Intraday Range, ATR, Previous-Day Levels, and Trend-Volume Signals
Summary
This indicator description explains a chart overlay that summarizes the prior candle’s range, ATR, an average of ATR, the current day’s high-low range, and an average daily range over five days. It marks the current intraday midpoint and prior-day high and low, then labels price as above or below the midpoint or prior-day levels. Optional arrows compare a normalized price-trend measure and On-Balance Volume with their moving averages, using configurable 10- or 20-period settings. A Heikin-Ashi line is also available.
The document provides ProRealTime code and configuration notes, so it describes an implementable visualization and signal framework. It gives no performance data, entry and exit rules, position sizing, or evidence that the plotted conditions forecast profitable trades. Its stated concepts are descriptive: ATR and range expansion highlight larger movement, while price location and trend-volume comparisons indicate direction. Volume-based signals may be unsuitable where volume data is unavailable, as the author notes for some forex instruments. The code and settings require platform-specific interpretation before use.
Key ideas
- ATR and candle ranges provide context for recent and intraday volatility.
- The intraday midpoint and previous-day extremes classify price location relative to reference levels.
- Optional arrows use a trend measure, On-Balance Volume, or both against moving averages.
- Signal calculations can use 10- or 20-period settings, and volume signals depend on available data.
- The indicator does not specify a complete trading system or report performance evidence.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.