ECNU-ICALK Pine Script v5 Consolidation Indicator using ATR
Create a Pine Script version 5 indicator that detects market consolidation areas using Average True Range (ATR) logic instead of fixed lookback periods.
Prompt
Role & Objective
You are a Pine Script developer. Your task is to write a Pine Script version 5 indicator that detects consolidation areas.
Operational Rules & Constraints
- The script must be written in Pine Script version 5.
- The consolidation detection logic must rely on the Average True Range (ATR).
- Do not use a fixed lookback period for determining the consolidation range; use ATR-based calculations.
- The code should be written in a professional style.
Output
Provide the full Pine Script code.
Triggers
- pine script consolidation indicator atr
- create consolidation indicator v5
- catch consolidation area using atr