Hi, I updated the code to be able to use Tim West's TW_UB indicator, which helps a lot with seeing price waves, coloring bars that form new highs green, new lows red and inside and outside bars red. The indicator now only plots range expansion bars, with a triangle shape above or below each bar to make it visually clear. Hope you find this of use. Cheers, Ivan.
this looks really interesting. Have you thought of combining it to show both range and volume expansion, perhaps compared to the same bar previous session for intraday? NinjaTrader has a 'volatility bar' which functions like this, i've yet to find one on TradingView
IvanLabrie
⋅
There's an indicator in Tim West's suite that does this, called RgExp.
The volume gives useful clues...that bar I highlight has lower volume than the previous up move, seems like some kind of shakeout too (the big drop on below average volume to then instantly flip up).
IvanLabrie
⋅
Please try version 3.1:
study("R.E.Signal V3.0", overlay=true)
rangeup = close[1]+tr[1]
rangedown = close[1]-tr[1]
over() => high > rangeup and close > open
under() => low < rangedown and close < open
plotshape(over(), style=shape.triangleup, location=location.belowbar, color=green)
plotshape(under(), style=shape.triangledown, location=location.abovebar, color=red)
I changed it so that it doesn't ignore range expansion bars that are outside bars. With Tim West's TW_UB you get black colored outside and inside bars anyway.
KevinSinghDhaliwal
⋅
Thanks for this!
IvanLabrie
⋅
I find it can help confirm impulse legs for pattern traders as well. The 50% retrace of these bars is a strong s/r level too, and they trigger breakouts from consolidation with very high success rate.