Relative True Range — Indicator by tmr0

TR truerange tmr0

tr truerange tmr0

Dots show the total movement for the period as a percentage (profit potential).
Line shows the volatility of the period in relation to the beginning of the period.

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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//coded by tmr0
//точки показывают суммарное движение за период в процентах (потенциальная прибыль)
//линия показывает волатильность за период по отношению к началу периода
// dots show the total movement for the period as a percentage (profit potential)
// line shows the volatility of the period in relation to the beginning of the period

study(title="Relative True Range", shorttitle="tRTR", overlay=false, precision=1)
res = input("D", type=resolution)
len = input(20, minval=1)

y0 = (highest(len)-lowest(len))/hl2[len-1]*100
y = security(tickerid, res, y0)
z1= (high-low)/open
z0 = sum(z1, len)*100
z = security(tickerid, res, z0)

plot(z, color=purple, style=circles, transp=0, linewidth=2)
plot(y, color=y>50?red:y>25?orange:y>10?green:blue, style=area, transp=60)

hline(0, linestyle=dotted, color=blue)
hline(10, linestyle=dotted, color=green)
hline(25, linestyle=dotted, color=orange)
hline(50, linestyle=dotted, color=red)