Looks for a large, strong-bodied candle, measured against ATR with a body-to-range filter and a largest-in-lookback check, and treats it as an impulse.
1Copy the scriptPress Copy script above. It reads the file straight from GitHub.
2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.
Source Code
The code stays on GitHub. The author has not published this script under an open licence, so ForexR does not show its code. Copy script reads the file straight from GitHub into your clipboard, so you can still try it on your own chart. Ask the author before reusing the code anywhere else.
Overview
Impulse 4H Range Levels then draws a ladder of range-extension levels from that candle's low and range width, with optional price labels. Settings cover ATR length, impulse multiple, minimum body ratio, lookback, cooldown between impulses and how many ladders stay on screen. The author labels it an untested, exploratory idea. Draws on the price chart.
The inputs you can change from the gear icon on the chart. Defaults are the author's.
Setting
Type
Default
Variable
ATR length
int
14
atrLen
Impulse threshold (x ATR, floor)
float
1.5
impulseMult
Min body/range ratio
float
0.6
minBodyRatio
Lookback for 'largest impulse' selection
int
20
rangeLookback
Min bars between impulses
int
20
cooldownBars
Max impulse ladders kept on screen
int
3
maxImpulses
Show level price labels
bool
true
showLabels
Level label size
string
Small
labelSizeSel
Bullish impulse marker
color
color.lime
upColor
Bearish impulse marker
color
color.red
downColor
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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