a failure of the PRZ is more likely.
The definition of this large expansion bar is a bar that has a body that is at least twice as big as the ATR with period 55.
This rule and indicator were originally created by Alexander Nikitin for MT4.
They are important in the cd leg of a harmonic pattern, because they signal that extra confirmation is needed and that a failure of the PRZ is more likely.
The definition of this large expansion bar is a bar that has a body that is at least twice as big as the ATR with period 55.
This rule and indicator were originally created by Alexander Nikitin for MT4.
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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