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CTS Daily Contraction Box Column and Counter


This Contraction Box Column code helps traders see a specific pattern on a chart:

  1. Breakout Detection:
    • It watches for when the price breaks out of that Contraction Box range.
  2. Candlestick Colors:
    • It checks if each Heikin Ashi candlestick is green (closing price higher) or red (closing price lower).
  3. Label and Color:
    • It labels the pattern as “Boxed” if the price stays in the Contraction Box range, or OTB (Out of The Box) with numbers showing how many bars after a breakout.
    • It uses different colors to show if the current Heikin Ashi candle is (green) or (red).

This code helps traders see when prices stop moving much and then suddenly break out of that pattern. It shows this pattern’s duration and breakout direction with labels and colors in a Column.

Please note that this script is for educational purposes and cannot be shared due to user agreement restrictions.