Range Oscillator Conversion for Thinkorswim

[chewie76]

Range Oscillator (Zeiierman) is a dynamic market oscillator designed to visualize how far the price is trading relative to its equilibrium range.

This is a conversion where I added a histogram to indicate the candle's strength or weakness. Over or under 200, are extreme levels.

Instead of relying on traditional overbought/oversold thresholds, it uses adaptive range detection and heatmap coloring to reveal where price is trading within a volatility-adjusted band.

The oscillator maps market movement as a heat zone, highlighting when the price approaches the upper or lower range boundaries and signaling potential breakout or mean-reversion conditions.

Highlights

• Adaptive range detection based on ATR and weighted price movement.
• Heatmap-driven coloring that visualizes volatility pressure and directional bias.
• Clear transition zones for detecting trend shifts and equilibrium points.

█ How It Works

Range Detection
The indicator identifies a dynamic price range using two main parameters:

• Minimum Range Length: The number of bars required to confirm that a valid range exists.
• Range Width Multiplier: Expands or contracts the detected range proportionally to the ATR (Average True Range).

This approach ensures that the oscillator automatically adapts to both trending and ranging markets without manual recalibration.

Weighted Mean Calculation
Instead of a simple moving average, the script calculates a weighted equilibrium mean based on the size of consecutive candle movements:

• Larger price changes are given greater weight, emphasizing recent volatility.

The Range Oscillator source code can be found here. https://www.tradingview.com/script/mlL8CpJq-Range-Oscillator-Zeiierman/

# Range Oscillator (Zeiierman) - ThinkScript Conversion
# Assembled by Chewie
declare lower;

#---- Inputs ----#
input length = 50;
input mult = 2.0;
input atrLength = 200;
input fillOpacity = 60;          # 0–100 visual strength of shaded fill
input backgroundIsDark = yes;    # set to 'no' for white/light chart backgrounds

# Base RGB color settings
input strongBull_R = 0;
input strongBull_G = 180;
input strongBull_B = 0;

input strongBear_R = 180;
input strongBear_G = 0;
input strongBear_B = 0;

input weakBull_R = 0;
input weakBull_G = 128;
input weakBull_B = 0;

input weakBear_R = 128;
input weakBear_G = 0;
input weakBear_B = 0;

input transition_R = 0;
input transition_G = 0;
input transition_B = 255;

#---- Core Calculations ----#
def ATR = MovingAverage(AverageType.WILDERS, TrueRange(high, close, low), atrLength);
def rangeATR = ATR * mult;

# Weighted moving average using GetValue()
def sumWeightedClose = fold idx1 = 0 to length - 1
    with acc = 0
    do acc + (AbsValue(GetValue(close, idx1) - GetValue(close, idx1 + 1)) / GetValue(close, idx1 + 1)) * GetValue(close, idx1);

def sumWeights = fold idx2 = 0 to length - 1
    with acc2 = 0
    do acc2 + AbsValue(GetValue(close, idx2) - GetValue(close, idx2 + 1)) / GetValue(close, idx2 + 1);

def ma = if sumWeights != 0 then sumWeightedClose / sumWeights else Double.NaN;

# Max distance over the lookback
def maxDist = fold idx3 = 0 to length - 1
    with m = 0
    do Max(m, AbsValue(GetValue(close, idx3) - ma));

def inRange = maxDist <= rangeATR;

# Trend direction
def trendDir = if close > ma then 1 else if close < ma then -1 else trendDir[1];

# Oscillator
def osc1 = if rangeATR != 0 then 100 * (close - ma) / rangeATR else Double.NaN;

def breakUp = close > ma + rangeATR;
def breakDn = close < ma - rangeATR;

#---- Simulated Opacity Blend ----#
def w = Max(0, Min(1, fillOpacity / 100));
def bgR = if backgroundIsDark then 0 else 255;
def bgG = if backgroundIsDark then 0 else 255;
def bgB = if backgroundIsDark then 0 else 255;

def bullFillR = Round(strongBull_R * w + bgR * (1 - w), 0);
def bullFillG = Round(strongBull_G * w + bgG * (1 - w), 0);
def bullFillB = Round(strongBull_B * w + bgB * (1 - w), 0);

def bearFillR = Round(strongBear_R * w + bgR * (1 - w), 0);
def bearFillG = Round(strongBear_G * w + bgG * (1 - w), 0);
def bearFillB = Round(strongBear_B * w + bgB * (1 - w), 0);

#---- Plot and Color Logic ----#
plot Osc = osc1;
Osc.SetLineWeight(2);
Osc.AssignValueColor(
    if breakUp then CreateColor(strongBull_R, strongBull_G, strongBull_B)
    else if breakDn then CreateColor(strongBear_R, strongBear_G, strongBear_B)
    else if trendDir > 0 then CreateColor(weakBull_R, weakBull_G, weakBull_B)
    else if trendDir < 0 then CreateColor(weakBear_R, weakBear_G, weakBear_B)
    else CreateColor(transition_R, transition_G, transition_B)
);

plot OSC2 = osc1;
osc2.SetPaintingStrategy( PaintingStrategy.HISTOGRAM ); #else if osc2 > 0 and osc2 < 100 then color.dark_green else if osc2 < -100 then color.red else if osc2 > -100 and < 0 then color.dark_red else color.current
osc2.assignvalueColor(if osc2 > 200 then color.cyan else if osc2 < -200 then color.magenta else if osc2 > 100 and osc2 < 200 then color.green else if osc2 > 0 and osc2 < 100 then color.dark_green else if osc2 < -100 and osc2 > -200 then color.red else if osc2 > -100 and osc2 < 0 then color.dark_red else color.current);
# Reference Lines
plot Upper = 100;
plot Lower = -100;
plot ZeroLine = 0;
Upper.SetDefaultColor(Color.GRAY);
Lower.SetDefaultColor(Color.GRAY);
ZeroLine.SetDefaultColor(Color.gray);


#---- Shaded Fills ----#
# Bullish fill above zero
AddCloud(
    if osc >= 0 then osc else Double.NaN,
    0,
    CreateColor(bullFillR, bullFillG, bullFillB),
    CreateColor(bullFillR, bullFillG, bullFillB)
);

# Bearish fill below zero
AddCloud(
    if osc <= 0 then osc else Double.NaN,
    0,
    CreateColor(bearFillR, bearFillG, bearFillB),
    CreateColor(bearFillR, bearFillG, bearFillB)
);

# Optional highlight clouds for extreme zones
AddCloud(
    if osc > 100 then osc else Double.NaN,
    100,
    CreateColor(strongBull_R, strongBull_G, strongBull_B),
    CreateColor(strongBull_R, strongBull_G, strongBull_B)
);
AddCloud(
    if osc < -100 then osc else Double.NaN,
    -100,
    CreateColor(strongBear_R, strongBear_G, strongBear_B),
    CreateColor(strongBear_R, strongBear_G, strongBear_B)
);