The range indicator compares daily range (High - Low) to the range between days (Close - PrevClose).
- Where the intraday range is larger than the interday range, the indicator will have high values, which indicates the stop/end of the current trend;
- Where the indicator has low values, it means the potential start of a new trend.
The indicator has seven configurable parameters:
- Period - calculation period;
- Smoothing - smoothing period;
- Method - calculation method;
- Level 1 - values level 1;
- Level 2 - values level 2;
- Level 3 - values level 3;
- Level 4 - values level 4;
MA - moving average on the Range data with the Smoothing period and the Method calculation method
If Max - Min > 0:
Если Close > PrevClose:
Max, Min - the highest and the lowest Value within Period
Maximum, Minimum - the highest and the lowest values of the two