Range Detection — Indicator by HasanRifat

candlestickanalysis chartpatterns trendanalysis range rangetrading rangedmarket sideways sidewayconsolidation sidewayschannel sidewayspattern candlestickpattern breakoutsignal

This is a simple indicator to find the sideways market or ranging market.

It is mainly focused on BTCUSD as BTCUSD doesn’t make big moves each and every candle. It makes big breakouts with one candle and then goes sideways for a longer period of time.

So, this indicator identifies those big candles and plots high and lows of those big candles using lines. New range is created only when new candles close above or below previous major candles high or low.

Release Notes:

1. Range detection is now dynamic.
2. User inputs for the range to start showing.
3. Alerts for Bullish and Bearish breakouts.

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.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

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