TrueRange

TrueRange ( IDataHolder low );

Description

Returns the true range (TR).

TR is the greatest of the following:

  • the difference between the current high and the current low
  • the difference between the current high and the previous close
  • the difference between the previous close and the current low

Input parameters

Parameter Default value Description
high - Defines the High price to be used in calculation.
close - Defines the Close price to be used in calculation.
low - Defines the Low price to be used in calculation.

Example

script TrueRangeTS {
input high = high;
input close = close;
input low = low;
plot TrueRangeTS = Max(close[1], high) - Min(close[1], low);
}

plot TrueRange1 = TrueRange(high, close, low);
plot TrueRange2 = TrueRangeTS(high, close, low);

The example plots the TR using the manual thinkScript® implementation and the built-in function. The resulting plots coincide forming a single curve.