OPEN-SOURCE SCRIPT
Updated Relative Range at Time/ Relative volatility / High−Low
This script is designed to help you compare the size of the current price candle (the difference between the highest and lowest prices in a given time period) to the average size of the last several candles. It does this by calculating the average range of a certain number of previous candles (you can set how many with the "Length" input) and then dividing the current candle's range by this average. The result is plotted on the chart as a bar: if the current candle's range is larger than the average, the bar is green; if it's smaller, the bar is red. A horizontal line is also drawn at the value of 1, so you can easily see whether the current candle's range is above or below the average. If there’s an issue with the data, the script will show an error message to let you know.
Release Notes
minor updatesRelease Notes
updatesOpen-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.