This indicator is a further adaptation of the DOWAR – Day Of Week Average Range indicator that can be found here:
https://www.prorealcode.com/prorealtime-indicators/dowar-day-of-week-average-range-bands/
This new version is not just limited to use on the daily chart but can be used on any chart time frame – daily or faster – so now it is possible to see day of week average range bands on a 5 minute chart for example. This new version also has a mid line in addition to the upper and lower levels.
The indicator calculates an all time average range for each day of the week and then applies it to the chart as bands or a background candle or both. So for example on Monday candles the bands (or background candle) will represent the all time average range for all recorded Mondays in history up to that date.
The bands/candles can be made wider or narrower by adjusting the ‘Multiple’ setting.
The centre of the bands can be based on any custom close such as median price, close, typical price, total price etc. Choose your price type by changing the PriceType setting:
0 = close
1 = median price
2 = total price
3 = typical price
4 = weighted close
By adjusting the offset you can decide which day the bands/candles will be centred on. 0 = todays, 1 = yesterdays.
You can set the start date from when the indicator should start calculating the daily averages. Set StartDate to zero if you want to use all available history.
I recommend that you download the itf file and import it to get full functionality rather than cut and pasting the code.
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//DOWAROAC Bands - Day Of Week Average Range (On Any Chart) Bands //By Vonasi //20190117 //Multiple = 1 //Offset = 1 //Bands = 0 //Candles = 1 //StartDate = 0 if opendate >= StartDate or startdate = 0 then if opendayofweek[0] <> opendayofweek[1] then rnge = (dHigh(1) - dLow(1)) //close if offset = 1 then if pricetype < 1 or pricetype > 4 then start = close[1] endif //medianprice if pricetype = 1 then start = ((rnge)/2) + dlow(1) endif //totalprice if pricetype = 2 then start = (dopen(1) + close[1] + dHigh(1) + dLow(1))/4 endif //typicalprice if pricetype = 3 then start = (close[1] + dHigh(1) + dLow(1))/3 endif //weightedprice if pricetype = 4 then start = ((2*close[1]) + dHigh(1) + dLow(1))/4 endif endif if opendayofweek[1] = 0 THEN W0 = (W0 + (rnge)) W0Count = (W0Count + 1) endif IF opendayofweek[1] = 1 THEN W1 = (W1 + (rnge)) W1Count = (W1Count + 1) endif IF opendayofweek[1] = 2 THEN W2 = (W2 + (rnge)) W2Count = (W2Count + 1) endif IF opendayofweek[1] = 3 THEN W3 = (W3 + (rnge)) W3Count = (W3Count + 1) endif IF opendayofweek[1] = 4 THEN W4 = (W4 + (rnge)) W4Count = (W4Count + 1) endif IF opendayofweek[1] = 5 THEN W5 = (W5 + (rnge)) W5Count = (W5Count + 1) endif if opendayofweek = 0 then ThisDay = (W0 / W0Count) endif if opendayofweek = 1 then ThisDay = (W1 / W1Count) endif if opendayofweek = 2 then ThisDay = (W2 / W2Count) endif if opendayofweek = 3 then ThisDay = (W3 / W3Count) endif if opendayofweek = 4 then ThisDay = (W4 / W4Count) endif if opendayofweek = 5 then ThisDay = (W5 / W5Count) endif endif if offset <> 1 then if pricetype < 1 or pricetype > 4 then start = close[1] endif //medianprice if pricetype = 1 then start = ((dhigh(0) - dlow(0))/2) + dlow(0) endif //totalprice if pricetype = 2 then start = (dopen(0) + close[0] + dHigh(0) + dLow(0))/4 endif //typicalprice if pricetype = 3 then start = (close[0] + dHigh(0) + dLow(0))/3 endif //weightedprice if pricetype = 4 then start = ((2*close[0]) + dHigh(0) + dLow(0))/4 endif endif upper = start + ((ThisDay * multiple)/2) lower = start - ((ThisDay * multiple)/2) middle = ((upper -lower)/2) + lower if candles then drawcandle(lower,upper,lower,upper) COLOURED(100,149,237,20) BORDERCOLOR(0,0,0,150) drawtext("-",barindex,middle) COLOURED(0,0,0) endif c = 0 if bands then c = 255 endif else upper = close lower = close middle = close c = 0 endif RETURN upper coloured (100,149,237,c) style(line, 1) as "Upper Band", lower coloured (100,149,237,c) style(line, 1) as "Lower Band", middle coloured (100,149,237,c) style(line, 1) as "Middle Band" |
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ProRealTime ITF files and other attachments :
Filename : download the ITF files
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A modified version of this indicator can be found here:
https://www.prorealcode.com/topic/most-active-months-range-v2/#post-89161
This version can also calculate the average range for each day as a percentage of the opening price and then draw bands based on this value.