This tool plots the average true range distance from each bar's open, up and down, so you can tell when a bar moves by more than the average distance a day's range usually travels. It's an interesting concept, but not something I use a lot of the time. Looking at the range relative to the last bar's range, is what I normally do to find bouts of strength or weakness, and to determine if these moves have follow through or not. You may experiment with this indicator to see if it helps in your price action analysis. Usually, bigger than 1 ATR moves don't keep going for much more, unless there's some outrageous news related to the move. This idea came from a conversation with Yacine Kanoun here, and I coded it into an indicator. Credit where credit is due (right Yacine?)...
what is the rgexp script at the very bottom? could i get a link to check it out?
IvanLabrie
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@awang3648, it's the very best candle pattern type signal that you should use to verify if a given market has an important day that might lead to something.
It helps to get cues from price action and confirm the trigger of trend signals out of accumulation or distribution patterns in any timeframe.
Look it up using the indicator name: r.e.signal, if you Google it you'll see the posts for the script that I made. Message me if you want to learn more about it.
awang3648
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@IvanLabrie, thank you for the response. i have messaged you