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Smart Labelling - Range Filter

This is a labelling module based on a range filter. Notice that the trick here is to use fibonachi numbers. Use smaller range multiplier for higher TFs. This module may serve as a signal generator to be passed through a signal filter.

Quote from the original author:
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.
Release Notes: Minor fix in state variable.
Release Notes: Added alerts.
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Kommentarer

Thank you, nice script .. Why does it not work in daily?
Svara
UPD: this line
hband = rfilt + smthr, lband = rfilt - smthr // target Bands
can be omitted
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