Range Filter Buy and Sell 5min - the @guikroth version, republished.
Since this popular version of the Range Filter is no longer available via the original author, I republish it here under the same name. This version remains true to the guikroth version from the calculations to the default settings and comments in the code, with the exception of an update to the latest version of PineScript, minor styling adjustments and the addition of an all-in-one 'buy or sell' alert option.
The guikroth version was a simplified modification of the original Range Filter [DW] by @DonovanWall. Including having just 3 bar colours based on the filtered price trend, different source input options to the original, and the addition of buy and sell signals and alerts based upon the Range Filter colour change. It consisted of just three inputs; source, sampling period, and range multipler. With the update to version 5, external indicators can also be used as inputs, for example using a VWAP or EMA loaded on your chart as the input on the Range Filter is now also possible.
What is the Range Filter?
As the author of the original Range Filter describes it:
"This is an experimental study designed to filter out minor price action for a clearer view of trends. Inspired by the QQE's volatility filter, this filter applies the process directly to price rather than to a smoothed RSI .
First, a smooth average price range is calculated for the basis of the filter and multiplied by a specified amount. Next, the filter is calculated by gating price movements that do not exceed the specified range. Lastly the target ranges are plotted to display the prices that will trigger filter movement.
Custom bar colors are included. The color scheme is based on the filtered price trend."
Popularity of the Range Filter
The Range Filter is a very popular and effective indicator in its own right, with adjustments to the few simple settings it is possible to use the Range Filter for helping filter price movement, whether helping to determine trend direction or ranges, to timing breakout or even reversal entries. Its practical versatility makes it ideal for integrating it's signals into a variety of trading strategies or even other indicators.
With many thanks to the authors of the previous and original versions; @guikroth and @DonovanWall.
Versionsinformation
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- Updated the commented-out strategy code at the bottom of the file to make it compatible with PineScript version 5.
This is Great, thanks for Making it Public, Appreciate all the hardwork and thought process, wondering if you have something Similar as Strategy for Ninjatrader
champi0ntrades
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@rgadeus, just use ninjaview to automate ur tview signals on ninjatrader
@Veratibdsay, no repaint because when the indicaotr colse.the indicator sigin oppen,so no repaint
axihakan18
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hello, what settings should I make on the 1-minute graph?
mankel
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Hi Sir, do you have MT4 code with this indicator?
PHVNTOM_TRADER
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@mankel, Sorry for the giant delay, I'm afraid I don't.
If you do a search for words such as "MQL range filter metatrader", you can find various options, some possibly free, some paid. I can't vouch for them, though.