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
Relative volume against a 20-bar average flags high and low volume, bar range and close position describe the candle, and a lookback range under a maximum percentage marks consolidation. Ichimoku uses 9, 26 and 52 bar settings, with cloud position, Tenkan and Kijun cross and Chikou checks. Labels, a dashboard and the zone highlight can be toggled. It places no orders.
The inputs you can change from the gear icon on the chart. Defaults are the author's.
Setting
Type
Default
Variable
Volume MA Length
int
20
vol_len
High Volume Threshold (x)
float
2.0
hi_vol_mult
Low Volume Threshold (x)
float
0.5
lo_vol_mult
Consolidation Lookback Bars
int
15
consol_len
Max Consolidation Range %
float
8.0
consol_pct
Tenkan-sen Length
int
9
tk_len
Kijun-sen Length
int
26
kj_len
Senkou B Length
int
52
sb_len
Cloud Displacement
int
26
disp
Show Signal Labels
bool
true
show_labels
Show Dashboard
bool
true
show_dash
Highlight Consolidation Zone
bool
true
show_bg
Show all 13 settings
Setting
Type
Default
Variable
Show Ichimoku Lines
bool
true
show_ichi
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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