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Barbwire is a term used for tight trading ranges where it is extremely hard to make money by betting on successful breakouts. Experienced traders are using limit orders to fade and scalp. For most it is an area that is best to stay away and wait for the market to start trending again.
The indicator is analyzing the size of bodies of the bars and the depth of pullbacks to determine whether the market is in Barbwire.
By default it highlights the background of the chart, it is possible to use a shape above the bars instead in the settings.
https://www.tradingview.com/script/zBGF00Dm-Barbwire-Yohtza/
Hope its helpful! Cheers!
This indicator can now be found in the community scripts, it was approved by mods.
https://www.tradingview.com/script/lb9nUFFK-Barbwire-yohtza/
