A developing range closes when its high-low span reaches the chosen point size and volume is at least a set multiple of its recent average. A box shows the forming range, a triangle marks the direction when it completes, and unusually heavy-volume candles can be highlighted. An info table is optional. Settings control range size, volume filter, lookback and colours. It builds boxes on top of normal candles rather than replacing them.
The inputs you can change from the gear icon on the chart. Defaults are the author's.
Setting
Type
Default
Variable
Range Size (Points)
float
10
rangeSize
Volume Confirm (x Avg)
float
1.0
volumeFilter
Volume Lookback
int
20
volLookback
Bull Range
color
color.new(color.green, 30)
bullColor
Bear Range
color
color.new(color.red, 30)
bearColor
Developing Range
color
color.new(color.gray, 50)
neutralColor
High Volume Candle
color
color.yellow
highVolColor
Show Range Boxes
bool
true
showBoxes
Show Breakout Signals
bool
true
showSignals
Highlight High Volume Candles
bool
true
showVolumeHighlight
Show Info Table
bool
true
showTable
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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