A Pine Script indicator that tracks daily intraday range percentages across three specific time blocks, helping traders understand price movement and volatility within a trading day.
Explore complementary indicator rolesHow it works
The script divides the trading day into three specific time blocks: 9:16–10:45, 10:45–1:15, and 1:15–3:15. For each block, it tracks and records the high and low price points.
It then calculates the range percentage by comparing the block's price range to the previous day's closing price. The calculation involves subtracting the block's low from its high, dividing by the previous day's close, and multiplying by 100 to get a percentage
Why it may be useful
Understanding intraday range percentages helps traders assess market volatility and potential price movements. By breaking down the trading day into distinct time blocks, traders can identify patterns in price fluctuations.
This information can be crucial for making informed trading decisions, setting stop-loss levels, and understanding the market's daily behavioral characteristics. The percentage-based approach provides a standardized way to compare price ranges across different trading sessions
When to explore it
This indicator is most effective for day traders focusing on intraday price movements. It works best in liquid markets with consistent trading volumes, such as major stock indices or forex pairs.
Traders can use this tool during normal market hours when all three time blocks are active. It's particularly useful for understanding market volatility, planning entry and exit points, and developing a more nuanced understanding of daily price dynamics
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What we’ve verified
Access, alerts and repainting behaviour have not been independently verified for this indicator. Check the creator’s current publication and settings.
General descriptions and classifications are recovered research. Verified details above identify the specific checks we have completed. Check the creator’s current publication for later changes.
