Price Range Accumulation-Distribution [MarktQuant]

The Price Range Accumulation-Distribution (PRAD) indicator is a TradingView overlay tool designed to help traders identify potential accumulation (buy) and distribution (sell) zones based on price deviation from a mean value. It visually enhances price action analysis with color-coded zones and bars.

Core Functionality
PRAD calculates a central mean price using a smoothed average of OHLC data over a customizable period. It then creates a series of price levels above and below this mean, forming bullish (overbought) and bearish (oversold) zones. These zones help traders spot where price might be overstretched, signaling potential reversals or continuation.

Visual Features
Price Levels: Multiple lines are plotted above and below the mean, with colors transitioning from green (bearish zones) to red (bullish zones), indicating increasing distance from the mean.
Bar Coloring: Bars turn green in oversold zones and red in overbought zones, with the option to toggle this feature on or off.
Plots: The mean and surrounding levels can be shown or hidden, providing a clean or detailed view as needed.

Use Case
This indicator is perfect for traders aiming to time entries and exits based on price extremes. It highlights when an asset might be undervalued (accumulation) or overvalued (distribution), aiding in trend or mean-reversion strategies.


Customization
Mean Length: Adjusts the period for the mean calculation.
Multiplier: Scales the distance of zones from the mean.
Display Options: Toggle bar colors and plot visibility.

🔔Alerts
PRAD includes built-in alerts:
Buy Alert: Triggered when price crosses into the oversold zone.
Sell Alert: Triggered when price enters the overbought zone.

This tool offers a straightforward yet effective way to visualize price behavior relative to key levels, with flexible settings for tailored trading insights.