Narrow Range (NR) Indicator

Narrow Range (NR) trading strategy is a breakout-based method that assumes that the price of security trends up or down after a brief consolidation in a narrow range. This indicator can plot:

1. Narrow Range (NR) 4, 7, and 21
2. Narrow Range (NR) 4, 7, and 21 + Inside Bars (IB)

NR 4/NR 7/NR 21 day acts as a confirming factor on where the price will move further. Breakout of NR 4/NR 7/NR 21 candle with high volumes indicates bullishness, while the breakdown candle indicates bearishness.