joshuuu

Hourly Ranges @joshuuu

joshuuu Updated   
This indicator creates a statistic to track the average range per hourly candle.
Distribution for bullish candles is the range between open to high.
Manipulation for bullish candles is the range between open to low.
Distribution for bearish candles is the range between open to low.
Manipulation for bearish candles is the range between open to high.

It has the option to filter specific days to see if price behaves differently depending of the day of the week. monday in the menu is 2, tuesday number 3, wednesday number 4, ...
It has the option to show the range in pips (for forex) or points (for indices).

One can use that data to find the hour with the biggest range to try to catch the greatest range.
Release Notes:
complete rewrite of the code
- visualization of the hourly candles
- added „retracement“ value. example for the retracement value of a bullish candle would be high to close
- to show the actual values you can hover the mouse above the hour you‘re interested in
- shows error message when not using the hourly timeframe
- NY Timezone
- Better UX for day_filter option

Protected script
This script is published closed-source but you may use it freely. You can favorite it to use it on a chart. You cannot view or modify its source code.
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.

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