Range Sentiment Profiles from Price Changes Across Price Bins
Summary
The indicator divides the high-to-low range of a recent window into equally spaced price areas and estimates buying or selling pressure in each. In its standard mode, each candle’s close-minus-open change contributes to every area touched by that candle; an optional intrabar mode counts changes from lower-timeframe candles whose full open-close span lies within an area. Bin widths are scaled by the largest absolute area sum, while displayed percentages compare each area’s signed sum with the total absolute candle-body change.
The chart marks the range boundaries and internal quartile levels, colors bins by the sign of their accumulated change, and identifies the strongest positive and negative areas. The accompanying explanation suggests these zones may act as support or resistance, but it supplies no tests showing predictive value. The measure is a price-change proxy rather than traded volume or order-flow data; results depend on the selected window, row count, and intrabar timeframe, and the finer mode costs more computation.
Key ideas
- The recent high and low define the range that is split into equal price areas.
- Signed close-to-open changes from candles touching each area are accumulated into a sentiment estimate.
- An optional lower-timeframe mode counts intrabar changes only when the candle body lies within an area.
- Bin size reflects each area’s sum relative to the largest absolute area sum.
- Highlighted areas are proposed as possible support or resistance, without performance evidence.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.