Percent Change of Range Candles - Full

Percent Change of Range Candles – Full (PCR Full)
Description:

PCR Full is a custom momentum indicator that measures the percentage price change relative to a defined range, offering traders a unique way to evaluate strength, direction, and potential reversals in price movement.

How it works:
The main value (PCR) is calculated by comparing the price change over a selected number of candles (length) to the range between the highest high and lowest low in the same period.

This percentage change is normalized and visualized with dynamic candles on the subgraph.

Reference levels at +100, +50, 0, -50, and -100 serve as key zones to indicate potential overbought/oversold conditions, continuation, or neutrality.

How to read the indicator:
1. Trend continuation:
When PCR breaks above +50 and holds, it often confirms a strong bullish move.

Similarly, values below -50 and staying low signal a bearish continuation.

2. Wick behavior (volatility insight):
Long wicks on PCR candles suggest uncertainty or failed breakout attempts.

Short or no wicks with strong body color show stable momentum and conviction.

On the chart, multiple long wicks near -50 suggest bulls are attempting to push price upward, but lack the strength — until a confirmed breakout.

3. Polarity transition (Bearish to Bullish or vice versa):
A transition from negative PCR values to above zero shows that the market is possibly turning.

Especially if PCR climbs gradually and stabilizes above zero, it indicates a developing bullish phase.

Components:
Main PCR line: Color-coded (green for rising, red for falling).

Open Average (gray line): Smooths recent PCR values, indicating balance.

High/Low adaptive bands: Adjust dynamically to PCR polarity.

PCR Candles: Visualize OHLC of PCR data for enhanced interpretation.

Suggested use cases:
Enter trend trades when PCR crosses +50 or -50 with volume or price confirmation.

Watch for reversal signs near ±100 if PCR fails to break further.

Use 0 line as a neutral zone — markets hovering near 0 are often in consolidation.

Combine with price action or oscillators like RSI/MACD for additional signals.

Customization:
The length input allows users to define the range for PCR calculations, making it adjustable to various timeframes and strategies (scalping, intraday, swing).