Consolidation Ranges [kingthies]

Consolidation Range Analysis
Published by Eric Thies, January 2021

█ Indicator Summary

• This tool calculates, analyzes and plots the visualization of a relative range over a given period of time
  
• By adding to charts, users are enabled to see the impulsive nature of market cycles, along with their efforts to consolidate thereafter
  
• The default period is 30, and should be adjusted to users preference
  
• The default input is the current close price, on the chosen timeframe of the chart
  

█ Script Source

// [pine]
//@version=4
//© kingthies || This source code is subject to the terms of the Mozilla Public License 2.0 at mozilla.org/MPL/2.0/
study("Consolidation Ranges [kingthies]", shorttitle="CR [kingthies]", overlay=true)

// !<------ User Inputs -----> 
src = input(close, title='Range Input (Default set to Close'), lengthEMA=input(30,title='Length'),zoneToggle = input(true, title="Toggle Zone Highlights"), iCol = color.new(#FFFFFF, 100), 

// !<---- Declarations & Calculations ---- > 
trndUp = float(na),trndDwn = float(na), mid = float(na), e = ema(src, lengthEMA)
trndUp := src < nz(trndUp[1]) and src > trndDwn[1] ? nz(trndUp[1]) : high, trndDwn := src < nz(trndUp[1]) and src > trndDwn[1] ? nz(trndDwn[1]) : low, mid := avg(trndUp, trndDwn)

// !< ---- Plotting -----> 
highRange = plot(trndUp == nz(trndUp[1]) ? trndUp : na, color=color.white, linewidth=2, style=plot.style_linebr, title="Top of Period Range")
lowRange = plot(trndDwn == nz(trndDwn[1]) ? trndDwn : na, color=color.white, linewidth=2, style=plot.style_linebr, title="Bottom of Period Range")
xzone = plot(zoneToggle ? src > e ? trndDwn : trndUp : na, color=iCol, style=plot.style_circles, linewidth=0, editable=false)
fill(highRange, xzone, color=color.lime,transp=70), fill(xzone, lowRange, color=color.red,transp=70)
// [/pine]

Release Notes:

Upgraded to pine v5