OPEN-SOURCE SCRIPT
Daily Range Intelligence (DRI)
Daily Range Intelligence (DRI) is an intraday context tool designed to help traders understand how much of the expected daily range has already been used.
It measures the current day’s range relative to the Average True Range (ATR) and presents this information in a clean, visual format to support decision-making.
This indicator does not generate trading signals. It is intended to provide context about volatility and range expansion.
Core Concept
Markets tend to move within a statistical range. By comparing the current range to ATR, traders can evaluate whether price still has room to expand or if it is operating in extended conditions.
How to Interpret the Range
Important Note on ATR Levels
Reaching 100% of ATR does not imply that price must reverse or stop moving. Markets can continue to expand beyond their average range, especially during strong directional sessions. The ATR level is a reference point for context, not a limit or constraint.
What the Indicator Displays
How It Helps
DRI helps answer key intraday questions such as:
Usage Notes
This tool is designed to be used alongside price action and technical analysis.
It does not predict direction and should not be used in isolation. Always combine it with your own analysis and risk management approach.
Market conditions can vary, and no single metric should be used as a standalone decision tool.
It measures the current day’s range relative to the Average True Range (ATR) and presents this information in a clean, visual format to support decision-making.
This indicator does not generate trading signals. It is intended to provide context about volatility and range expansion.
Core Concept
Markets tend to move within a statistical range. By comparing the current range to ATR, traders can evaluate whether price still has room to expand or if it is operating in extended conditions.
How to Interpret the Range
- Below 50% of ATR
The market has used a relatively small portion of its expected range. This indicates that price may still have room to expand. - Between 80% and 120% of ATR
The market is operating in a decision zone, where both continuation and rotation scenarios are possible. - Above 120% of ATR
The market has exceeded its typical range. This is commonly associated with slower conditions or consolidation.
Important Note on ATR Levels
Reaching 100% of ATR does not imply that price must reverse or stop moving. Markets can continue to expand beyond their average range, especially during strong directional sessions. The ATR level is a reference point for context, not a limit or constraint.
What the Indicator Displays
- Current day range relative to ATR (percentage)
- A simplified status view (Expansion, Decision, Exhaustion)
- A compact dashboard for quick interpretation
- An optional ATR 100% level to highlight when the expected range has been reached
- Reference zones based on previous day and session ranges
How It Helps
DRI helps answer key intraday questions such as:
- Has the market already moved significantly today?
- Is there still room for expansion?
- Are current conditions better suited for continuation or patience?
Usage Notes
This tool is designed to be used alongside price action and technical analysis.
It does not predict direction and should not be used in isolation. Always combine it with your own analysis and risk management approach.
Market conditions can vary, and no single metric should be used as a standalone decision tool.
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.
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.