Range Filter Trend Indicator with Multi-Level Candle Confirmation

Summary

This ProRealTime indicator adapts a range filter and adds trend coloring, candle coloring, and plotted channel levels. It estimates a range from smoothed changes in closing prices, then moves the filter line according to price relative to that range. Upper and lower bands are drawn around the line, with intermediate levels between the line and bands.

Direction is inferred from whether the filter rises or falls. Fast, medium, and long versions of the filtered line are compared with each other and with the close; combinations of these conditions determine bullish, bearish, or neutral candle colors. The code also exposes color values for customization. It provides an indicator construction and visualization method, not a tested trading system: there are no market examples, performance results, entry or exit rules, or risk controls. Some settings and branches are fixed in the supplied code, so the described behavior may not reflect a fully configurable range filter.

Key ideas

• The filter line adjusts when price moves beyond a smoothed range estimate.
• Upper and lower bands, plus intermediate levels, visualize distance from the filter.
• Trend direction and three filter averages feed multi-condition bullish and bearish candle coloring.
• The document gives indicator code but no backtest, trading rules, or evidence of profitability.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.