Indicators: Range

Range Indicator for ProRealTime

Automatically detect and display Trading Ranges on your charts

A Range is a phase during which price moves sideways between a support zone and a resistance zone. Successive contacts with these two zones define the channel in which price is moving.

This sideways consolidation phase may continue within the range or end with a breakout above resistance or below support.

In trading, several setups can be considered within a range. A bounce off support can be traded to the upside, targeting a move back towards resistance, while a rejection at resistance can be traded to the downside, targeting a move back towards support.

In the event of a range breakout, the theoretical target corresponds to projecting the height of the range from the broken boundary: above resistance for an upside breakout, or below support for a downside breakout.

Description

The Range Indicator analyzes the last 150 candlesticks on the chart to detect a potential range based on the criteria defined by the user.

When a range is detected, its upper and lower boundaries, as well as the corresponding range zone, are displayed directly on the chart.

Many parameters allow you to adapt the display to your own criteria. All settings can be adjusted directly from the indicator's “Configuration” menu in ProRealTime, without modifying the code.

To search the market for stocks evolving in a trading range, use our Range Screener.

Adjustable validation criteria:

• Minimum Range height
• Minimum Range length
• Maximum allowed range excursion

Available filters:

• Current price within the Range
• Breakout above the Range
• Breakout below the Range
• Minimum 2 upper contacts and 2 lower contacts, alternating

Display options:

• Range support and resistance lines
• Rectangle highlighting the Range zone
• Support and resistance colors
• Rectangle color and transparency
• Display of bullish and bearish targets

Video presentation:

Details of available settings:

Download guide

Characteristics

• Works on all TimeFrames (4H and above recommended)
• ProRealTime V11 and later versions compatible
• Free ProRealTime (daily closings) compatible
• Settings can be adjusted without modifying the code
• Automatic and free updates for life

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Disclaimer

Our proposed tools (indicators and screeners) are not investment advices but tools allowing everyone to find specific graphic configurations. The automated trading systems offered have been developed and optimised using historical data; however, past performance is no guarantee of future results. Investing in the financial markets involves risks up to and including the total loss of capital. The user of the proposed tools understands and accepts that the use of these tools is under his sole and entire responsibility. P2C Trading declines all responsibility in the use of the tools and the consequences that would result.