OPEN-SOURCE SCRIPT
Up/Down Range
Measuring the difference between the highs and lows from the average, this measure can serve as a proxy for the volatility, just like the ATR.
However, it breaks the range into an upward and a downward moving component, so it also gives information about the current trend direction.
In fact, I turned it into a momentum indicator here:
However, it breaks the range into an upward and a downward moving component, so it also gives information about the current trend direction.
In fact, I turned it into a momentum indicator here:
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