True Range Strength
- Indicators
- Smarterbot Software
- Version: 240.713
- Activations: 5
True Range Strength Indicator with Advanced Trigger Options
This indicator calculates and displays various metrics related to daily price changes:
Metrics
- True Range (TR):
- The maximum of (High - Low, |High - Previous Close|, |Low - Previous Close|)
- TR Rate of Change (TR_ROC):
- Percentage change of TR relative to the daily reference price
- Daily Sum of Positive TR ROC:
- Accumulation of positive TR ROC values within a day
- Daily Sum of Negative TR ROC:
- Accumulation of negative TR ROC values within a day
- Difference between Daily Sum of Positive and Negative TR ROC:
- Net accumulation of TR ROC
Usage
- Add the indicator to a separate chart window
- Choose the desired plot type, value type, and trigger type from the inputs
- Use the indicator to gauge daily volatility and price movement trends
- The color histogram provides a quick visual reference for the net accumulation trend
Note: This indicator resets calculations at the start of each trading day