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Weinberg's The Range Indicator for Amibroker (AFL)
Rating:
4 / 5 (Votes 2)
Tags:
amibroker, exploration
Developed by Jack Weinberg, Range indicator compares intraday range with inter-day range
Intraday range is bar’s (high – low) and inter-day range is (Close – Close-1)
Author had a strong belief that crossing of intraday range outside the inter-day range is an indication of end of current trend
It oscillates between 0 to 100 levels
Interpretation
RI crossing above level 80 is a signal to exit
RI below 20 is indication that a new trend is about to take charge
RI is useful to filter signal given by other studies
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Indicator / Formula
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// This is an upgraded/fixed and improved version of the code that was originally created by Marek Chlopek
/* StochRange - first step in constructing the TRI
/* StochRange - an oscillator of the ratio of the daily true range with the intraday range
/* Value1 - Today's True Range divided by today's close minus yesterday's close unless C-Ref(C,-1) < 0 then Value1 = True Range
/* Value2 - the lowest value of Value1, over the last q days
/* Value3 - the highest value of Value1, over the last q days */
stochper = Param("Stochatic Period", 10, 1, 100);
smoothper = Param("Smooth Period", 3, 1, 100);
a = ATR(1);
Value1 = IIf(Close > Ref(Close, -1), a / ((Close - Ref(Close, -1)) + 0.00001), a);
Value2 = LLV(Value1, stochper);
Value3 = HHV(Value1, stochper);
StochRange = IIf((Value3 - Value2) > 0, 100 * (Value1 - Value2) / ((Value3 - Value2) + 0.00001), 100 * (Value1 - Value2));
TRI = EMA(StochRange, smoothper);
Plot(TRI, _DEFAULT_NAME(), colorRed);
Filter = 1;
AddColumn(StochRange, "Stoch Range");
AddColumn(TRI, "TRI");
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