Candle Range Breakout

[johnwood34]

So...I'm currently backtesting candle range theory. Let's say my current candle range is a bullish candle. I mark the high and low of it. If that range is broken buy another bullish candle, I have to move my lines up to frame the high and low it. (My new range) If it had been broken by a bearish candle, I'd then have moved my lines down to frame that candle. Well...I'm monitoring five time frames, so constantly having to move my lines on each chart can be a tedious task. It's not as often on the high timeframes but on the lower ones, while price action is moving much quicker, this can be daunting. Is there an indicator available that would automatically map those lines out for me? Not a previous candle high and low. One that only maps out those tops and bottoms of the candle that closes out side of that range, creating a new one? Ive included a pic for reference. Candle underlined is the current range. Thanks in advance...

 

[halcyonguy]

So...I'm currently backtesting candle range theory. Let's say my current candle range is a bullish candle. I mark the high and low of it. If that range is broken buy another bullish candle, I have to move my lines up to frame the high and low it. (My new range) If it had been broken by a bearish candle, I'd then have moved my lines down to frame that candle. Well...I'm monitoring five time frames, so constantly having to move my lines on each chart can be a tedious task. It's not as often on the high timeframes but on the lower ones, while price action is moving much quicker, this can be daunting. Is there an indicator available that would automatically map those lines out for me? Not a previous candle high and low. One that only maps out those tops and bottoms of the candle that closes out side of that range, creating a new one? Ive included a pic for reference. Candle underlined is the current range. Thanks in advance...

here is something to experiment with
it might be what you want
if a green candle closes above the previous high line, then a new range is started.
if a red candle closes below the previous low line, then a new range is started.

# candle_range_breakout

#https://usethinkscript.com/threads/looking-for-an-indicator.20817/
#Looking for an indicator

#if candle is bullish,
#mark the high and low of it.
#..If that range is broken by another bullish candle, (close)
#...move my lines up to frame the high and low it.
#If it had been broken by a bearish candle, move lines down to frame that candle.

def na = Double.NaN;
def bn = BarNumber();
def big = 99999;

def o = open;
def h = high;
def l = low;
def c = close;

def grn = c > o;
def red = c < o;

def hi;
def lo;
if bn == 1 or isnan(close) then {
   hi = 0;
   lo = 0;
} else if grn and c > hi[1] then {
   hi = h;
   lo = l;
} else if red and c < lo[1] then {
   hi = h;
   lo = l;
} else {
   hi = hi[1];
   lo = lo[1];
}


plot z1 = if hi > 0 then hi else na;
plot z2 = if lo > 0 then lo else na;
z1.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
z2.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
z1.SetDefaultColor(Color.magenta);
z2.SetDefaultColor(Color.magenta);
#

 

[johnwood34]

here is something to experiment with
it might be what you want
if a green candle closes above the previous high line, then a new range is started.
if a red candle closes below the previous low line, then a new range is started.

# candle_range_breakout

#https://usethinkscript.com/threads/looking-for-an-indicator.20817/
#Looking for an indicator

#if candle is bullish,
#mark the high and low of it.
#..If that range is broken by another bullish candle, (close)
#...move my lines up to frame the high and low it.
#If it had been broken by a bearish candle, move lines down to frame that candle.

def na = Double.NaN;
def bn = BarNumber();
def big = 99999;

def o = open;
def h = high;
def l = low;
def c = close;

def grn = c > o;
def red = c < o;

def hi;
def lo;
if bn == 1 or isnan(close) then {
   hi = 0;
   lo = 0;
} else if grn and c > hi[1] then {
   hi = h;
   lo = l;
} else if red and c < lo[1] then {
   hi = h;
   lo = l;
} else {
   hi = hi[1];
   lo = lo[1];
}


plot z1 = if hi > 0 then hi else na;
plot z2 = if lo > 0 then lo else na;
z1.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
z2.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
z1.SetDefaultColor(Color.magenta);
z2.SetDefaultColor(Color.magenta);
#

I can work with that! Thank you so much!!!

 

[johnwood34]

here is something to experiment with
it might be what you want
if a green candle closes above the previous high line, then a new range is started.
if a red candle closes below the previous low line, then a new range is started.

# candle_range_breakout

#https://usethinkscript.com/threads/looking-for-an-indicator.20817/
#Looking for an indicator

#if candle is bullish,
#mark the high and low of it.
#..If that range is broken by another bullish candle, (close)
#...move my lines up to frame the high and low it.
#If it had been broken by a bearish candle, move lines down to frame that candle.

def na = Double.NaN;
def bn = BarNumber();
def big = 99999;

def o = open;
def h = high;
def l = low;
def c = close;

def grn = c > o;
def red = c < o;

def hi;
def lo;
if bn == 1 or isnan(close) then {
   hi = 0;
   lo = 0;
} else if grn and c > hi[1] then {
   hi = h;
   lo = l;
} else if red and c < lo[1] then {
   hi = h;
   lo = l;
} else {
   hi = hi[1];
   lo = lo[1];
}


plot z1 = if hi > 0 then hi else na;
plot z2 = if lo > 0 then lo else na;
z1.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
z2.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
z1.SetDefaultColor(Color.magenta);
z2.SetDefaultColor(Color.magenta);
#

Hey! Just wanna thank you again for the script and quick response!! I ABSOLUTELY LOVE IT!!