Range Filter [DW]

This is an experimental study designed to filter out minor price action for a clearer view of trends.

Inspired by the QQE's volatility filter, this filter applies the process directly to price rather than to a smoothed RSI .

First, a smooth average price range is calculated for the basis of the filter and multiplied by a specified amount.
Next, the filter is calculated by gating price movements that do not exceed the specified range.
Lastly the target ranges are plotted to display the prices that will trigger filter movement.

Custom bar colors are included. The color scheme is based on the filtered price trend.
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Great indicator! Default settings are for 1h timeframe? Thanks.
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@sfigus, Use whatever timeframe you like. The default settings work with any resolution. The only thing that changes with timeframe is the width of the average range in the calculation, which you could increase or decrease manually using the range multiplier input.
Hey, this is some great work and I'm really trying to make sense of everything happening here but I have a question.

rngfilt := x > nz(rngfilt) ? ((x - r) < nz(rngfilt) ? nz(rngfilt) : (x - r)) : ((x + r) > nz(rngfilt) ? nz(rngfilt) : (x + r))

I cannot understand the logic behind the ternary conditions above because it's the first time I've seen it as ? ? :

I could only find 2 ways to use ternary conditions. x = var 1 ? var2 : var 3 and x = cond1 ? x : cond2 ? y : cond3 ? z

In the first it's x = var2 if var1 = true, and var3 if var1 = false.
Whereas the second example is your barcolor variable.

But the rngfilt I cannot understand. Could you please explain the logic of the operations?

On a side-note, why is the "wper" variable named as such?

Thank you!
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@anochsun, It's the same structure as any other ternary statement. The only difference is that I have additional sets of ternary conditions within parentheses for the true and false responses. The logic calculates filter location based on whether or not the bar is within the range threshold. If price is above or below the current established filter value and its distance from the filter exceeds the range threshold, the filter will be moved to a location in which price is back on the threshold. The reason for this is if price moves contrary to the current observed trend, it allows a bit of wiggle room for price so that the filter is less sensitive to whipsaws.

And "wper" is just short for "widened period".
This indicator is perfection. So far my favourite on this platform. Thanks!
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Thank you for your work! It is really a great indicator !
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Thank you so much for your generous and efforts, very appreciated =D
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Thanks for sharing!!! Great indicator!!!!
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Hey @DonovanWall, great idea! The QQE is pretty powerful, would be great to see more applications of it on price action rather than rsi!
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