#### korygill

##### Active member

**VIP**

**Daily Range System (DRS)**

The Daily Range System (DRS) is an indicator @BenTen found on TradingView, and I ported it to thinkorswim.

See these pages for more info on how to use this indicator.

https://www.tradingview.com/script/VpEHwgys-DRS-Daily-Range-System/ and https://www.forexfactory.com/showthread.php?t=743125

**Here is what it looks like on thinkorswim**

**Code for DRS**

Code:

```
#
# DailyRangeSystem_DRS
#
# Author: Kory Gill, @korygill
#
# Created from idea on https://www.tradingview.com/script/VpEHwgys-DRS-Daily-Range-System/
# Original idea is from https://www.forexfactory.com/showthread.php?t=743125
#
# VERSION HISTORY (sortable date and time (your local time is fine), and your initials
# 20190909-1200-KG - Created.
# ...
# ...
input timeFromEST = -300; #hint timeFromEST: 24hr time from EST timezone
input starthr = 6; #hint start: 24hr format hour start time for DRS
input duration = 12; #hint duration: hours for 1st DRS cycle
def exhr = if starthr+duration > 24 then starthr+duration-24 else starthr+duration;
def start = starthr*100 - timeFromEST;
def nan = Double.NaN;
def bn = BarNumber();
def hi = if bn < 2 then high
else if SecondsFromTime(start) == 0
then high else if high > hi[1]
then high
else hi[1];
def lo = if bn < 2 then low
else if SecondsFromTime(start) == 0
then low else if low < lo[1]
then low
else lo[1];
def mi = (hi + lo) * 0.50;
def m75 = 0.75 * hi + 0.25 * lo;
def m25 = 0.25 * hi + 0.75 * lo;
def sft = SecondsFromTime(start);
plot p1 = if sft[-1] == 0 then nan else hi;
plot p2 = if sft[-1] == 0 then nan else lo;
plot p3 = if sft[-1] == 0 then nan else m75;
plot p4 = if sft[-1] == 0 then nan else m25;
plot p5 = if sft[-1] == 0 then nan else mi;
p1.SetDefaultColor(Color.Cyan);
p2.SetDefaultColor(Color.Cyan);
p3.SetDefaultColor(Color.Cyan);
p4.SetDefaultColor(Color.Cyan);
p5.SetDefaultColor(Color.Yellow);
p1.SetLineWeight(2);
p2.SetLineWeight(2);
def elapsed = SecondsFromTime(start);
def durationSeconds = duration*60*60;
AddCloud(
if elapsed <= durationSeconds and elapsed >= 0 then p1 else nan,
if elapsed <= durationSeconds and elapsed >= 0 then p3 else nan,
Color.GREEN, Color.GREEN);
AddCloud(
if elapsed >= durationSeconds or elapsed <= 0 then p1 else nan,
if elapsed >= durationSeconds or elapsed <= 0 then p3 else nan,
Color.RED, Color.RED);
AddCloud(
if elapsed <= durationSeconds and elapsed >= 0 then p2 else nan,
if elapsed <= durationSeconds and elapsed >= 0 then p4 else nan,
Color.GREEN, Color.GREEN);
AddCloud(
if elapsed >= durationSeconds or elapsed <= 0 then p2 else nan,
if elapsed >= durationSeconds or elapsed <= 0 then p4 else nan,
Color.RED, Color.RED);
```

**Link to the study**

https://tos.mx/UdEXUb

Happy Trading,

Kory Gill, @korygill

Last edited: