Price Action Band

The indicator shows the upper and lower limits of the price range (price Band), Calculated at a certain period of time.

The indicator also shows the price area (price Box) On the basis of the boundaries of data.

You can also measure the price channel per day and watch the price action in the extended area of ​​the price range.

You take trading decisions watching the price action in the range.

application

There are two main external variables, BandSTime and BandETime, signifying the beginning and end of the calculation of the price range, respectively.

The indicator measures the price high / low for a specified period of time.

You can specify the time as follows:

• "0000", "1200"


• "1045", "20" (= "1045", "2000")


• "5", "17" (= "0500", "1700")


• "0", "0" (= "0000" (yesterday), "0000" (today))


• "20", "10" (= "2000" (yesterday), "1000" (today))

To use the time format "1045" timeframe schedule to be M1, M5 or M15.

If BandSTime and BandETime constitute "5" and "12" (or "0500", "1200"), this means that the price range is calculated in the period of 11:59:59 to 5:00:00.

BandETime parameter itself is not included in the calculation period.

The last two time format is very interesting!

When BoxSTime greater than or equal BoxETime, BoxSTime converted in yesterday's time (yesterday).

Yesterday's time is calculated on the basis of the trading day. Loss of bars and gaps arising over the weekend, are recorded in a moderate degree.

Price area can be painted in one of two colors - for past and current bars.

If the current time is greater than or equal to BoxSTime, but less BoxETime, the value of the price range and price area are set correctly.

The indicator is designed for day trading with the help of the range. Set the desired time of trading. You can select the Asian, European and New York session, as well as any period of time, indicating the clock start and end of the trade. time minutes depending on the timeframe chart.

For example, BandSTime BandETime and can be installed on the Asian and European session (about "0000" ~ "0700" or "0" ~ "7" on server time), and then watch the price action during this period. On the basis of this can be included in the proposed direction during the New York session.

The indicator allows to determine the price movement within a certain range, or after it, showing the possible behavior of the price:

• rebound from the range limits
• breakdown of the range (including recoil back to the border, from it again rebound or breakdown in the reverse direction)
• motion within Range

Price area (blue rectangle) - this range showing the selected time period. Watch the movement of the price range, looking for clues.

First test indicator in the strategy tester to make sure that the indicator is tested under any circumstances:

• on past or current bars
• in the absence of bars in a week or between weeks
• in the "Every tick" or on the opening prices
• in forward testing mode

Indicator:

• skips unnecessary calculations
• adapts the calculated values ​​when a new maximum or minimum

Input parameters

Required:

• BandSTime: the start time of the calculation of the price range ( "0000")


• BandETime: the end time of the calculation of the price range ( "1200")

additional:

• TakePrice: the price for the calculation of the price range (Open_Close, Hi_Low)


• ShowLine: show price range (true)


• SeamlessLine: show all of the price range (true)


• DailyLine:. To maintain a constant value for the price range of the day (true not at acts SeamlessLine = false or BandSTime>= BandETime)


• LineStyle: line style price range (STYLE_DOT)


• ShowBox: show price area (true)


• FilledBox: paint price area (true)


• BoxStyle: Style line price field (STYLE_DOT)


• BoxColorBeforeETime: color price area for the current bars (Chocolate)


• BoxColorAfterETime: the color of the price field for the previous bars (Blue)

I ran the signal using a temporal pattern on the basis of this indicator.

To find it, go to the "Signals" - "-in the MetaTrader 4" - "Filter" (located on the right side of the page), enter the "Time Pattern" and press Enter.

Video