Time Range Statistics

How it works

The script allows users to select a specific price range and calculates multiple statistical metrics including mean price, normalized range, percentage change, and average traded volume. It highlights the selected range on the chart and displays a panel with key statistics.

The script determines overall market trends by comparing higher highs and lower lows. It also calculates the correlation between closing prices of the selected instrument and another user-defined instrument, providing comprehensive market insights

Why it may be useful

Traders benefit from this script by gaining a deeper understanding of price behavior within specific market periods. The normalized range provides a standardized measure of price variation, making it easier to compare different instruments.

The correlation analysis helps identify relationships between different market instruments. By offering multiple statistical perspectives, traders can make more informed decisions, understand market dynamics, and potentially identify trading opportunities based on price movement patterns and statistical relationships

When to explore it

This script is most effective when analyzing specific market periods with significant price movements or during complex market conditions. It works best for traders seeking detailed statistical insights rather than simple trend indicators.

Ideal for analyzing market transitions, comparing different market segments, and understanding price behavior across various timeframes. Particularly useful when evaluating potential trading strategies, assessing market volatility, and identifying potential correlations between different financial instruments

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