A Chart Indicator for Detecting Price Ranges and Their Levels
Summary
This document describes a chart indicator that identifies the nearest price levels bounding a range. Users set a desired range size, expressed either in points or as a percentage. The indicator scans the chart over an observation interval and stops when the difference between the maximum and minimum prices falls within the selected boundaries, then displays the range’s price levels.
The description explains the indicator’s basic configuration and detection sequence, but does not specify the observation interval, how the bounds are selected when several qualify, or how the displayed levels should inform entries, exits, or risk controls. It presents no historical testing, performance data, or comparison with other range-detection methods. The indicator therefore offers a visual aid for locating bounded price movement; its usefulness as a trading signal would need separate validation.
Key ideas
- Users define the target range size in points or percentages.
- The indicator scans prices over an observation interval for a maximum-to-minimum difference inside the chosen bounds.
- When a qualifying range is found, the indicator displays its price levels on the chart.
- The description gives no trading rules or evidence that the displayed ranges predict future price behavior.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.