Question about AverageDaily Range Price Levels

[mattmar10]

Is it possible with thinkscript to draw on a one minute or 3 minute chart price levels based on average daily range? More specifically, what i'd like to do is calculate the average daily range for a given period, say 14 days, then use that average range to plot standard deviation "bands" away from the open of the day. I've been doing this manually, but it seems this should be possible with thinkscript? I'm a complete thinkscript rookie so apologies in advance if this is a ridiculously simple question.

 

[SleepyZ]

Is it possible with thinkscript to draw on a one minute or 3 minute chart price levels based on average daily range? More specifically, what i'd like to do is calculate the average daily range for a given period, say 14 days, then use that average range to plot standard deviation "bands" away from the open of the day. I've been doing this manually, but it seems this should be possible with thinkscript? I'm a complete thinkscript rookie so apologies in advance if this is a ridiculously simple question.

See if this helps

def adr   = Average((high(period = AggregationPeriod.DAY) - low(period = AggregationPeriod.DAY)), 14);
plot o    = open(period = AggregationPeriod.DAY);
plot adrh = o + adr;
plot adrl = o - adr;

 

[mattmar10]

I was able to get things going based on this and some other digging. In case someone finds this in the future looking for something similar:

input length = 14;

def StDevDay = StDev(high(period = AggregationPeriod.DAY)[1]-low(period = AggregationPeriod.DAY)[1], length);

Plot PTL1 = open(period = AggregationPeriod.DAY) + .5*StDevDay;
Plot PTS1 = open(period = AggregationPeriod.DAY) - .5*StDevDay;

Plot PTL2 = open(period = AggregationPeriod.DAY) + StDevDay;
Plot PTS2 = open(period = AggregationPeriod.DAY) - StDevDay;

Plot PTL3 = open(period = AggregationPeriod.DAY) + (2*StDevDay);
Plot PTS3 = open(period = AggregationPeriod.DAY) - (2*StDevDay);

Plot PTL4 = open(period = AggregationPeriod.DAY) + (3*StDevDay);
Plot PTS4 = open(period = AggregationPeriod.DAY) - (3*StDevDay);


plot Open = open(period = AggregationPeriod.DAY);

Open.SetLineWeight(2);
Open.SetDefaultColor(color.violet);


PTS1.SetDefaultColor(color.orange);
PTS2.SetDefaultColor(color.red);
PTS3.SetDefaultColor(color.red);
PTS4.SetDefaultColor(color.red);
PTL1.SetDefaultColor(color.orange);
PTL2.SetDefaultColor(color.green);
PTL3.SetDefaultColor(color.green);
PTL4.SetDefaultColor(color.green);

PTS1.SetStyle(Curve.SHORT_DASH);
PTL1.SetStyle(Curve.SHORT_DASH);