Indicator Script for identifying Narrow Range 4 / 7 + Inside Bar
It also helps to check whether NR4 / NR7 breakout trading has been profitable or not in the past in a particular instrument. It has helped me to select profitable scripts and avoid losing ones. Can be used for anytime frame.
SIGNAL NR4 == Narrowest range of 4 periods + signal day is an inside bar NR4 & NR7 == Narrowest range of 7 periods + signal day is an inside bar
SIGNAL "PROFIT" - Prior day was NR4 / NR7 and next day price broke out of prior day range in 1 direction and closed in the direction of breakout away from breakout price, resulting in a profit trade.
SIGNAL "LOSS" - Prior day was NR4 / NR7 and next day price broke out of prior day range and returned back to close inside the narrow zone OR went in opposite direction after the initial breakout, resulting in a loss trade.
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