Indicator Azzx Intraday Bar Range calculates the average range for intraday bars for a specified period of time.
The work of this indicator is very simple, it calculates the ranges of price movement on intraday candles (bars) for a certain period of time, and then calculates their average value and draws it in the histogram right below the graph in the indicator window. In order for the indicator to work in the best way, you need to select the time frame for the chart as little as possible, preferably if the time frame is less than one hour, simply because the Azzx Intraday Bar Range indicator works best and shows the best signals exactly as short as possible.
Azzx Intraday Bar Range Indicator parameters:
PERIOD – the number of candles on which the average range is calculated;
HISTORY_DEPTH – the number of bars in the history, to which the indicator is calculated.
Description of the parameters:
the ” PERIOD” parameter defaults to the number “480”, this number corresponds to the number of bars in the week for the hour time frame;
than “weaker” your computer, the less you need to put a number in the parameter ” HISTORY_DEPTH ” , because the calculations of the indicator can drag on for a long time, which in turn can cause the hang of both the trading terminal and the computer as a whole. In addition, if you put the number ” 0 ” , then the indicator will be calculated for the entire existing history.
How to use Azzx Intraday Bar Range?
on the chart, the indicator behaves as follows: when the market begins flat or “corridor”, the histogram of the indicator goes down and takes values ??close to the minimum, and when the price starts to move in one direction or another, the indicator’s histogram rises and reaches its peak near the end or a trend reversal, thus, trade on this indicator can be divided into three types:
when the histogram is lowered, accordingly the flat begins, we place a buy order higher than the price, and the sell order is lower than the price. The initial stop-loss is the opposite order.
we wait for the histogram of the indicator to go down, and after it starts to rise open the deal in the direction of the current trend, and hold the deal until the histogram again begins to fall.
here everything is the other way around, we are waiting for the histogram to draw its highest value over the period, and the higher, the better, this behavior of the indicator most often indicates the extremes of the market, so in this example we will trade on the spread.