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Better Range Finder Indicator ThinkorSwim TOS Script

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Better rangefinder for the product
The objective of this ThinkorSwim indicator, a superior range finder, is to establish realistic expectations for intra-day price movement.

An Improved Rangefinder
Where could prices go right now?

I require information such as the following in order to set fair expectations:

How much does the price rise from the open to the day’s peak on average?
How much does the price drop from the start to the day’s low on average?
What is the typical pricing range per day?

Standard deviations are computed once the data has been collected, and the average price range is then increased by one standard deviation. Statistics indicate that around 70% of the time, the intraday price fluctuations should be contained within that enlarged range (avg range + 1SD).

Within that wider range, any price fluctuation would be seen as “normal.” Price movements outside of that wider range would indicate a significant change for the day.

To demonstrate where intra-day prices could go, the Better Range Finder puts the average and usual ranges on the chart. To demonstrate how far the price may go if it were to open higher and stay there for the remainder of the day, the complete range is initially stretched upward from the open. The whole range is also extended downward from the open to demonstrate how far prices may drop.

The upper and lower range limits are shifted inward during the day to account for real price change. The lower bounds will always be extended downward from the current day’s high, and the upper boundaries will always be extended upward by the range size from the current day’s low.

The coloured regions correspond to the typical open-to-HOD and open-to-LOD. The day’s opening marks the boundary between the two sectors.

This video demonstrates a motion with somewhat smaller dimensions.

This video demonstrates a bigger-than-average motion that falls within the parameters of a “regular” move.

The chart options panel allows for the look back time for calculating average range to be adjusted from the default value of 30 days.

The notion could be best explained in the video down below. In my script, the lime green and purple lines respond precisely as the presenter describes—by projecting the daily average lines upward from the day’s low and downward from its high.

The tangerine-colored lines correspond to the daily average range that is indicated in the film. That range is widened by one standard deviation along the purple lines.

Technical Analysis Day trading

How to understand about technical analysis: Learn about technical analysis

In finance, technical analysis is an analysis methodology for forecasting the direction of prices through the study of past market data, primarily price and volume.
Behavioral economics and quantitative analysis use many of the same tools of technical analysis, which,
being an aspect of active management, stands in contradiction to much of modern portfolio theory.
The efficacy of both technical and fundamental analysis is disputed by the efficient-market hypothesis, which states that stock market prices are essentially unpredictable.

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