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LonesomeTheBlue

Consolidation Zones - Live

LonesomeTheBlue Wizard Updated   
Volatility Breadth Indicators Zig Zag Indicator consolidation breakout breakouts pivotsupport trendtrading Supply Zone Trend Line Break Fibonacci Retracement lonesometheblue
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volatility breadthstudies zigzagindicator consolidation breakout breakouts pivotsupport trendtrading supplyzone trendlinebreak fibonacciretracement lonesometheblue
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:
snapshot


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


Enjoy!
Release Notes:
Fixed: if new highest/lowest is in Consolidation zone then Consolidation Zone is extended
Release Notes:
Alerts added
Release Notes:
transp removed
Release Notes:
Color option added for the zone
www.youtube.com/@lonesometheblue/videos
Open-source script

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.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

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