HRanges

Author’s indicator developed for the reversal strategy.

Indicator on the chart:


To add and configure this indicator, open the IndicatorsSetup window.

Colors.

Break Dn Color –color setup for range line during breakdowns.

Break Up Color –color setup for range line during breakups.

Flat Color –color setup for a flat line.

Maximum Volume Color –color setup for maximum volume line.

Other.

Volume Filter –manual setup of volume filter for the line, which displays the maximum volume level for each range. Optionally, you can choose this parameter manually, depending on the instrument’s liquidity. Value 0 turns off this filter.

Width – Width of the indicator lines.

HRanges building algorithm

Range begins to build from the first bar of each session and expands until two sequential bars are built beyond the limits of the local minimum or maximum of the range. Afterwards, the current range is fixed, and a new one is built.

In the building process, the current range is by default painted gray. After being fixed (when a break occurs), range changes its color to red or green, depending on the break direction.