Tracking Intraday Range Against Average Daily Range
Summary
The Daily Range Tracker panel compares a symbol’s live range for the current day with its average daily range over a configurable lookback. It updates the day’s high and low, calculates the range in pips, and displays the proportion of the average range already used. The described color bands mark below 60% as green, 60–90% as yellow, and above 90% as red. Average daily range is calculated from fully closed daily bars, with a default lookback of 14 days.
This display can help traders gauge how far a session has moved relative to recent daily movement, including when considering intraday trades or breakouts. It is an information panel rather than a tested entry or exit method. The description offers no backtest or evidence that a high or low range-used reading predicts continuation or reversal. It also does not specify how the average range behaves across unusual volatility regimes.
Key ideas
- The panel compares today’s live high-low range with average daily range over a configurable lookback.
- The average uses fully closed daily bars, and the stated default lookback is 14 days.
- A color-coded percentage indicates how much of the average range has been used.
- The display can inform context for intraday trading, but no predictive edge or trading rules are demonstrated.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.