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Opening RangeThe opening range or first 30 minutes of trading during the day sets the tone and becomes an important reference through the rest of the day. Price will react as it reaches the high and low of the opening range. Backtesting has shown that the strategies based on the opening range have merit and provide an edge in trading. By not being aware of these points of reference you put yourself at risk. In addition to the opening range, the distance from the high or low of the opening range plus the width of the opening range forms another important reference point. Opening Range Rules. Price must break out of the opening range in order to have a trending day. As long as price is inside the opening range, expect the trade to be choppy. Once price leaves the opening range the market can begin to trend. However, before it trends most times it will retest the boundary of the opening range. This is a critical point, and a better than average entry for a position to join the trend. However, if price closes back inside the opening range watch out. Re-entry to the opening range has a high probability of going to the middle of the opening range, and a better than average probability of crossing the entire opening range. In the above chart we can see price broke below the opening range then returned to retest the opening range before beginning a downward trend that delivered 175 pts on NQ. Upon re-entering the opening range price tried to break down again but ultimately traveled up until it hit the 50% mark of the opening range. Once a trend has begun the first target is the green line which is 1 width of the opening range outside of the opening range. Once price broke out of the opening range to the upside, it came back to retest the opening range high, before beginning an uptrend that delivered 120 pts on NQ.
Penunjuk Pine Script®
oleh aaronmefford
4
Fibonacci Ranges (Real-Time) [LuxAlgo]The "Fibonacci Ranges" indicator combines Fibonacci ratio-derived ranges (channels), together with a Fibonacci pattern of the latest swing high/low. 🔶 USAGE The indicator draws real-time ranges based on Fibonacci ratios as well as retracements. Breakouts from a Fibonacci Channel are also indicated by labels, indicating a potential reversal. Each range extremity/area can also be used as support/resistance. 🔶 CONCEPTS Fibonacci Channels Latest Fibonacci Both, Latest Fibonacci and Fibonacci Channels , display different Fibonacci levels (labels not included in the code): However, the 2 react in a totally different way. 🔹 Fibonacci Channels 2 conditions must be fulfilled until a Fibonacci Channel is displayed: New swing high/low close has to be between chosen limits/levels ( Break level ) As visual guidance, chosen Break levels are accentuated by 2 small gray blocks: Once the channel is displayed, it will remain visible until x consecutive bars break out of the chosen Break level at closing time. • x consecutive bars is set by Break count . The amount of breaks is counted in the code. When the price, without breaking the user-set limit, closes back between the 2 levels, the count is reset to 0. By enabling Channels and Shadows you can see previous channels (" Shadows ", which is always delayed with 1 bar) Previous channels can be helpful in finding potential support/resistance areas, especially from large channel blocks The more narrow Break levels are set the less chance the price closes between these 2 levels, and the quicker close breaks out. In other words, narrow levels give fewer & smaller channels, broader levels give more & larger channels. Note: • swing settings: L & R • Break count (x consecutive bars that close outside chosen levels to invalidate the Fibonacci Channel ) will also be of influence in displaying the channels. • Show breaks enable you to visualize signals when there is a break: • Alerts can also be set ( Break Down / Break Up ) 🔹 Latest Fibonacci This displays the Fibonacci levels between the latest swing high and swing low, independently from the Fibonacci Channel . The Lastest Fibonacci can be helpful in detecting the current trend against the larger Fibonacci Channel . 🔶 SETTINGS 🔹 Swing Settings L: set left of pivothigh / pivotlow R: set right of pivothigh / pivotlow 🔹 Fibonacci Channels Channel : Channel / Channels + Shadows / None Break level -0.382 - 1.382   0.000 - 1.000   0.236 - 0.764   0.382 - 0.618 Break count 🔹 Fibonacci Toggle Colours: [ -0.382 - 0 ], [ 0.236 - 0.382 ], [ 0.5 ], [ 0.618 - 0.764 ], [ 1 - 1.382 ]
Penunjuk Pine Script®
oleh LuxAlgo
25
BERLIN Renegade - Baseline & RangeThis is the baseline and range candles part of a larger algorithm called the "BERLIN Renegade". It is based on the NNFX way of trading, with some modifications. The baseline is used for price crossover signals, and consists of the LSMA. When price is below the baseline, the background turns red, and when it is above the baseline, the background turns green. It also includes a modified version of the Range Identifier by LazyBear. This version calculates the same, but draws differently. It remove the baseline signal color if the Range Identifier signals there is a possible trading range forming. The main way of identifying ranges is using the BERLIN Range Index. A panel version of this indicator is included in another part of the algorithm, but the bar color version is included here, to make the ranges even more visible and easier to avoid.
Penunjuk Pine Script®
oleh lejmer
8
TRI - The Range Indicator by Jack Weinberg TRI - The Range Indicator by Jack Weinberg Developed by Jack Weinberg, Range indicator compares intraday range with inter-day range Intraday range is bar’s (high – low) and inter-day range is (Close – Close-1) Author had a strong belief that crossing of intraday range outside the inter-day range is an indication of end of current trend It oscillates between 0 to 100 levels 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
Penunjuk Pine Script®
oleh ceyhun
Intraday Background Time RangesThis simple script was written for studying recurring intraday behaviours of financial instruments. With it, you can highlight up to 13 customizable time ranges on your chart, filling the corresponding background space with colors you prefer. You can then write a note for each range and it will be shown in the optional related table. The experience shows that every financial instrument has its own personality. With this in mind, the script can be useful to study intraday charts with the purpose of discovering recurring behaviours of specific instruments over a certain time range and under specific circumstances (normal days, earnings days, days with catalysts, etc.) This can help the trader to deeply understand the instrument personality, and therefore also to decide whether to enter or exit the market if its behaviour meets or not his expectations. Please note that this script only works on minute/hourly charts.
Penunjuk Pine Script®
oleh valpatrad
24
Average, Median, Mode, Biggest: Pip Range Measures & LabelsApply various simple statistical measures to series of full candle ranges over user input length (in bars). Choose between AVERAGE, MEDIAN, MODE, BIGGEST. All calculations derive from the high-low range of a candle. Default length = 260, the number of daily candles in a year. MODE is calculated from pip ranges rounded to reasonable increments (to nearest 10pips foreign currencies; to nearest 100 pips for DXY ; nearest $10 for other assets). Best only use MODE for the major FX pairs encoded, and on Daily timeframe . User input 'unit multiplier' only applies when asset is NOT a major Forex pair (unit and multiplier is auto applied for for major FX pairs). © twingall
Penunjuk Pine Script®
oleh twingall
3
Michigandolf's 30min Opening RangeThis script plots the 30min Opening Range as well as the previous day's high & low. Description: Blue Line = Top of the 30min Opening Range for the session Pink Line = Bottom of the 30min Opening Range for the session White Line = Mid-Point of the 30min Opening Range for the session White Transparent Area = The full range of the 30min Opening Range Green Line = Yesterday's High for the session Red Line = Yesterday's Low for the session Use: The Opening Range will continue to expand until the first 30minutes of trading has passed, at which point the range will lock in place for the remainder of the trading session. Many traders use these important levels to gauge trade entries and exits (e.g. Mark Fisher's ACD strategy). This script does not work currently work for futures (e.g. ES, NQ, RTY) due to the session start time. Will configure for futures trading in a future update.
Penunjuk Pine Script®
oleh Michigandolf
32
User-Inputed Time Range & FibsGreetings Traders! I have decided to release a few scripts as open-source as I'm sure others can benefit from them and perhaps make them better.(Be sure to check my Profile for the other scripts as well: www.tradingview.com). This one is called User-Inputed Time Range & Fibs. The idea behind this script is to record the Range Highs and Lows of a User Defined Period, and plot potential Targets based on either Fibonacci Extensions or a Multiple of the Range Size. I created this originally for use with the US Session Initial Balance(From 9:30-10:30AM EST), however it can be set to any time period. What is Initial Balance? In simple words, Initial Balance (IB) is the price data, which are formed during the first hour of a trading session. Activity of traders forms the so-called Initial Balance at this time. This concept was introduced for the first time by Peter Steidlmayer when he presented the market profile to traders(atas.net). The IB is monitored as a break-out area for Range Extension traders. The IB High is also seen as an area of resistance and the IB Low as an area of support until it is broken(www.mypivots.com). As a note, depending on the Time Zone you are in, you may need to manually add or subtract from the Timed Range to match the desired Time. For example in NY Eastern Time, I have to use 8:30-9:30AM to Capture the 9:30-10-30AM IB for ES and NQ. Similarly, I must use 14:30-15:30PM to Capture the 9:30-10-30AM IB for BTC. You will need to make adjustments based on the Time Zone you are located in. I wanted to give a Special Thanks to @PineCoders for the Custom Rounding Function from Backtesting/Trading Engine--> (), Pinecoders.com for help with Tracking the Highs/Lows--> (www.pinecoders.com), and @TradeChartist for allowing me to use some of the code for the Fibonacci Extensions from his script here--> (). If you like User-Inputed Time Range & Fibs, be sure to Like, Follow, and if you have any questions, don't be afraid to drop a comment below.
Penunjuk Pine Script®
oleh DrCatherineHalsey
13
How To Set Backtest Time Ranges Example how to set the time range window to be backtested for both entries and exits. Additional examples are also included showing how to set the date range and toggle plot visibility. By incorporating this code with your own strategy's logic, it will allow you to backtest various time windows. Much gratitude to @LucF and @a.tesla2018 for help with including ':1234567' for time ranges on weekends. Thank you both! NOTICE: This is an example script and not meant to be used as an actual strategy. By using this script or any portion thereof, you acknowledge that you have read and understood that this is for research purposes only and I am not responsible for any financial losses you may incur by using this script!
Strategi Pine Script®
oleh allanster
40
Dotenslayer : An open range breakouts method indicator for botThis script shows the long and short points of certain Japanese bots like 'DotenKun' which use open range breakouts method. Searching recent 18 bars as default and shows the range calculated with a factor (default k = 1.6). You can edit this condition by yourself. When filled the long or short conditions, also shows the indicator on the price chart to help your trading on BTC. Also, this script can make alarm events related to those conditions. This script only works for BTCUSD, XBTUSD, BTCJPY, FXBTCJPY with 1H time span. Disclaimer : I don't own the source code of the certain bots and I didn't directly reference the source code of it. So which means, I don't guarantee this script works as same as the bots works. Also, I didn't mean to disturb their trading bot businesses. Your donations are welcome! : BTC : 327MqYGfHJFC7LRijGwQZXdTAyFwvYCzyv ETH : 0x5E270c3667E65ba6158D292a98c5b54F81AfCAf1
Penunjuk Pine Script®
oleh yosshibox
1
Range Panel (Current + Lookback)Range Panel (Current + Lookback) What it does: Displays a fixed-position panel showing the current bar’s range (1×, 1.5×, 2×) and a lookback bar’s range (1×, 1.5×, 2×) for quick volatility and target sizing reference. The panel stays visible on any timeframe and updates live. Why it’s useful: Quickly compare the size of the current candle to a past candle without measuring manually. Perfect for stop/target planning and assessing volatility shifts. Features Current Bar Range — 1×, 1.5×, and 2× multipliers in instrument points. Lookback Bar Range — 1×, 1.5×, and 2× multipliers from N bars ago. Lookback control — set N to any bar back in history. Static panel — stays in the same screen corner regardless of price or time. Panel position toggle — Top Left / Top Right / Bottom Left / Bottom Right. Customizable background and text colors. Optional inputs in status line. Inputs Lookback (bars) — how many bars back to fetch the comparison range. Background — panel background color. Text — text color. Panel Position — where to place the panel on the chart. Inputs in status line — toggle to show settings in the chart’s status bar. Notes Range is measured as (High – Low) of the bar. Values are in instrument points (for MNQ: 0.25 point = 1 tick). Works on any symbol and timeframe. Do you want me to also add tick and $ equivalents for MNQ into this description so it’s clearer for futures traders? You said: add font size ChatGPT said: Got it — here’s the updated public description with the new font size control added to the feature list and inputs section: Range Panel (Current + Lookback) What it does: Displays a fixed-position panel showing the current bar’s range (1×, 1.5×, 2×) and a lookback bar’s range (1×, 1.5×, 2×) for quick volatility and target sizing reference. The panel stays visible on any timeframe and updates live. Why it’s useful: Quickly compare the size of the current candle to a past candle without measuring manually. Perfect for stop/target planning and assessing volatility shifts. Features Current Bar Range — 1×, 1.5×, and 2× multipliers in instrument points. Lookback Bar Range — 1×, 1.5×, and 2× multipliers from N bars ago. Lookback control — set N to any bar back in history. Font size control — adjust panel text size to match your chart style. Static panel — stays in the same screen corner regardless of price or time. Panel position toggle — Top Left / Top Right / Bottom Left / Bottom Right. Customizable background and text colors. Optional inputs in status line. Inputs Lookback (bars) — how many bars back to fetch the comparison range. Font size — sets panel text size (small, normal, large). Background — panel background color. Text — text color. Panel Position — where to place the panel on the chart. Inputs in status line — toggle to show settings in the chart’s status bar. Notes Range is measured as (High – Low) of the bar. Values are in instrument points (for MNQ: 0.25 point = 1 tick). Works on any symbol and timeframe.
Penunjuk Pine Script®
oleh Futurestraderbrian
Multi Ranges Volume Distribution [LuxAlgo]The Multi Ranges Volume Distribution tool allows traders to see the volume distribution by price for three different timeframes simultaneously. Each distribution can report the total amount of accumulated volume or the accumulated buy/sell volume separately. Levels are displayed at the top and bottom of each timeframe's range, as well as the POC or level with the most volume. 🔶 USAGE By default, the tool displays daily, weekly, and monthly volume distributions, highlighting the accumulated volume within each row. Each distribution shows the volume at each price, as well as three lines: the top and bottom prices, and the price at which the most volume was traded. The reported accumulated volume can be useful for highlighting which price areas are of the most interest to traders, with the specific timeframe specifying whether this interest is long-term or short-term. 🔹 Timeframes & Rows Traders can adjust the timeframe and the number of rows for each volume distribution. This is useful for multi-timeframe analysis of volume at the same price levels, or for obtaining detailed data within the same timeframe. The chart above shows three volume distributions with the same monthly timeframe but a different number of rows; each is more detailed than the previous one. 🔹 Total vs Buy & Sell Volume Traders can choose to display either the total volume or the buy and sell volumes. As we can see on the above chart, the background of each row uses a gradient that is a function of the delta between the buy and sell volumes. This is useful to determine which areas attract buyers and sellers. 🔶 SETTINGS Volume Display: Select between total volume and buy and sell volume. Distance between each box: Adjust the spacing of the volume distributions. Period A: Select a timeframe and the number of rows. Period B: Select a timeframe and the number of rows. Period C: Select a timeframe and the number of rows.
Penunjuk Pine Script®
oleh LuxAlgo
5
Adaptive Range Scalper - KetBotAIThe Adaptive Scalper is designed to dynamically adjust entry, take-profit (TP), and stop-loss (SL) levels based on the latest market price. It combines multiple tools to provide traders with actionable insights, suitable for a range of trading styles and timeframes. How the Indicator Works Dynamic Levels: - Yellow Dotted Line: Represents the entry level, following the latest price dynamically. - Green Line: The Take Profit (TP) level, calculated as a multiple of the current price, adapts in real-time. - Red Line: The Stop Loss (SL) level, placed below the price and also dynamically adjusts. Bollinger Bands: Provides context for market volatility and potential overbought/oversold zones. Narrowing bands signal consolidation, while expanding bands indicate increased volatility. Buy and Sell Signals: Buy Signal: Triggered when the price crosses above the lower Bollinger Band. Sell Signal: Triggered when the price crosses below the upper Bollinger Band. These signals help traders time entries and exits based on momentum shifts. Risk/Reward Analysis: Visual shading shows the favorable risk/reward zone between the stop loss and take profit levels. Timeframe Suggestions Short-Term Traders (Scalping): Use on 5-minute to 15-minute charts. Focus on high-volatility periods for quick entries and exits. Intraday Traders: Ideal for 30-minute to 1-hour charts. Provides more stable signals and less noise. Swing Traders: Best suited for 4-hour or daily charts. Captures broader trends with fewer signals, allowing for larger moves. Tool Combination Volume Profile: Combine with volume-based tools to confirm key support/resistance zones around TP and SL levels. Trend Indicators: Use with Moving Averages (e.g., 20-period or 50-period) to identify the broader trend direction. Example: Only take buy signals in an uptrend and sell signals in a downtrend. Momentum Oscillators: Pair with tools like RSI or MACD to avoid entering overbought/oversold conditions. Support/Resistance Lines: Manually mark significant levels to confirm alignment with the indicator’s TP and SL zones. Useful Advice for Traders Risk Management: - Always assess the risk/reward ratio; aim for at least 1:2 (risking 1 to gain 2). - Adjust the multiplier to match your trading style (e.g., higher multiplier for swing trades, lower for scalping). Avoid Overtrading: Use the indicator in conjunction with clear rules to avoid false signals during low-volatility periods. Monitor market volatility: Pay attention to narrowing Bollinger Bands, which signal consolidations. Avoid trading until a breakout occurs. Test on Demo Accounts: Practice using the indicator on a demo account to understand its behavior across different assets and timeframes. Focus on High-Liquidity Markets: For the best results, trade highly liquid instruments like major currency pairs, gold, or stock indices. Summary The Adaptive Range Indicator dynamically adjusts to market conditions, offering clear entry and exit levels. By combining it with Bollinger Bands and other tools, traders can better navigate market trends and avoid noise. It’s versatile across multiple timeframes and assets, making it a valuable addition to any trader’s toolkit.
Penunjuk Pine Script®
oleh KetBotAI
Katalyst's Opening Range BreakoutKatalyst's Opening Range Breakout + No Trade Zone 📜 Overview: This indicator allows traders to visualize the high and low of the opening range for a user-selected timeframe (e.g., 30s, 1m, 5m, 15m). It features fully customizable lines, labels, and an optional **No Trade Zone** fill to help you identify breakout levels with ease. --- 🎯 Key Features: 1. **Customizable Opening Range**: - Select your preferred opening range duration: **30 seconds, 1 minute, 2 minutes, 5 minutes, 10 minutes, or 15 minutes**. - The indicator calculates and plots the **high** and **low** of the selected opening range. 2. **Dynamic Line Styling**: - Choose the **line color**, **transparency**, and **style**: **Solid, Dashed, or Dotted**. - Lines extend to the right of the chart for clarity. 3. **No Trade Zone** *(Optional / Disabled by default)*: - When enabled, fills the area between the high and low lines with a customizable **color and transparency**. - Helps visually identify consolidation areas where trading might be avoided. 4. **Labels for Precision**: - Clearly displays the **Opening Range High** and **Low** values. - Labels are color-coded and positioned dynamically for easy interpretation. 5. **Clean and Efficient Updates**: - The indicator deletes old lines, labels, and fills before creating new ones, ensuring a clutter-free chart. --- ⚙️ How to Use: 1. **Select Your Timeframe**: - From the settings, choose your desired opening range duration: 30s, 1m, 2m, 5m, 10m, or 15m. 2. **Customize the Visuals**: - Adjust line color, style, and transparency. - Enable the **No Trade Zone** for a transparent background fill between the high and low lines. 3. **Interpret the Breakout**: - Watch for price movements above or below the **opening range** to identify potential breakout opportunities. --- 🛠 Settings: Opening Range Duration: Select the timeframe for the opening range (30s, 1m, 2m, 5m, 10m, 15m). Line Color: Set the color of the range lines. Line Transparency: Adjust the transparency of the lines (0 = solid, 100 = invisible). Line Style: Choose line style: Solid, Dashed, or Dotted. Label Colors: Customize the label colors for the high and low values. Enable No Trade Zone: Fill the area between high and low lines with a transparent color. No Trade Zone Color: Set the fill color for the no trade zone. No Trade Zone Transparency: Adjust the transparency of the no trade zone fill. --- 📈 Ideal For Day traders and scalpers looking to trade **breakouts**. Traders who want to identify areas of consolidation visually. Anyone who relies on the **opening range** for their trading strategy. --- 🔍 Example Usage: Set the opening range to **5 minutes** and enable the **No Trade Zone** with a light red fill. Watch for price to break above or below the high/low lines to signal potential trade opportunities. --- ✨ Why Use This Indicator? This script simplifies your breakout strategy by providing a clear, visually appealing representation of the opening range. The flexible customization options and the optional **No Trade Zone** make it a powerful tool for identifying high-probability trades. --- Let me know if you need any additional tweaks or clarifications for this description. It's all set to help traders understand and use your powerful script! 🚀📈
Penunjuk Pine Script®
oleh TheKatalyst
13
Monday range by MatboomThe "Monday Range" Pine Script indicator calculates and displays the lowest and highest prices during a specified trading session, focusing on Mondays. Users can configure the trading session parameters, such as start and end times and time zone. The indicator visually highlights the session range on the chart by plotting the session low and high prices and applying a background color within the session period. The customizable days of the week checkboxes allow users to choose which days the indicator should consider for analysis. Session Configuration: session = input.session("0000-0000", title="Trading Session") timeZone = input.string("UTC", title="Time Zone") monSession = input.bool(true, title="Mon ", group="Trading Session", inline="d1") tueSession = input.bool(true, title="Tue ", group="Trading Session", inline="d1") Users can configure the trading session start and end times and the time zone. Checkboxes for Monday (monSession) and Tuesday (tueSession) sessions are provided. SessionLow and SessionHigh Functions: SessionLow(sessionTime, sessionTimeZone=syminfo.timezone) => ... SessionHigh(sessionTime, sessionTimeZone=syminfo.timezone) => ... Custom functions to calculate the lowest (SessionLow) and highest (SessionHigh) prices during a specified trading session. InSession Function: InSession(sessionTimes, sessionTimeZone=syminfo.timezone) => ... Determines if the current bar is inside the specified trading session. Days of Week String and Session String: sessionDays = "" if monSession sessionDays += "2" if tueSession sessionDays += "3" tradingSession = session + ":" + sessionDays Constructs a string representing the selected days of the week for the session. Fetch Session Low and High: sessLow = SessionLow(tradingSession, timeZone) sessHigh = SessionHigh(tradingSession, timeZone) Calls the custom functions to obtain the session low and high prices. Plot Session Low and High and Background Color for Session plot(sessLow, color=color.red, title="Session Low") plot(sessHigh, color=color.red, title="Session Low") bgcolor(InSession(tradingSession, timeZone) ? color.new(color.aqua, 90) : na)
Penunjuk Pine Script®
oleh Matboom
Days in rangeThis script is a little widget that I made to do some homework on the VIX. As you can see in the chart I was analyzing the 2008 market crash and the stats that followed it after until the market started to recover. You can see that theory in my "Ideas" tab. This is an interactive set of lines that you can use to count the the bars inside and outside of your chosen range, and the percentage outside that range. You should initially enter the price range of your product in the menu and set some arbitrary dates that you can easily see on your chart. Drag and drop the lines around to suit what price and the dates you are analyzing. The table will display the bar count inside and outside of the range, the total bars, and the percentage outside that range. I personally used this as a tool to study the overall average of the product, compared with the behavior during major market events. It is currently my opinion that post 2020 analysis needs to take into account the behavior of any given product prior to 2020 when the VIX was in its comfort zone. Not to say that a price valuation hasn't been set, but that the movement to that price was outside of "Normal Market Conditions," and the time factor to return to that value might be skewed. Other factors would need to be considered at that point pertaining to your specific product or corelating indicator. I could see this tool being useful to Forex and commodities traders. But that isn't my field so that that for what it is. I do think it would perform best on something that is more pegged to a price range. I personally would use it on product's, like the VIX, that I use as an indicator product. That is what it was designed for. But I suppose it could be used for Mean price and time related analysis, maybe with a Vwap, SMA or other breakout style indicators. Volume analysis might be pretty sporty. Possibly time patterns... the possibilities could be endless. Or... limited. I am publishing this for my trade group so that it can be tinkered with to find other helpful ways to use it. If anyone finds something interesting with other indicators, please drop a comment below and I could consider creating a script to integrate with this tool.
Penunjuk Pine Script®
oleh goofoffgoose
4
Body / Range %Body / Range is a volatility indicator that shows how many percentages the body candle occupies the range. The ratio tells us about the health and confidence of the current candlestick. Since overall candle Range is always bigger than the body range, Body/Range indicator will always fluctuate inside a range of 0 and 100%. I didn't use True Range because it considers gaps and the ratio won't be considering individual candles. Therefore, I used high - low and identified it as Range. In this function, the wicks play obviously role in determining the ratio too without its variable separately in the formula. I wouldn't use wicks here because Range = body + total wicks anyway. It already covers the variable. If I made the ratio with Body / Total Wicks, we wouldn't have stable 0 - 100% range of the indicator by the way. So it's fully justified dividing Body by Range to get some summarized Candle Metrics. Logically we assume that if wicks are relatively bigger than body then the ratio will be relatively smaller and vice versa. Change TF of the indicator is possible. For example, 3 months per bar would look like this:
Penunjuk Pine Script®
oleh fract
3