This indicator displays low, middle, and high price zones based on the lowest and highest prices over a specified period, using color-coding. This helps users visually identify the current price's position within these zones.
The effectiveness of chart patterns varies depending on where they appear within these price zones. For example, a double bottom pattern, which signals a potential market bottom, is a strong buy signal if it forms in the low zone, but it has less reliability if it forms in the middle or high zones.
Similarly, price action signals vary in significance based on their location. If a long upper wick pin bar appears in the high zone, it is often interpreted as a sign of reversal.
By combining this Price Range indicator with indicators that display chart patterns or price action signals, traders can make more informed trading decisions.
By default, the middle zone is set to cover 50% of the range, but this can be adjusted.
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.