The Range Indicator by Jack Weinberg for ThinkorSwim

[BenTen]

Developed by Jack Weinberg, Range indicator compares intraday range with inter-day range. Author had a strong belief that crossing of intraday range outside the inter-day range is an indication of end of current trend

Interpretation

• RI crossing above level 80 is a signal to exit
• RI below 20 is indication that a new trend is about to take charge
• RI is useful to filter signal given by other studies

It oscillates between 0 to 100 levels

thinkScript Code

# The Range Indicator by Jack Weinberg
# Assembled by BenTen at useThinkScript.com
# Converted from https://www.tradingview.com/script/h2BkYPFj/

declare lower;

input stochper = 10;
input smoothper = 3;
input highline = 80;
input lowline = 20;

def a = atr(1);
def Value1 = if(close > close[1], a / ((close - close[1]) + 0.00001), a);
def Value2 = lowest(Value1, stochper);
def Value3 = highest(Value1, stochper);
def StochRange = if((Value3 - Value2) > 0, 100 * (Value1 - Value2) / ((Value3 - Value2)  + 0.00001), 100 * (Value1 - Value2));

def TRI = expAverage(StochRange, smoothper);

plot line = TRI;
plot hl = highline;
plot ll = lowline;

 

[UpAgain]

@BenTen, how do we obtain the Upper Study to compliment the lower? Would like one posted on the chart to visually see it. As always, thanks. Much appreciated.

 

[pundit]

Ben,
Where can we find the upper study? The weekly, daily, and hourly range looks interesting.
Thanks.

 

[NCSWIC]

View attachment 5695

thinkScript Code

# The Range Indicator by Jack Weinberg
# Assembled by BenTen at useThinkScript.com
# Converted from https://www.tradingview.com/script/h2BkYPFj/

declare lower;

input stochper = 10;
input smoothper = 3;
input highline = 80;
input lowline = 20;

def a = atr(1);
def Value1 = if(close > close[1], a / ((close - close[1]) + 0.00001), a);
def Value2 = lowest(Value1, stochper);
def Value3 = highest(Value1, stochper);
def StochRange = if((Value3 - Value2) > 0, 100 * (Value1 - Value2) / ((Value3 - Value2)  + 0.00001), 100 * (Value1 - Value2));

def TRI = expAverage(StochRange, smoothper);

plot line = TRI;
plot hl = highline;
plot ll = lowline;

Not sure if TOS added this since the original post, but "Range Indicator" is a TOS study now (also a lower plot) - except for the 80/20 horizontal lines on the lower, which I like.

 

[ProcrastinatingPerfection]

@BenTen can you post the script for the study that displays the hourly, daily, weekly pivots

 

[BenTen]

For the upper study in the top post#1
Try this https://usethinkscript.com/threads/weekly-and-monthly-pivots-indicator-for-thinkorswim.152/

@UpAgain @pundit @NCSWIC @ProcrastinatingPerfection