SimpleRange Pro

6 hari lalu

SimpleRange Pro is a comprehensive range analysis indicator that calculates historical Open-Close (OC) and Low-High (LH) ranges for specific hours and days, helping traders understand market volatility patterns and optimize their trading strategies.

Core Functionality

This indicator analyzes historical price data to calculate average ranges in pips for user-selected time periods. It processes up to 6 months of historical data to provide statistically relevant insights into market behavior during specific hours and days of the week.

Key Calculations:

• Open-Close Range (OC): Measures the average distance between opening and closing prices
  
• Low-High Range (LH): Calculates the full candle range from low to high
  
• Mean Range (M): Provides the average of OC and LH ranges for balanced analysis
  

Advanced Features

Multi-Asset Compatibility: The script automatically detects and applies appropriate pip values for:

• Major Forex pairs (EUR/USD, GBP/USD, etc.)
  
• JPY pairs with adjusted calculations
  
• Precious metals (Gold/XAU, Silver/XAG)
  
• Cryptocurrencies (Bitcoin, Ethereum)
  
• Indices and other instruments
  

Flexible Time Analysis: Users can select any combination of:

• 7 days of the week
  
• 24 hours per day (displayed in NY time)
  
• Data periods from 1 to 6 months
  

Professional Table Display: Clean, customizable data table showing:

• Hourly breakdown of selected time periods
  
• Multiple theme options (Light/Dark mode)
  
• Adjustable positioning and text sizes
  

Why This Script is Worth Using

Unlike basic range indicators that show current or simple historical ranges, SimpleRange Pro provides:

1. Statistical Depth: Processes thousands of historical data points to calculate meaningful averages
   
2. Time-Specific Analysis: Identifies which hours and days historically show higher or lower volatility
   
3. Multi-Timeframe Intelligence: Optimized for 1-hour charts but processes data across extended periods
   
4. Asset-Aware Calculations: Automatically adjusts pip calculations for different instrument types
   
5. Professional Presentation: Enterprise-grade table formatting with customizable themes
   

Practical Applications

For Day Traders: Identify high-volatility hours for scalping and breakout strategies
For Swing Traders: Understand daily patterns to time entries and exits
For Risk Management: Set appropriate stop losses based on historical range data
For Strategy Development: Use historical volatility data to optimize trading parameters

Technical Implementation

The script employs advanced Pine Script techniques including:

• Dynamic lookback calculations with memory optimization
  
• Multi-dimensional data processing for day/hour combinations
  
• Automatic reset system when parameters change
  
• Real-time table updates with minimal resource usage
  

The calculations are performed using a sliding window approach that ensures accuracy while maintaining performance, even when processing large datasets.

Important Considerations

This indicator analyzes historical price patterns and should be used as part of a comprehensive trading strategy. Past performance patterns may not repeat in future market conditions. The script works best on liquid markets during active trading sessions.

Range analysis is most effective when combined with other technical analysis tools and fundamental market understanding. Users should consider market conditions, news events, and overall market sentiment when interpreting the data.

SimpleRange Pro transforms raw historical data into actionable insights, providing traders with the statistical foundation needed to make informed decisions about market timing and risk management.

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Nota Keluaran

New

• Added Data Period row (1/2/3/6 Month) under Days.
  
• Auto theme colors (follow chart background).
  
• New Q = B/M metric to check session quality.
  

Changes

• OC → B (Body)
  
• LH → R (Range)
  
• OC/M → Q (Quality)
  
• Table: Hour | B | R | M | Q