Summarizing Price, Volume, Gaps, and Correlation Over a Chosen Range
Summary
This indicator reports descriptive statistics for a user-selected span of chart bars. It displays the instrument and timeframe, start and end dates, average closing price, normalized price range, percentage change, average volume, and optionally the count of opening gaps beyond the previous bar’s high or low. It also compares the closing series with a selected symbol over the same timeframe and range, reporting correlation. Chart lines mark the range’s maximum, mean, and minimum closing prices, while background shading identifies the selected bars.
The author presents normalized range as a scale-bounded alternative to standard deviation for describing price spread, and explains that higher-high versus lower-low counts determine the simple trend marker. These are descriptive measures, not trading signals or forecasts. The correlation is a historical association and does not show causation or stability. Results depend on the chosen bars, chart timeframe, available history, and selected comparison instrument. The document offers no strategy test or evidence that these summaries predict future returns; its utility is exploratory analysis of a specified interval.
Key ideas
- The tool computes price and volume summaries within a selectable bar range.
- Normalized range compares the closing-price spread with the sum of its high and low values.
- Optional gap counting uses opens above the prior high or below the prior low.
- Correlation with a selected symbol is calculated over the same range and timeframe.
- The outputs describe historical data and do not establish forecasting power.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.