This script is similar to my previous IB+ script, but this has the options of changing the base period time frame, normally daily, to other options. I've also allowed user input to the range period, normally one hour of the trading session.
The IB can be used to establish a range and framework to trade within, as support and resistance, as well as directional bias.
I've reduced the upper and lower extensions to two per side, and added an IB 'breach' plotshape to aid in breakouts from the range in either direction, above highs, and below lows or the range.
Range high and range low plots will change color based on the directional bias and price relative to the range.
Please DM for access.
Thanks!
Versionsinformation
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Slight style change
Versionsinformation
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Changed default settings. Added barcoloring. Included 4x extensions