Consolidation Score Screener

The Consolidation Score Screener indicator monitors and ranks the ranging intensity of up to 20 different symbols simultaneously across any selected timeframe. It provides a visual dashboard that assigns a score from 0 to 10 to each asset, where a score of 10 indicates peak consolidation, helping traders identify symbols that are moving sideways before a potential breakout.

Usage

The tool is designed to simplify the process of scanning multiple markets for "coiling" price action. Users can populate the symbol inputs with their preferred assets (Forex, Crypto, Stocks) to see their relative consolidation levels on a centralized visual pane.

• Identifying Breakout Candidates: Symbols with a high score (8-10) are in tight consolidation ranges and may be nearing a volatility expansion.
• Market Regime Filter: Low scores indicate trending markets, while high scores indicate ranging markets.
• Dashboard Interpretation: Each symbol is represented by a circle containing its specific score. The central background area displays the overall range of all monitored symbols, providing a bird's-eye view of broader market volatility.

Details

The Consolidation Score is calculated by comparing the current trading range (Highest High - Lowest Low) against the Average True Range (ATR). It uses a percentile ranking over a 100-period lookback to normalize the data into a 0-10 scale. This implementation ensures that "consolidation" is relative to the historical volatility of that specific asset, making the score comparable across different instruments.

Settings

Settings Group

• TimeFrame: Specifies the timeframe used for the analysis of all symbols.
• Range Length: Determines the lookback period used to calculate the trading range and ATR.
• Alert Threshold: Sets the score level (1-10) that triggers a notification when a symbol enters deep consolidation.

Symbols Group

• Symbol 1 - 20: Individual inputs to select the ticker symbols for the screener to track.

FAQ

How do I access Consolidation Score Screener?

You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.

Can I use this on different timeframes?

Yes, the indicator features multi-timeframe capability. You can set the analysis timeframe independently of your current chart timeframe using the "TimeFrame" input.

What does a score of 0 mean?

A score of 0 indicates that the symbol is currently experiencing high volatility or a strong trend relative to its recent history, meaning it is not in a consolidation phase.