OPEN-SOURCE SCRIPT
BERLIN Renegade - Baseline & Range
This is the baseline and range candles part of a larger algorithm called the "BERLIN Renegade". It is based on the NNFX way of trading, with some modifications.
The baseline is used for price crossover signals, and consists of the LSMA. When price is below the baseline, the background turns red, and when it is above the baseline, the background turns green.
It also includes a modified version of the Range Identifier by LazyBear. This version calculates the same, but draws differently. It remove the baseline signal color if the Range Identifier signals there is a possible trading range forming.
The main way of identifying ranges is using the BERLIN Range Index. A panel version of this indicator is included in another part of the algorithm, but the bar color version is included here, to make the ranges even more visible and easier to avoid.
The baseline is used for price crossover signals, and consists of the LSMA. When price is below the baseline, the background turns red, and when it is above the baseline, the background turns green.
It also includes a modified version of the Range Identifier by LazyBear. This version calculates the same, but draws differently. It remove the baseline signal color if the Range Identifier signals there is a possible trading range forming.
The main way of identifying ranges is using the BERLIN Range Index. A panel version of this indicator is included in another part of the algorithm, but the bar color version is included here, to make the ranges even more visible and easier to avoid.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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