Here are 2 indicators I'm working with. The first one is a mod of the original from before to include fibonacci. However, it is TF locked to only the ones available in MT4. The second indicator can transcend that problem and allow any TF. The basics of the strategy is to study and analyze lower TF's (this is the Length setting), starting at any major reversal and working you way to the next reversal. On different chart TF's, this will produce different reversal points of course. I use it on E/U M1 (a noisy choice of course) and it seems to work good. You can start with a Length of 1 and work your way up. What you are looking for is the single dotted line (which is called the Prev Median line if you hover your mouse over it). This will be your most important line, and when it crosses the double dotted line (which is called the Curr Median), it means that TF has changed trend. If the Prev Median is above, the trend is down (because the current faster median has passed below the previous slower median) and vice versa. Now if the trend is up, price will hit the upper channel and, if down, it will hit the lower channel line (by hitting I mean it can come within 1 pip on M1 and still be valid), and I have yet to see it waiver from this rule as long as you pay attention. What I mean is: if price has already hit it when you were not paying attention, you would be in error expecting it to hit again.
But, it isn't just that easy, because the next higher Length can signal a trend reverse somewhere along the way, so you will need to monitor this one as well. Now if it still hasn't changed and still is indicating the opposite trend (if the 2 median values are exactly the same, it is valid for the change also), price will hit that channel anyway, due to one steadfast rule: if price crosses that Length's Prev Median dotted line, it will very possible reverse on that TF channel. And here is another steadfast rule: until that Length changes its trend to match the lower ones, you will not check any more higher Length channels. Just because it did cross another higher Length dotted line, it doesn't mean anything, because it can indeed cross many different medians of all sorts of Lengths in its course. The only one you need to be concerned with is only the highest one that hasn't changed trend yet, as long as price has crossed its previous median line.
This presents a manual problem of course. Usually price moves fast near these reversal points, and the Length can increase dramatically by sometimes 1000's as price reverses back into a previous trend. If you look at E/U, it is working its way up to last year's high, which, on an M1 chart, can be something around 200,000 minutes back of market time, which presents another problem with automation. If we go that far back, we will need to make sure we have that many bars in our chart and enough CPU and memory to manage everything, so a higher TF chart might be needed.
Anyway, I believe this could very well be the answer to the old trend vs. range problem. This strategy treats all movements as trends and catches even the smallest reversals (beware of spread of course).
SL is extremely low (somewhere around 5-10 pips above/below the swing high/low on M1), TP will depend on your chart TF as well, and can just be the final reversal signal (you can safely use Length 5 trend change or even Length 1 for more aggressive, or use your fav CCI or stoch). TS will of course be difficult to determine on a noisy chart. You may find that final trend can continue for hours and days and weeks, so you might want to limit yourself to a certain number of pips, or keep watch on the lower Lengths to exit your trade. You can very easily enter again, starting the process over on a smaller reversal. You can also increase the Length by 15 increments on a M1 chart without too much trouble I believe.
Overall, I think this might be too overwhelming for manual, but it might help for some people to try it on demo and study it for awhile to see if there's anything to improve. Like I said before, the first indy has limited TF abilities, and sometimes price will reverse without hitting the next TF, just because it chose something in between. I like to put several instances of the 2nd indy on a M1 chart with all different colors. That way, I can see how they all interact with each other. It can give you a headache though.