Average of Daily Range

[j11235813]

Looking for a watch list column that shows the average daily range; the average of the daily range. Not the average true range. Thanks.

 

[Joshua]

You may need to be more specific, but assuming the high to low range, it would just be Average(high - low, 10) where you could change 10 to what ever length you'd like.

 

[klavi6a]

Looking for a watch list column that shows the average daily range; the average of the daily range. Not the average true range. Thanks.

Did you find a proper solution? I am in search of the same thing. I need to know if on a given day the price is near the bottom or the top of the price range for let say last week, or 10 days.

 

[SleepyZ]

Did you find a proper solution? I am in search of the same thing. I need to know if on a given day the price is near the bottom or the top of the price range for let say last week, or 10 days.

The following uses the Daily Highs/Lows to determine the Average Daily Range.

#ADR_AverageDailyRange_Labels

input length = 5;
input agg = AggregationPeriod.DAY;

def h = high(period = agg);
def l = low(period = agg);
def top = Sum(h[1], length) / length;
def bot = Sum(l[1], length) / length;
def ADR = top - bot;
def where = if AbsValue(close - top) < AbsValue(close - bot) then 1 else 0;

AddLabel(1, "ADR (" + length + ")  [ATTACH=full]4059[/ATTACH]" + AsDollars(ADR), Color.WHITE);
AddLabel(1, "Today| H: " + AsDollars(h) + " L: " + AsDollars(l) + " DR: " + AsDollars(h - l), Color.YELLOW);
AddLabel(1, "Today Close (" + AsDollars(close) + ") near: " + (if where == 1 then "TOP " + AsDollars(top) else "BOT " + AsDollars(bot)), if where == 1 then Color.GREEN else Color.RED);
;

 

[j11235813]

I found this https://tos.mx/Qimvmh. Shows today's range and the ATR. You can change the length of the ATR.

And this. https://usethinkscript.com/threads/previous-day-high-low-close-for-thinkorswim.3494/. You need to use the time axis expansion area. Time look is adjustable to the standard time frames. Appears to print on lower time frames.

 

[klavi6a]

I found this https://tos.mx/Qimvmh. Shows today's range and the ATR. You can change the length of the ATR.

And this. https://usethinkscript.com/threads/previous-day-high-low-close-for-thinkorswim.3494/. You need to use the time axis expansion area. Time look is adjustable to the standard time frames. Appears to print on lower time frames.

The previous_day_hig_low_close I have and altered it a bit to end up with this. Let me know if you find it helpful or if you see any mistakes in the logic.

input aggregationPeriod = AggregationPeriod.DAY;
input DaysToUseInCalculation = 4;


def DailyHigh = Highest(high(period = aggregationPeriod), DaysToUseInCalculation);
def DailyLow = Lowest(low(period = aggregationPeriod), DaysToUseInCalculation);

def ADR_high = (dailyHigh[1] + dailyHigh[2] + dailyHigh[3] + dailyHigh[4]) / 4;
def ADR_low = (dailyLow[1] + dailyLow[2] + dailyLow[3] + dailyLow[4]) / 4;

plot ADR_H = ADR_high;
plot ADR_L = ADR_low;

ADR_H.SetDefaultColor(GetColor(6));
ADR_H.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
ADR_L.SetDefaultColor(GetColor(4));
ADR_L.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);

 

[klavi6a]

The following uses the Daily Highs/Lows to determine the Average Daily Range.

Since I am looking for a plotted study, not just a lable.... do you find the following code logical?

input aggregationPeriod = AggregationPeriod.DAY;
input DaysToUseInCalculation = 4;


def DailyHigh = Highest(high(period = aggregationPeriod), DaysToUseInCalculation);
def DailyLow = Lowest(low(period = aggregationPeriod), DaysToUseInCalculation);

def ADR_high = (dailyHigh[1] + dailyHigh[2] + dailyHigh[3] + dailyHigh[4]) / 4;
def ADR_low = (dailyLow[1] + dailyLow[2] + dailyLow[3] + dailyLow[4]) / 4;

plot ADR_H = ADR_high;
plot ADR_L = ADR_low;

ADR_H.SetDefaultColor(GetColor(6));
ADR_H.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
ADR_L.SetDefaultColor(GetColor(4));
ADR_L.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);