Use it in conjunction with the Central Range indicator.
Below is the interpretation of the reading.
CPR Width > 0.5 - Sideways or Trading Range Day,
CPR Width > 0.75 - increases the likelihood of sideways trading behavior,
CPR Width < 0.5 - Trending type of day,
CPR Width < 0.25 - increases the likelihood of a trending market.
The above reading only increases the likely-hood of the possibility and not always right.
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.
Thanks for the indicator.
The issue I found is histogram is being created during each candle creation. So we have to wait for the first couple of bars to identify the width.
Is it possible to plot the histogram for the next day as we already get CPR from todays price? This will help anticipating the move for tomorrow along with tomorrow CPR.