Day-of-Week Average Range Bands Across Intraday Charts

Summary

This indicator calculates a separate historical average daily high-low range for each weekday and displays that weekday’s range around a chosen price on charts at daily or faster intervals. A multiplier widens or narrows the bands; the center can use close or one of several price averages. An offset chooses whether the center is based on the current or prior day, while a start-date setting limits the history used. The display can show upper, lower, and middle lines, shaded bands, or candle-like marks.

The supplied ProRealTime code describes the calculation and configurable display, but the document provides no test results or evidence that the bands produce profitable signals. The averages use recorded weekday ranges, so their usefulness depends on available history and may vary as volatility or market structure changes. The source is an indicator for visualizing typical weekday ranges, not a complete trading system with entry, exit, or risk rules.

Key ideas

• The indicator maintains a historical average range separately for each weekday.
• It plots the selected weekday’s range around a configurable price center.
• A multiplier controls band width, and an offset selects the day used for centering.
• The document provides code but no evidence of trading performance or complete trade rules.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.