DR/IDR Candles
By LuxAlgoJan 16, 2023
DR/IDR Candles is an indicator on Vela, our next-generation charting platform, written in Pine Script®.
DR/IDR Candles turns the defining range (DR) and implied defining range (IDR) of two user-set sessions into clean range candles, a structured cousin of opening range trading built around the specific windows the method prescribes. Solid lines mark the DR, dashed lines the IDR, and solid wicks extend from the DR to the furthest price reached beyond it after the session. Color does the talking: blue when price closes above the DR maximum, orange when it closes below the DR minimum, gray while price sits inside. Optional Fibonacci retracements project pullback levels from either range, with the 0.5 average line shown by default.
How to Trade the DR/IDR Candles?
- 5-minute close above the DR high after the session: the rule set expects the DR low to hold as the session's low.
- 5-minute close below the DR low: the mirror case: the DR high is expected to cap the session.
- Close beyond the IDR: an earlier read of the same bias, suggesting the opposite DR extreme may mark the day's boundary.
- Background persistence: extended range-fill shading shows how often price kept trading back into the IDR, a gauge of the range's weight as support or resistance.
The rules come from trader TheMas7er, who defined the concept in November 2022; they are conditional tendencies, not certainties. Both trading sessions are fully configurable, so the tool depends on correct time-zone alignment.
DR/IDR Candles Settings
- Regular Session (default 09:30 – 10:30): toggles and times the regular DR/IDR.
- Overnight Session (default 03:00 – 04:00): the overnight counterpart.
- UTC Offset (default -5): aligns both windows with the intended market time.
- Reverse: inverts the source range's upper/lower values when building retracements.
- From (default IDR): selects which range anchors the retracements.
Frequently Asked Questions
Free to use
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Also works on
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