PEC Range (Prefer on 1D chart) — Indicator by PrajwalWaks

Price Expansion and Contraction is basic calculation of Candles High-Low and it is average of previous 5 High-Low. Which will help to analyse volatility of running situation. This can be used for analysis purpose only not as buy/sell signals.

How to use this?

Ranges of candles may increase on lower value of PEC.
Ranges of candles may decrease on high of PEC.

This is not ATR of 5 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.

Disclaimer

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