TAPLOT Mini Coil

My entire trading style is built on finding stocks in stage 2 uptrends that are building healthy bases and exhibiting volatility contraction patterns (VCP).
I look for price tightening on the right hand side of the base to find low risk entries.
This Mini Coil indicator is nothing but one way of visualizing tight trading ranges. It essentially plots a box around price areas where price traded inside of one larger bar (candle in my case).
The minimum requirement is for 1 bar to engulf 2 bars that are in-front of it, thus the "Mini Coil" name.
From indicator setting, you can force minimum bars to 3 to reduce coil occurrence on the chart.

Not all Mini Coil price action is tradable. I use this strictly on stocks that are in stage 2 uptrends and potentially getting ready to come out of bases.
If a Mini Coil shows up at the right side of a base, it could potentially be an indication that the stock is ready to break out of that base.
Trigger would be to buy as the price is moving above the high of the wide bar coil area.

Indicator Setting
The indicator is highly customizable with 3 options to display the price coil area

• A box - you can customize border and background color as well as transparency
  
• Coil bar paint - Paints the widest bar in the coil area. Paint color for up and down bars is customizable. Default is green/red but you probably want to change that if you are already using green and red bars. I use white and black bars to this works for me.
  This options allows you to visually get hints that a coil is forming but without cluttering your charts
  
• Arrow up on coil bar - similar to paint but only puts a signal (arrow up) below the coil bar.
  

Box Mini Coil Example

Pain Bar Mini Coil Example

Arrow Up Signal Mini Coil Example

Sürüm Notları:

Guys, please update to this latest release if you are using the Bar Paint option.
I discovered a bug that was reflecting incorrect bar status (green for up bar and red for down bar) and therefor the bar color was not correct.
This release fixes that. Thank you!