Version 1.1 July 21, 2017
Only to be used with minute or daily charts.
The Relative Ranges indicator measures the range of a minute bar or a daily bar against the average range for the same time of the day over the preceding n days. The indicator comes with two different options to calculate the relative range:
All_Days: Today's ranges are compared to the average ranges of the N preceding business days. The default value is N = 40. With the setting "All_Days" the indicator requires the use of proper trading hours templates which match the trading day of the instrument traded. Trading hours templates that cut the week into arbitrary sessions - such as the session template 24/7 - cannot be handled by the indicator and will trigger an error message.
Day_Of_Week: Today's ranges are compared to the average range calculated for the same day of the week over the N preceeding weeks. The default value is N = 8. With the setting "Day_Of_Week", all session templates can be handled.
Relative Ranges: The relative ranges are shown as a percentage of the average volume calculated over the reference period.
Cumulated ratio: Compares the cumulated ranges of the current day to the average ranges of the selected reference period.
Holidays: Holidays as selected via the indicator dialogue box may be excluded from all calculations.
Default settings: Relative range bars between 80% and 120% of the normal range are shown as white bars. Higher relative range bars are shown as blue bars, lower relative range bars are shown as red bars.
Category NinjaTrader 8 Indicators and More
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