Institutional Range indicator is often referred to as IR .
About IR: Institutional Range draws real time lines that are dynamic and change as the day goes on. The lines provide profit targets (especially after tight chop). There is a center line which is a baseline of sorts. When the price hovers there or at any level, it indicates chop. The Inner line as shown on the screenshot provides the first target price after there has been some tight chop. The picture shows there was some tight chop around 7:45, then it went up to hit the inner line as noted with the dark purple notation. The outside line is a second target area for big moves after tight chop. The price will often bounce from line to line. It indicates profit targets particularly after tight chop at a major level.
IR is not used for entries, but it can give a hint on when not to take a trade. In looking at the screenshot below, if the price action gets to the outside top yellow line, it is less likely to go further for another long trade. Same is true inversely, if it reaches the bottom yellow outside line, it is less likely to go short. Once it reaches the outside line, watch for some tight chop. Once that has occurred and the price is heading back inside the yellow line, that is a good time to take a setup to the inside of the lines to the blue middle line again.
Another note is when the lines seem to be going straight across, this indicates slower momentum and range bound price action.
IR does resemble a channel; however, this is NOT some kind of a channel indicator looking to break out of the channels or anything even remotely close to that.
Setup: IR is most commonly used on a 5-minute chart. The template for it is called Institutional range_light blue. There are not many settings or adjustments to play with. As noted in the screenshot above, if all the lines are not shown, click on the F in the upper right. When you do that, the outer line usually disappears. To make everything show again, put the mouse on the price numbers on the right, then click the left mouse button while dragging the mouse toward the center so all the lines show.
