DEMO VERSION: only allows to modify the range size.

Input parameters

• range size: size of each bar

Description

This indicator draws the "Nicolellis Range Bars".

This indicator analyze the price variation, so it's timeless.

 

How to build:

1. Defines the bar size, ie, the "range" size.
2. The current price is the base price.
3. If the quotation go up from the base price, closes the current bar when the price reach the size of the "range" defined (up from base price)
4. If the quotation go down from the base price, closes the current bar when the price reach the size of the "range" defined (down from base price)
5. After the closes the first bar, open a new bar next to, with the open price equal to the close price from the previous bar and so on.

Note:

• If the quotation starts go up but go back down before reach the size of the "range", the bar don't closes. In this case, the base price for a eventual movement to down is now the top reached. In the same way, if the quotation starts go down but go back up before reach the size of the "range", the bar don't closes. In this case, the base price for a eventual movement to up is now the bottom reached.
• While the size of the "range" is not reached, the bar don't closes, neither up nor down. In such way that bars ever has the same size: the "range" size defined.