3CRGANG - TRUE RANGE

16 de abr.

This indicator helps traders identify key support and resistance levels using dynamic True Range calculations, while also providing a multi-timeframe trend overview. It plots True Range levels as horizontal lines, marks breakouts with arrows, and displays trend directions across various timeframes in a table, making it easier to align trades with broader market trends.

What It Does
The 3CRGANG - TRUE RANGE indicator calculates dynamic support and resistance levels based on the True Range concept, updating them as price breaks out of the range. It also analyzes trend direction across multiple timeframes (M1 to M) and presents the results in a table, using visual cues to indicate bullish, bearish, or neutral conditions.

Why It’s Useful
This script combines True Range analysis with multi-timeframe trend identification to provide a comprehensive tool for traders. The dynamic True Range levels help identify potential reversal or continuation zones, while the trend table allows traders to confirm the broader market direction before entering trades. This dual approach reduces the need for multiple indicators, streamlining analysis across different timeframes and market conditions.

How It Works
The script operates in the following steps:

• True Range Calculation: The indicator calculates True Range levels (support and resistance) using price data (close, high, low) from a user-selected timeframe. It updates these levels when price breaks above the upper range (bullish breakout) or below the lower range (bearish breakout).
  

Line Plotting: Two styles are available:

• "3CR": Plots one solid line after a breakout (green for bullish, red for bearish) and removes the opposing line.
  
• "RANGE": Plots both upper and lower range lines as dotted lines (green for support, red for resistance) until a breakout occurs, then solidifies the breakout line.
  

Multi-Timeframe Trend Analysis: The script analyzes trend direction on multiple timeframes (M1, M5, M15, M30, H1, H4, D, W, M) by comparing the current close to the True Range levels on each timeframe. A trend is:

Trend Table: A table displays the trend direction for each timeframe, with color-coded backgrounds (green for bullish, red for bearish) and triangles to indicate the trend state.

Breakout Arrows: When price breaks above the upper range, a green ▲ arrow appears below the bar (bullish). When price breaks below the lower range, a red ▼ arrow appears above the bar (bearish).

• Bullish (▲): Price is above the upper range.
  
  
• Bearish (▼): Price is below the lower range.
  
  
• Neutral (△/▽): Price is within the range, with the last trend indicated by an empty triangle (△ for last bullish, ▽ for last bearish).
  

Alerts: Breakout alerts can be set for each timeframe, with options to filter by trading sessions (e.g., New York, London) or enable all-day alerts.



Underlying Concepts
The script uses the True Range concept to define dynamic support and resistance levels, which adjust based on price action to reflect the most relevant price zones. The multi-timeframe trend analysis leverages the same True Range logic to determine trend direction, providing a consistent framework across all timeframes. The combination of breakout signals and trend confirmation helps traders align their strategies with both short-term price movements and longer-term market trends.


Use Case

• Breakout Trading: Use the True Range lines and arrows to identify breakouts. For example, a green ▲ arrow below a bar with price breaking above the upper range suggests a potential long entry.
  
  
• Trend Confirmation: Check the trend table to ensure the breakout aligns with the broader trend. For instance, a bullish breakout on the 1H chart is more reliable if the D and W timeframes also show bullish trends (▲).
  
  
• Range Trading: When price is within the True Range (dotted lines in "RANGE" style), consider range-bound strategies, buying near support and selling near resistance, while monitoring the table for potential trend shifts.
  

Settings

• Input Timeframe: Select the timeframe for True Range calculations (default: chart timeframe).
  
  
• True Range Style: Choose between "3CR" (single line after breakout) or "RANGE" (both lines until breakout) (default: 3CR).
  
  
• Change Symbol: Compare a different ticker if needed (default: chart symbol).
  
  
• Color Theme: Select "LIGHT THEME" or "DARK THEME" for colors, or enable custom colors (default: LIGHT THEME).
  
  
• Table Position: Set the trend table’s position (center, right, left) (default: right).
  
  
• Multi Res Alerts Setup: Enable/disable breakout alerts for each timeframe (default: enabled for most timeframes).
  
  
• Sessions Alerts: Filter alerts by trading sessions (e.g., New York, London) or enable all-day alerts (default: most sessions enabled).
  

Chart Notes
The chart displays the script’s output on XAUUSD (1H timeframe), showing:

• Candlesticks representing price action.
  
  
• True Range lines (green for support, red for resistance) in "3CR" style, with solid lines after breakouts and dotted lines during range-bound periods.
  
  
• Arrows (green ▲ below bars for bullish breakouts, red ▼ above bars for bearish breakouts) indicating range breakouts.
  
  
• A trend table in the top-right corner labeled "TREND EA," showing trend directions across timeframes (M1 to M) with triangles (▲/▼ for active trends, △/▽ for last trend) and color-coded backgrounds (green for bullish, red for bearish).
  

Notes

• The script uses the chart’s ticker by default but allows comparison with another symbol if enabled.
  
  
• Trend data for higher timeframes (e.g., M) may not display if the chart’s history is insufficient.
  
  
• Alerts are triggered only during selected trading sessions unless "ALL DAY ALERTS" is enabled.
  

Disclaimer
This indicator is a tool for analyzing market trends and does not guarantee trading success. Trading involves risk, and past performance is not indicative of future results. Always use proper risk management.

há 7 dias

Notas de Lançamento

New Inputs:

• Added "TREND TECHNICALS SETTINGS" group with inputs for TRUE RANGE STYLE, TREND TECHNICALS MODE (SCALPER, SWING TRADER, SPECULATOR, INVESTOR), and TECHNICALS MOMENTUM-PERIOD.
  
  
• Added "VISIBILITY FILTERS" group to toggle visibility of ENGULFING CANDLES, CONSECUTIVE, MOTHER BAR, CONSOLIDATION, RANGE, and 3CR patterns.
  
  
• Added "TABLE CONFIGURATION" group with options for HIDE ALL TABLES, DASHBOARD TEMPLATE (DESKTOP, TABLET, MOBILE), TABLE POSITION (RIGHT, LEFT), and Offset Table Position (Y Axis).
  
  
• Added "ENABLE BREAKOUT ALERTS" group to enable/disable alerts for ENGULFING, CONSECUTIVE, MOTHER-BAR, CONSOLIDATION, RANGE, and 3CR breakouts.
  
  
• Added "DND SETTINGS" group with Do Not Disturb (DND) mode, TIMEZONE selection, start/end times, and WEEKEND ALERTS toggle.
  
  
• Added "SESSIONS ALERTS FILTER" group to enable/disable alerts for NYSE, LSE, FSE, SSX, TSE, and HKSE with holiday considerations.
  

Improvements:

• Enhanced True Range logic with MTF (Multi-Timeframe) calculations using a new f_TrueRangeLiveData function.
  
  
• Added heatmap table for trend analysis with dynamic positioning of the "white cell" based on bullish/bearish strength, adjustable by device template.
  
  
• Improved color theming with customizable bullish/bearish colors, transitioning from yellow (balanced) to green (bullish) or red (bearish) based on trend percentages.
  
  
• Added trend identification with full/empty triangles and recent arrows display, configurable by technical mode.
  

Bug Fixes:

• Resolved potential runtime errors by adding bar count checks for each technical mode to ensure sufficient data.
  

Notes:

• Ensure sufficient bars are available based on the selected technical mode (SCALPER, SWING TRADER, SPECULATOR, INVESTOR) to avoid runtime errors.
  
  
• DND mode and session alerts consider user timezone and holidays for accurate scheduling.
  

há 3 dias

Notas de Lançamento

Changes Made:

• Default Holiday Handling: Added fallback behavior for cases where holiday data is unavailable.
  

há 3 dias

Notas de Lançamento

BUG FIX: Fixed fallback behavior for cases where holiday data is unavailable (WORKS).