Bars of largest range ( )
* see moments of strongest price action immediately
* colored & upDown by candle color
* amplifier: you see only the bull runs, and subsequent dumps
Very nice on the 5 years scale of BITSTAMP:BTCUSD - nothing comparable to 2013 has happened yet.
squared_range = pow( high-low , 2)
That is essentially it already. The rest are details:
* gauge with (in case of Bitcoin exponentially rising) price
* show in red for negative candles
* take even higher polynomial (than 2) to show only the very largest values
* allow some user input (but there is not much more that can be chosen here.)
Sorry for such a simple formula - but sometimes the easiest things are powerful.
Please give feedback. https://www.tradingview.com/u/akd and/or in the cryptocurrency chat. Thanks.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.