R.E.Signal: Incredibly useful script
I coded this one using Tim West's concept of range expansion bars.
It's a nice addition to switch back and forth when using his UDIO bars from the Key Hidden Levels indicator pack to analyze price action on a bar by bar basis.
The indicator plots a red or green bar signaling strong buying on selling, which almost always implies continuation, or a good chance to fade any retracements after said bars.
Cheers,
Ivan.
It's a nice addition to switch back and forth when using his UDIO bars from the Key Hidden Levels indicator pack to analyze price action on a bar by bar basis.
The indicator plots a red or green bar signaling strong buying on selling, which almost always implies continuation, or a good chance to fade any retracements after said bars.
Cheers,
Ivan.
study("R.E.Signal", overlay=true)
rangeup = close[1]+tr[1]
rangedown = close[1]-tr[1]
over() => high > rangeup and close > open
under() => low < rangedown and close < open
barcolor(over() ? green: under() ? red : na)