OPEN-SOURCE SCRIPT
Price Channel Marker
This indicator identifies a dynamic price channel based on the most relevant recent price action. It draws two horizontal lines:
* 🔴 Red Line – Marks the high of the most recent red candle (bearish) whose high is just below the current price. It selects the red candle with the high closest in price to the current close, and ensures it is from a valid historical context (ignoring recent highs above the current price).
* 🟢 Green Line – Marks the low of the most recent green candle (bullish) whose low is just above the current price, also selected based on proximity to the current price.
Together, these two lines define a potential price compression zone or "trap" area — showing where price may currently be trading between recent supply (red candle) and demand (green candle). The lines update dynamically and extend into the future to help visualize breakout or rejection levels.
Use Cases:
* Spot potential breakout zones.
* Define short-term support and resistance.
* Filter for entries in range-bound or squeeze conditions.
Customization:
* Adjustable lookback range (up to 5000 bars).
* Colors and line style are easily customizable.
* 🔴 Red Line – Marks the high of the most recent red candle (bearish) whose high is just below the current price. It selects the red candle with the high closest in price to the current close, and ensures it is from a valid historical context (ignoring recent highs above the current price).
* 🟢 Green Line – Marks the low of the most recent green candle (bullish) whose low is just above the current price, also selected based on proximity to the current price.
Together, these two lines define a potential price compression zone or "trap" area — showing where price may currently be trading between recent supply (red candle) and demand (green candle). The lines update dynamically and extend into the future to help visualize breakout or rejection levels.
Use Cases:
* Spot potential breakout zones.
* Define short-term support and resistance.
* Filter for entries in range-bound or squeeze conditions.
Customization:
* Adjustable lookback range (up to 5000 bars).
* Colors and line style are easily customizable.
开源脚本
本着TradingView的真正精神，此脚本的创建者将其开源，以便交易者可以查看和验证其功能。向作者致敬！虽然您可以免费使用它，但请记住，重新发布代码必须遵守我们的网站规则。
免责声明
这些信息和出版物并不意味着也不构成TradingView提供或认可的金融、投资、交易或其它类型的建议或背书。请在使用条款阅读更多信息。
开源脚本
本着TradingView的真正精神，此脚本的创建者将其开源，以便交易者可以查看和验证其功能。向作者致敬！虽然您可以免费使用它，但请记住，重新发布代码必须遵守我们的网站规则。
免责声明
这些信息和出版物并不意味着也不构成TradingView提供或认可的金融、投资、交易或其它类型的建议或背书。请在使用条款阅读更多信息。