• Technical Studies Reference
• Common Study Inputs (Opens a new page)
• Using Studies (Opens a new page)

The Daily Range Bands calculates and displays on an Intraday chart, Daily (1 day) bands based upon either an Average True Range or an Average Daily Range study on a separate Historical Daily chart.

To use the study, first open a Historical Daily chart for the same symbol as the Intraday chart. This can be easily done by going to the Intraday chart you want to use the Daily Range Bands study on and selecting Chart >> Duplicate Chart. When that duplicate chart is active, select Chart >> Bar Period >> Daily. Add to this Historical Daily chart one of these studies: Average True Range or Average Daily Range. This will be considered the Range study.

Go to the Intraday chart for the symbol, and add the Daily Range Band study.

Set the Range Study Reference Subgraph Input according to its description.

The output consists of two study Subgraphs that form the upper and lower bound of the predicted range using the Daily High and Low for the trading day the bands are drawn on and the Range Study Reference Subgraph. The Daily Range Displacement Input controls how many days back from the current day the bands are being drawn on, that the Range Study Reference Subgraph will be referenced from. Set this to 1 to use the prior day for stable values.

Set the Use High/Low from Historical Daily Chart Input to Yes to use the High and Low values from the Historical Daily chart bars rather than calculated from the Intraday chart.

• Upper Band when Gap Adjust With Yesterdays Close is No: (Low for day + Range Study Reference Subgraph for the corresponding day) * Band Multiplier.
• Lower Band when Gap Adjust With Yesterdays Close is No: (High for day - Range Study Reference Subgraph for the corresponding day) * Band Multiplier.
• Upper Band when Gap Adjust With Yesterdays Close is Yes: (Minimum(Low for day, Previous day close) + Range Study Reference Subgraph for the corresponding day) * Band Multiplier.
• Lower Band when Gap Adjust With Yesterdays Close is Yes: (Maximum(High for day, Previous day close) - Range Study Reference Subgraph for the corresponding day) * Band Multiplier.

Reversed Bands: In the case where you notice that the Upper Band Subgraph is lower than the Lower Band Subgraph, you need to increase the Band Multiplier value to solve this.

Custom Session Times for Range Study: The Range Study as referenced by the Range Study Reference Subgraph is normally on an Historical Daily chart. If you want to use custom session times for this chart, this requires using an Intraday chart set to Daily bars. Refer to Creating Daily Bars with Custom Session Times for instructions.