OPEN-SOURCE SCRIPT
ⅢDual Light-Cone ATR
📝 Indicator Overview
Anchor is used as a reference point, and ATR (volatility) is applied to project the “future permissible price range” in a Light-Cone style.
Two growth modes:
Linear n: Expands proportionally with time (standard ATR projection).
Diffusive √n: Expands with the square root of time (imaging diffusive fluctuations).
Additionally, 0.5c / 1.5c guide lines and inner fill shading can be optionally displayed.
A Z Panel is available (e.g., at the bottom right) to evaluate bias, showing where the price is located within the cone in numerical terms.
⚙️ Main Settings
Anchor (reference point)
Anchor Mode
"Time": Fix the anchor at the specified time.
"Bars Ago": Fix the anchor at n bars ago from the current bar.
Anchor Price
"Close", "Open", "High", "Low", "HL2": Use the selected price as the anchor.
"Manual": Manually input the anchor price.
ATR / Projection
ATR Length / Timeframe: ATR calculation as the cone base.
Projection Horizon (bars): How many bars forward the cone extends.
ATR Multiplier: The cone width (σ equivalent).
Height uses: Use Close-based or half of Wick (High/Low).
Display
Show Linear n cone: Display linear expansion cone.
Show Diffusive √n cone: Display diffusive expansion cone.
Show 0.5c / 1.5c guides: Display additional guide lines.
Line extend: none / right / both.
Style
Colors, widths, and transparency of lines and fills can be customized.
Z Panel
Show Z Panel: ON displays the panel.
Z threshold: ± value used for bias detection.
Panel Position: Position of the panel (Top/Bottom Left/Right).
📊 Chart Interpretation
Anchor label (yellow “Anchor”)
→ The base of the cone. It attaches precisely to the bar/price specified.
Linear n / Diffusive √n cones
→ The expanding regions projected from the anchor.
Upper side (teal/orange) = resistance zone.
Lower side (teal/orange) = support zone.
Guide lines (0.5c / 1.5c)
→ Used to assess risk levels between the inner and outer cone.
Example: Bounce inside 0.5c = strong trend.
Exceeding 1.5c = abnormal volatility.
Shaded fill area
→ Region where price is most likely to remain (σ-like function).
Z Panel
zL: Standardized deviation (Linear n model).
zD: Standardized deviation (Diffusive √n model).
±1 or more → price is near cone edge.
Green = bullish bias, Red = bearish bias.
✅ Trading Use Cases
Setting the Anchor at a key high/low shows the time × volatility spread range projected from that point.
As long as price stays inside the cone = “within expectations”. Breaking outside = “unexpected acceleration”.
When Z Panel values exceed ±1 → strong trend bias or abnormal volatility.
By comparing Linear vs Diffusive, you can evaluate both “trend expansion” and “noise diffusion.”
👉 In summary:
This indicator visualizes the future permissible price range (time × volatility) on the chart, allowing you to measure distance from the anchor statistically.
Do you want me to also rewrite this into a concise version (like a TradingView marketplace script description), or keep it as a full detailed manual-style version?
Anchor is used as a reference point, and ATR (volatility) is applied to project the “future permissible price range” in a Light-Cone style.
Two growth modes:
Linear n: Expands proportionally with time (standard ATR projection).
Diffusive √n: Expands with the square root of time (imaging diffusive fluctuations).
Additionally, 0.5c / 1.5c guide lines and inner fill shading can be optionally displayed.
A Z Panel is available (e.g., at the bottom right) to evaluate bias, showing where the price is located within the cone in numerical terms.
⚙️ Main Settings
Anchor (reference point)
Anchor Mode
"Time": Fix the anchor at the specified time.
"Bars Ago": Fix the anchor at n bars ago from the current bar.
Anchor Price
"Close", "Open", "High", "Low", "HL2": Use the selected price as the anchor.
"Manual": Manually input the anchor price.
ATR / Projection
ATR Length / Timeframe: ATR calculation as the cone base.
Projection Horizon (bars): How many bars forward the cone extends.
ATR Multiplier: The cone width (σ equivalent).
Height uses: Use Close-based or half of Wick (High/Low).
Display
Show Linear n cone: Display linear expansion cone.
Show Diffusive √n cone: Display diffusive expansion cone.
Show 0.5c / 1.5c guides: Display additional guide lines.
Line extend: none / right / both.
Style
Colors, widths, and transparency of lines and fills can be customized.
Z Panel
Show Z Panel: ON displays the panel.
Z threshold: ± value used for bias detection.
Panel Position: Position of the panel (Top/Bottom Left/Right).
📊 Chart Interpretation
Anchor label (yellow “Anchor”)
→ The base of the cone. It attaches precisely to the bar/price specified.
Linear n / Diffusive √n cones
→ The expanding regions projected from the anchor.
Upper side (teal/orange) = resistance zone.
Lower side (teal/orange) = support zone.
Guide lines (0.5c / 1.5c)
→ Used to assess risk levels between the inner and outer cone.
Example: Bounce inside 0.5c = strong trend.
Exceeding 1.5c = abnormal volatility.
Shaded fill area
→ Region where price is most likely to remain (σ-like function).
Z Panel
zL: Standardized deviation (Linear n model).
zD: Standardized deviation (Diffusive √n model).
±1 or more → price is near cone edge.
Green = bullish bias, Red = bearish bias.
✅ Trading Use Cases
Setting the Anchor at a key high/low shows the time × volatility spread range projected from that point.
As long as price stays inside the cone = “within expectations”. Breaking outside = “unexpected acceleration”.
When Z Panel values exceed ±1 → strong trend bias or abnormal volatility.
By comparing Linear vs Diffusive, you can evaluate both “trend expansion” and “noise diffusion.”
👉 In summary:
This indicator visualizes the future permissible price range (time × volatility) on the chart, allowing you to measure distance from the anchor statistically.
Do you want me to also rewrite this into a concise version (like a TradingView marketplace script description), or keep it as a full detailed manual-style version?
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.