Range Zones M30
- Indicateurs
- Version: 1.0
- Activations: 20
Range Zones M30 draws zones on your chart where price was pushed back hard on the 30-minute timeframe. It works on any symbol and any chart timeframe, and reads only the prices your terminal already has. It does not use any server, does not send anything out, and does not open or change orders.
What It Shows
A resistance zone above the market and a support zone below it, as filled rectangles that start at the open of the swing candle that formed them and run to the right. At any moment there is at most one live zone on each side. When a newer zone of the same side is confirmed, the older one stops at that moment; when a one-minute candle closes beyond a zone, that zone stops as well. The newest finished zones stay on the chart as outlines, so you can see where price reacted before and what happened afterwards; the live zones are filled.
How A Zone Is Built
The indicator looks for a swing on M30 in the sense of the classic fractal: a candle whose high is above the highs of the two candles after it and of the two candles before it (for support, the same with lows). If several candles share the same extreme, an equal high is allowed among the candles to the left, up to four candles back, provided that none of the candles in between is higher and the two candles before the shared level are lower. A swing is confirmed ninety minutes after its candle opens, when both following candles are finished. The zone is the part of the candle's shadow that sits next to the extreme (60 percent of it by default): for resistance from a point inside the upper shadow up to the high, for support from the low up to a point inside the lower shadow. A zone thinner than the minimum height is widened to it, starting from the extreme.
Reading The Chart
Resistance zones are red, support zones are green; a zone that has ended is drawn as a darker outline. The zone starts at the candle open, not at the confirmation time, so the rectangle shows the candle that formed it. A zone that is still live reaches the current bar. By default only the newest eight zones of each side are drawn, so the chart stays readable. A short text in the corner of the chart says how many zones are drawn out of all that were found. The colours, the fill, the number of zones and the history depth are inputs. Apart from that text the indicator draws only rectangles, with the prefix RZ30_ in their names, and removes them when you take it off the chart.
Input Parameters
HistoryBars - how many M30 candles back are scanned (500 by default, about ten trading days). ZonePercent - the part of the shadow covered by the zone, in percent (60 by default). MinHeight and HeightUnit - the minimum zone height (15 by default) and its unit (points, tick size or pips); HideThin - hide thinner zones instead of widening them. MaxZones - how many of the newest zones of each side are drawn (8 by default, 0 draws all of them). OutlineClosed - draw ended zones as outlines (on by default). PlateauMax - how many candles back an equal extreme may lie when several candles share a level (4 by default, 0 gives the strict five-candle swing). ColorRes and ColorSup - the live zones, ColorResOld and ColorSupOld - the ended zones, FillZones - fill of the live zones.
History And Data
The indicator needs M30 and M1 history of the symbol. While the history is loading the chart shows a short message; when more history arrives the zones are rebuilt. On a new M30 candle everything is recalculated; between candles only the live zones are updated, once per finished minute.
Code Check
To check the released build, we ran an independent implementation of the same rules in Python against the same terminal data: 12 charts, 12 symbols with two, three, four and five decimal places, chart timeframes from M1 to W1, and the last 500 M30 candles of each. With the zone limit switched off, all 1569 zones of the scanned history matched in kind, start time and both prices. With the default limit of eight zones per side, the 190 zones compared all matched, 192 of 192 rectangles on the charts had the expected fill and colour, and no chart showed more than one live zone per side. The terminal journal showed no errors from the indicator.
What This Product Is Not
It is not a trading signal service, it does not predict the market and it does not promise any result. A zone only describes where price got rejected before; whether that matters again is for you to decide.
Notes
No trading functions, no network access, no files. Screenshots in this listing show the indicator on a demo symbol.
Support
Questions and bug reports through the product page comments. Please attach the symbol, the chart timeframe and the broker server time of the problem.
