I have seen an idea similar to Joe ross measure bar, which is very powerful to identify market phase. Let me explain:
First i need to look back 10 bars back, define the range of each bar is high-low of each bar, then take 10 day average of this. Then i determine if the range of 10th bar back is 1.8(or any number) times that average range. If so, that 10th bar back is the measure bar and i need to mark it on the chart.
Next i wanna define range two as high[10]-low[10], which is the measure bar range. This is the moment i start to hunt for congestion.
Next i will check the 9th bar. This bar has to be included in the measure bar range, the highs and lows must be included, not only the body. Meanwhile, the range of this 9th bar needs to be higher than 50% the measure bar range.
Then I check the 8th bar back, the 7th bar back...... the 2nd bar back, the 1st bar back. ALL of them have to be inside the Measuring Bar and meet the above criterion. If this criterion met, then i wanna plot a number counting below each bar. If any of the bar in the range doesn't meet the criterion, which also means that bar breaks the measure bar range, then stop counting.
For instance, let say i find a measure bar, then the following 3 bars met criterion, then script should have marked an arrow below the measure bar and counted 1,2,3 for the following 3 bar, then the 4th bar breaks the range. Stop counting now and this means a potential start of trend.
Anyone can help with the script?
First i need to look back 10 bars back, define the range of each bar is high-low of each bar, then take 10 day average of this. Then i determine if the range of 10th bar back is 1.8(or any number) times that average range. If so, that 10th bar back is the measure bar and i need to mark it on the chart.
Next i wanna define range two as high[10]-low[10], which is the measure bar range. This is the moment i start to hunt for congestion.
Next i will check the 9th bar. This bar has to be included in the measure bar range, the highs and lows must be included, not only the body. Meanwhile, the range of this 9th bar needs to be higher than 50% the measure bar range.
Then I check the 8th bar back, the 7th bar back...... the 2nd bar back, the 1st bar back. ALL of them have to be inside the Measuring Bar and meet the above criterion. If this criterion met, then i wanna plot a number counting below each bar. If any of the bar in the range doesn't meet the criterion, which also means that bar breaks the measure bar range, then stop counting.
For instance, let say i find a measure bar, then the following 3 bars met criterion, then script should have marked an arrow below the measure bar and counted 1,2,3 for the following 3 bar, then the 4th bar breaks the range. Stop counting now and this means a potential start of trend.
Anyone can help with the script?
