Zones (RTX)
The Zones Indicator is designed to automate the identification of zones between a range of prices over a series of bars/time. The primary motivation for the creation of this indicator is to identfy consolidation zones where price remains in a given range over a minimum period bars or time. An Extend Naked option extends the zones until the zone is filled by future price movement. As an example, Zones can identify when price remained in a 10 tick range over a series of 20 bars or more, and once breaking that range, it can extend the naked band until price moves back across the zone.