This indicator is a further adaptation of my DOWAR – Day Of Week Average Range Bands indicator that can be found here:

https://www.prorealcode.com/prorealtime-indicators/dowar-day-of-week-average-range-bands/

This version calculates an all time average range for each hour of the day and then applies it to the chart as bands or a background candle or both. So for example on  candles that open at 1000 and close at 1100 the bands (or background candle) will represent the all time average range for all recorded hours of 1000 to 1100 up to that date.

The bands/candles can be made wider or narrower by adjusting the ‘Multiple’ setting.

The centre of the bands/candles can be based on any custom close such as median price, close, typical price, total price etc.

By adjusting the offset you can decide which hours custom close the bands/candles will be centred on. Zero = this hour’s, 1 = the previous hour’s etc.

You can set the start date from when the indicator should start calculating the hourly averages. Set StartDate to zero if you want to use all available history.

//HODAR Bands - Hour Of Day Average Range Bands
//By Vonasi
//20181219

//Multiple = 1
//Offset = 1
//Bands = 0
//Candles = 1
//StartDate = 0

if opendate >= StartDate or startdate = 0 then
IF openhour = 0 THEN
H0 = (H0 + (High - Low))
H0Count = (H0Count + 1)
ThisHour = (H0 / H0Count)
ELSIF openhour = 1 THEN
H1 = (H1 + (High - Low))
H1Count = (H1Count + 1)
ThisHour = (H1 / H1Count)
ELSIF openhour = 2 THEN
H2 = (H2 + (High - Low))
H2Count = (H2Count + 1)
ThisHour = (H2 / H2Count)
ELSIF openhour = 3 THEN
H3 = (H3 + (High - Low))
H3Count = (H3Count + 1)
ThisHour = (H3 / H3Count)
ELSIF openhour = 4 THEN
H4 = (H4 + (High - Low))
H4Count = (H4Count + 1)
ThisHour = (H4 / H4Count)
ELSIF openhour = 5 THEN
H5 = (H5 + (High - Low))
H5Count = (H5Count + 1)
ThisHour = (H5 / H5Count)
ELSIF openhour = 6 THEN
H6 = (H6 + (High - Low))
H6Count = (H6Count + 1)
ThisHour = (H6 / H6Count)
ELSIF openhour = 7 THEN
H7 = (H7 + (High - Low))
H7Count = (H7Count + 1)
ThisHour = (H7 / H7Count)
ELSIF openhour = 8 THEN
H8 = (H8 + (High - Low))
H8Count = (H8Count + 1)
ThisHour = (H8 / H8Count)
ELSIF openhour = 9 THEN
H9 = (H9 + (High - Low))
H9Count = (H9Count + 1)
ThisHour = (H9 / H9Count)
ELSIF openhour = 10 THEN
H10 = (H10 + (High - Low))
H10Count = (H10Count + 1)
ThisHour = (H10 / H10Count)
ELSIF openhour = 11 THEN
H11 = (H11 + (High - Low))
H11Count = (H11Count + 1)
ThisHour = (H11 / H11Count)
ELSIF openhour = 12 THEN
H12 = (H12 + (High - Low))
H12Count = (H12Count + 1)
ThisHour = (H12 / H12Count)
ELSIF openhour = 13 THEN
H13 = (H13 + (High - Low))
H13Count = (H13Count + 1)
ThisHour = (H13 / H13Count)
ELSIF openhour = 14 THEN
H14 = (H14 + (High - Low))
H14Count = (H14Count + 1)
ThisHour = (H14 / H14Count)
ELSIF openhour = 15 THEN
H15 = (H15 + (High - Low))
H15Count = (H15Count + 1)
ThisHour = (H15 / H15Count)
ELSIF openhour = 16 THEN
H16 = (H16 + (High - Low))
H16Count = (H16Count + 1)
ThisHour = (H16 / H16Count)
ELSIF openhour = 17 THEN
H17 = (H17 + (High - Low))
H17Count = (H17Count + 1)
ThisHour = (H17 / H17Count)
ELSIF openhour = 18 THEN
H18 = (H18 + (High - Low))
H18Count = (H18Count + 1)
ThisHour = (H18 / H18Count)
ELSIF openhour = 19 THEN
H19 = (H19 + (High - Low))
H19Count = (H19Count + 1)
ThisHour = (H19 / H19Count)
ELSIF openhour = 20 THEN
H20 = (H20 + (High - Low))
H20Count = (H20Count + 1)
ThisHour = (H20 / H20Count)
ELSIF openhour = 21 THEN
H21 = (H21 + (High - Low))
H21Count = (H21Count + 1)
ThisHour = (H21 / H21Count)
ELSIF openhour = 22 THEN
H22 = (H22 + (High - Low))
H22Count = (H22Count + 1)
ThisHour = (H22 / H22Count)
ELSIF openhour = 23 THEN
H23 = (H23 + (High - Low))
H23Count = (H23Count + 1)
ThisHour = (H23 / H23Count)
ENDIF

upper = customclose[offset] + ((ThisHour * multiple)/2)
lower = customclose[offset] - ((ThisHour * multiple)/2)

if candles then
drawcandle(lower,upper,lower,upper) COLOURED(100,149,237,20) BORDERCOLOR(0,0,0,100)
endif

c = 0
if bands then
c = 255
endif
else
upper = close
lower = 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"

Apply the indicator only to the hourly price chart.

I recommend that you download the itf file and import it to get full functionality rather than cut and pasting the code.