Technical Studies Reference


Daily Range Bands

The Daily Range Bands calculates and displays on an Intraday chart, Daily (1 day) bands based upon either an Average True Range or an Average Daily Range study on a separate Historical Daily chart.

To use the study, first open a Historical Daily chart for the same symbol as the Intraday chart. This can be easily done by going to the Intraday chart you want to use the Daily Range Bands study on and selecting Chart >> Duplicate Chart. When that duplicate chart is active, select Chart >> Bar Period >> Daily. Add to this Historical Daily chart one of these studies: Average True Range or Average Daily Range. This will be considered the Range study.

Go to the Intraday chart for the symbol, and add the Daily Range Band study.

Set the Range Study Reference Subgraph Input according to its description.

The output consists of two study Subgraphs that form the upper and lower bound of the predicted range using the Daily High and Low for the trading day the bands are drawn on and the Range Study Reference Subgraph. The Daily Range Displacement Input controls how many days back from the current day the bands are being drawn on, that the Range Study Reference Subgraph will be referenced from. Set this to 1 to use the prior day for stable values.

Set the Use High/Low from Historical Daily Chart Input to Yes to use the High and Low values from the Historical Daily chart bars rather than calculated from the Intraday chart.

  • Upper Band when Gap Adjust With Yesterdays Close is No: (Low for day + Range Study Reference Subgraph for the corresponding day) * Band Multiplier.
  • Lower Band when Gap Adjust With Yesterdays Close is No: (High for day - Range Study Reference Subgraph for the corresponding day) * Band Multiplier.
  • Upper Band when Gap Adjust With Yesterdays Close is Yes: (Minimum(Low for day, Previous day close) + Range Study Reference Subgraph for the corresponding day) * Band Multiplier.
  • Lower Band when Gap Adjust With Yesterdays Close is Yes: (Maximum(High for day, Previous day close) - Range Study Reference Subgraph for the corresponding day) * Band Multiplier.

Reversed Bands: In the case where you notice that the Upper Band Subgraph is lower than the Lower Band Subgraph, you need to increase the Band Multiplier value to solve this.

Custom Session Times for Range Study: The Range Study as referenced by the Range Study Reference Subgraph is normally on an Historical Daily chart. If you want to use custom session times for this chart, this requires using an Intraday chart set to Daily bars. Refer to Creating Daily Bars with Custom Session Times for instructions.

Inputs

  • Range Study Reference Subgraph: This Input sets the particular Chart and Study Subgraph to reference the Range study from, for calculating the Daily Range Bands. The Chart will be the Historical Daily chart and the Study Subgraph will be Average True Range or Average Daily Range study was added to the Historical Daily chart.
  • Gap Adjust With Yesterdays Close: When this Input is set to Yes, the prior days close is used along with the current days High or Low to adjust for any price gaps.
  • Number of Days to Display (0 = All): When this is set the default of 0, the Daily Range Bands are calculated across all days in the Intraday chart. When this is set to a nonzero value, the Daily Range Bands are calculated across the specified number of days.
  • Band Multiplier: This is the amount to multiply the Upper Band and the Lower Band by. The default is 1. In the case where you notice that the Upper Band Subgraph is lower than the Lower Band Subgraph, you need to increase the Band Multiplier to solve this.
  • Daily Range Displacement: Displaces the Range Study Reference Subgraph, the specified number of bars. Setting this to 1 will cause the stable range value from the prior day to be used instead of the value for the current day which is still updating.
  • Use High/Low from Historical Daily Chart: When this Input is set to Yes, then the High and low for a day is obtained from the Historical Daily chart referred to by the Range Study Reference Subgraph Input, instead of the Intraday chart the study is applied to.
  • Stop Updating High/Low When Projected Range Met: When this Input is set to Yes, the projected range will stop updating once the Upper Band or Lower Band has been reached.

*Last modified Friday, 12th May, 2017.