ZZ Range

Happy Trading!

This is a real-time range detection indicator. Based on previous supply and demand levels, it classifies each new bar as Up, Down, or Range.
New supply and demand levels are typically detected within two bars. The indicator can be used as a filter and supports indicator-on-indicator functionality.

1. Intro
   
2. Concept
   
3. Usage and Settings Menu
   
4. Declaration for TradingView House Rules on Script Publishing
   
5. Disclaimer
   

1. Concept

Based on a variation of the Bilson-Gann Algorithm, this indicator calculates local supply and demand levels and determines whether the current price is:

Between those levels → Ranging
Above → Uptrending
Below → Downtrending

Less significant supply and demand levels are filtered out using a user-adjustable intensity setting.

2. Usage and Settings Menu

There are four settings available:

Indicator Timeframe – Display results from higher timeframes on the lower timeframe chart.

Range Detection Rule – Choose whether a bar must be fully inside supply and demand zones to be considered ranging, or if touching the zone is sufficient.

Bar Structure Basis – Select whether wicks or bodies of bars are used to calculate supply and demand levels.

Rule to set S&D – Choose among three rules defining how often new supply and demand levels are calculated. Each rule adjusts the sensitivity and responsiveness of detection.

Alert Signals Available:

Trend Signal 1 = Uptrend, 0 = Ranging, -1 = Downtrend
last supply Level
last demand Level

3. Declaration for TradingView House Rules on Script Publishing

The unique feature of ZZ Range is its real-time range detection capability.
This script is closed-source and invite-only, to support and compensate for months of development work.

4. Disclaimer

Trading involves risk, and losses can and do occur. This script is intended for informational and educational purposes only. All examples are hypothetical and not financial advice.
Decisions to buy, sell, hold, or trade securities, commodities, or other assets should be based on the advice of qualified financial professionals. Past performance does not guarantee future results.

Use this script at your own risk. It may contain bugs, and I cannot be held responsible for any financial losses resulting from its use.

Cheers!