Average Range By Time Study for Think or Swim

Here’s an adaptation of the Average Volume by Time indicator that a donor wanted me to make. He generously allowed me to share the script with you all. All it does differently is plot the average range of each bar at a particular time over the length of the plot. So if you plot a 20 day, 5 min chart, the first value is the average range of the first 5 min bar over the last 20 days. You can also see what the averages are for past days by turning the “onlytoday” input to “No”. The “alertlevel” input is not connected to an actual alert, it just paints the range bar cyan if you are above that level, yellow if below the “alertlevel” but above the average, and gray if below. The default of 50 means that if the range is more than 50% greater than the average range for that bar, it will be cyan, between +50% and equal to average it is yellow, and less than average it is gray.

This indicator is free because of donor sponsorship. You can download “AverageRangeByTimeSTUDY.ts” from “Released Thinkscript Studies” at my Google site. Enjoy!

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