Range Zones

Range Zones Indicator

**Purpose:**
The Range Zones indicator is designed to highlight areas where two moving averages are within a specified threshold. This can help traders identify periods of low volatility or range-bound market conditions, potentially signaling consolidation zones or setups for breakout trades.

**How to Use:**

1. **Input Options:**
- **Moving Average Type:** Choose from SMA, EMA, WMA, VWMA, or SMMA.
- **Length MA1 and MA2:** Define the lengths of the two moving averages.
- **Separation Type:** Select how the price difference is measured (Ticks, Points, Pips, or Dollars).
- **Threshold Value:** Set the threshold value that determines the acceptable difference between the two moving averages.

2. **Visuals:**
- The indicator plots two moving averages on the chart.
- Gray shaded areas will appear on the chart when the two moving averages are within the specified threshold, indicating potential range zones.

3. **Alerts:**
- **Range Formed:** An alert triggers when the moving averages come within the threshold, signaling a potential range formation.
- **Range Broken:** An alert triggers when the moving averages move apart beyond the threshold, indicating a potential breakout from the range.

By using this indicator, traders can easily spot consolidation areas and anticipate potential breakouts, helping them make more informed trading decisions.