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This indicator shows the narrowest bar within a range of the past seven bars, which is known as NR7 in the literature.
The range is variable; thus, you can show any range, e.g. NR3, NR5, NR11, etc. For the description of this indicator, I will continue to use the default of seven (7).
If an NR7 bar also happens to be an Inside Bar, it gives a stronger signal. Thus NR7IB are denoted in another color. Sometimes this is known as NR7ID (for Inside Day). I kept the description generic because you can use this indicator on any time frame.
As a bonus, I have added the ability to show the:
- Highest bar (HI7)
- Lowest bar (LO7)
- Widest bar (WI7)
within the range N.