OPEN-SOURCE SCRIPT

Balanced Price Range (BPR)

Updated

This script finds BPR's, which some simply refer to as a "double Fair Value Gap" (FVG). In a BPR, there is an overlapping vertical area between a recent bullish and bearish FVG. You may tune the parameters to filter out smaller FVG's or BPR's, as well as how far back the indicator must look to find a matching pair.

Release Notes

Two updates:

1. You can edit the color used to draw the BPR boxes
2. New "Only Clean BPR" setting that, when checked, doesn't show BPR's when price interferes with the range prior to its creation. Leaving it off will show all BPR's regardless of how price traded in between the bearish and bullish FVG's

Release Notes

Updating the chart image

Release Notes

Fixed minor issue with the last update regarding "Only Clean BPR" setting

Release Notes

Updated the threshold values such that:

1. The default value is 0 for both, that way all BPR's will show (to avoid confusion for new users)
2. Valid FVG's and BPR's will be considered if their range is greater than *or equal to* the threshold value, instead of greater than

Release Notes

Two updates:

1. You can now add alerts that will tell you when a new BPR is created
2. New "Delete Old BPR" setting that, when enabled, will delete all old BPR's that have been invalidated or overwritten

Release Notes

Edited alert function so that users can edit the message sent when a new BPR is created

Release Notes

Fixed an issue where BPR's were being created and alerted before the following candle had a chance to invalidate the range (needed to delay bear/bull signals by one bar)

Release Notes

Removed the FVG threshold to avoid confusion. All FVGs will now be considered for a potential BPR

Release Notes

Updating thumbnail image

Release Notes

Updated script titles

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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