Consolidation Extension for Contraction and Expansion Indicator
What is this indicator?
This indicator is an extension of the contraction and expansion plotter indicator. It uses consolidation levels and extends the consolidations until the lines are breached. Originally this script was in the Contraction and Expansion plotter but it was placed here because of memory limits in PineScript due to the loops that are used in this indicator.
How to use?
This indicator is pretty simple to use. On the inputs sections you can determine the loop step amount.
A loop step amount of 2 is recommended because it isn't as laggy and glitchy as the first part which can cause study errors on certain timeframes like the 1 hourly timeframe. The problem of the second loop step amount is that it isn't as accurate at loop step amount of 1.
It isnt recommended to change the loopback period or the minimum consolidation length inputs because the script has been optimized for these specific inputs.
Features
This indicator is an extension of the contraction and expansion plotter indicator. It uses consolidation levels and extends the consolidations until the lines are breached. Originally this script was in the Contraction and Expansion plotter but it was placed here because of memory limits in PineScript due to the loops that are used in this indicator.
How to use?
This indicator is pretty simple to use. On the inputs sections you can determine the loop step amount.
A loop step amount of 2 is recommended because it isn't as laggy and glitchy as the first part which can cause study errors on certain timeframes like the 1 hourly timeframe. The problem of the second loop step amount is that it isn't as accurate at loop step amount of 1.
It isnt recommended to change the loopback period or the minimum consolidation length inputs because the script has been optimized for these specific inputs.
Features
- Consolidation Extensions based on breaches
- Change consolidation top and bottom line color
- Change Consolidation Line Style
- Change Consolidation line width
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