Range Analysis

Range Analysis

The Range Analysis indicator detects narrow range bars, inside bars, wide range bars and outside bars. The bar types follow the terminology presented by Toby Crabel in his book “Day Trading With Short Term Price Patterns and Opening Range Breakout”.

Indicator Description

The following patterns that can be identified with the Range Analysis default settings:

  • Narrow Range Inside Bar (IB4): An inside bar with a smaller range than the prior 3 bars.
  • Double Inside Bar (DI5): An inside bar that is preceded by an IB4 bar.
  • Narrow Range Bar (NR7): A bar with a smaller range than the prior 6 bars.
  • Narrow Range Inside Bar (IB7): An inside bar with a smaller range than the prior 6 bars.
  • The 2 Bar Narrow Range (2NR): The narrowest 2 bar range relative to any two bar range within the previous 20 bars.
  • The 3 Bar Narrow Range (3NR): The narrowest 3 bar range relative to any three bar range within the previous 20 bars.
  • Wide Spread Outside Bar (OB4): An outside bar with a larger range than the prior 3 bars
  • Wide Spread Double Outside Bar (DO5): An outside bar that is preceded by an OB4 bar.
  • Wide Spread Bar (WS7): A bar with a larger range than the prior 6 bars
  • Wide range outside bar (OB7): An outside bar with a larger range than the prior 6 bars
  • The 2 Bar Wide Spread (2WS): The widest 2 bar range relative to any two bar range within the previous 20 bars.
  • The 3 Bar Wide Spread (3WS): The widest 3 bar range relative to any three bar range within the previous 20 bars.

The patterns are labeled with text boxes and paintbars and may be displayed individually or all at once (default).

Lookback for inside / outside bars:

Simple inside bars: When the parameter “lookback inside bars” is set to 2, the indicator will detect all inside and double inside bars without taking into account their range size relative to preceding bars.

Simple outside bars: When the parameter “Lookback outside bars” is set to 2, the indicator will detect all outside bars.

The indicator comes with sound files. The sounds will work with COBC=true and COBC= false. With COBC= false, wide range and outside bars are detected intra-bar. Narrow range and inside bars are detected once the bar is 90% complete.

The indicator is available for NinjaTrader 8.