Narrow Range Timeframe
This indicator utilizes the Narrow Range 7 concept. This concept says that if the seventh candle is the one with the smallest range, that is, the smallest difference between maximum and minimum of all 7 candles. The indicator marks this candle with two markers and waits for a breakout to happens in the next 6 candles.
It's called "timeframe" because if in the next 6 candles the breakout not happens, it will remove all marks on candle. If it exceeds 7 times the timeframe, it also will remove the marks. Let's say a trading session is 9 hours and third candle on H1 timeframe, it is waiting a breakout. But, in that session there was no breakout. In the next trading session, the previous marked candle will be unmarked because the breakout didn't happen.
This indicator shares some index information:
- 0, value marked on graph or zero
- 1, color index
- 2, lower value marked during waiting
- 3, candle ponctuaction (to count sequential NR7)
- 4, highest high on 6 previous candles
- 5, lowest low on 6 previous candles
- 6, how many active marks waiting a breakout
I invite you to know our other product: Weis Wave!