LonesomeTheBlue

Consolidation Zones - Live

Hello Traders!


This is the script that finds Consolidation Zones in Realtime.

How it works?
- The script finds highest/lowest bars by using "Loopback Period"
- Then it calculates direction
- By using the direction and highest/lowest bar info it calculates consolidation zones in realtime
- If the length of consolidation area is equal/greater than user-defined min length then this area is shown as consolidation zone
- Then Consolidation Zone extends automatically if there is no breakout

if you increase the Loopback Length then you get bigger consolidation zones:


You have option to "Paint Consolidation Area" or not:


Enjoy!
Catatan Rilis: Fixed: if new highest/lowest is in Consolidation zone then Consolidation Zone is extended
Catatan Rilis: Alerts added
Catatan Rilis: transp removed
Catatan Rilis: Color option added for the zone

Skrip open-source

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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