OPEN-SOURCE SCRIPT
Average Range @coldbrewrosh
Taking the average daily range from low to high or high to low isn't the "best" way to get an idea of how much to set targets. So, I made this indicator to make the system better.
This indicator calculates the daily range from Open to High on Bullish Days & Open to Low on Bearish Days.
Nobody can catch the absolute low of the day on bullish days and get out at the high but one can enter at a reasonable price around the open ( 17:00 EST ).
To complement the Average Range, another table shows the movement in the opposite direction.
For Instance: On Bullish Days how much it moved from Open to Low so that we have an idea of where to put the stop loss and vice versa. The time ranges calculated are the last 5 days, last 1 month, last 3 months & last 1 year.
Note #1: Even though the date range is predefined, it has a different meaning. For Instance: date range of last 5 days means "calculation of the range of last 5 bullish daily candles & not last 5 days".
Note #2: Exclusive to Forex at the time of posting this.
This indicator calculates the daily range from Open to High on Bullish Days & Open to Low on Bearish Days.
Nobody can catch the absolute low of the day on bullish days and get out at the high but one can enter at a reasonable price around the open ( 17:00 EST ).
To complement the Average Range, another table shows the movement in the opposite direction.
For Instance: On Bullish Days how much it moved from Open to Low so that we have an idea of where to put the stop loss and vice versa. The time ranges calculated are the last 5 days, last 1 month, last 3 months & last 1 year.
Note #1: Even though the date range is predefined, it has a different meaning. For Instance: date range of last 5 days means "calculation of the range of last 5 bullish daily candles & not last 5 days".
Note #2: Exclusive to Forex at the time of posting this.
Script de código abierto
Siguiendo fielmente el espíritu de TradingView, el autor de este script lo ha publicado en código abierto, permitiendo que otros traders puedan entenderlo y verificarlo. ¡Olé por el autor! Puede utilizarlo de forma gratuita, pero tenga en cuenta que la reutilización de este código en la publicación se rige por las Normas internas. Puede añadir este script a sus favoritos y usarlo en un gráfico.
¿Quiere utilizar este script en un gráfico?
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