Narrow Range Bar (ShowMe)
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Input Information
| Name | Expression | Default | Description |
| NRLength | Numeric | 7 | Number of bars used to calculate the indicator. |
| RangeOption_0_1_or_2 | Numeric | 0 | Use 0=high to low range, 1=true range, 2=open to close range. |
| NRCellBackgroundColor | Numeric | MyColors("Azure") |
Color used to fill cell background in grid applications. |
Description
Marks narrow range bars. Narrow range bars have a smaller range than the smallest range in the preceding NRLength bars. If it is desired to calculate the range using the Open and Close of the bars, rather than the Highs and Lows, the RangeOption_0_1_or_2 input should be set to 2.
Reference
Linda Bradford Raschke and Laurence A. Connors, "Street Smarts: High Probability Short-Term Trading Strategies" (M. Gordon Publishing Group, Inc., 1995)