REAL RANGE

The idea is to create a range when a doji, pinbar or candle forms with more than 50% shadow in relation to its body. This range will be formed through the maximum and minimum of the "candle generator", there will be a horizontal line.Examples

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Regarding expansion:

The range will be expanded every time there is a false breakout (shadows above/below  the range). Then the new high/low of the initial range will be expanded for these false  breakouts. Examples:

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Another way to expand is if a candle closes above/below the range but that candle has less than 30% of its body outside the range. (in this case the body of the candle must be calculated as - Bullish Candle = minimum at closing / Bearish Candle = maximum at closing, that is, we do not consider the shadow opposing the movement). Same calculation method as we did for that indicator

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About breaking the range:

The range will be broken when there is a candle closing above/below its lines with 30% or more of its body (body calculation is the same as described above). Once broken with this candle, the range disappears and the next one will only appear if there is a new configuration for it, that is, there will always be a single range on the chart.

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It is essential that when breaking the range with a candle closing above/below with 30% or more of its body the range disappears "validating the break". A small signal appears on the broken candle

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But after the formation of a new range this signal disappears

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This 50% is in relation to maximum to minimum, different from other calculations, but in this case the candle as a whole is considered. If this candle has shadows greater than 50% of its total size, the range is formed (doji, pinbar and any other candle that enters this configuration)

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Then the breakout criterion would be a candle closing with more than 30% of its body above/below the range and with its excess shadow less than 20% of the total size, other than that it doesn't break.. it continues expanding in the same way that a false breakout expands