Marney Range Indicator

The Marney Range Indicator (MRI) is used to determine the unique range profile of individual currency markets in real-time. The indicator is developed by Caspar Marney.

Definition

The MVI takes the true range of each hour of the day over a preceding number of days and plots that value as a time-adjusted average.

The indicator takes each hour of the day (for example, 8:00 to 9:00 a.m.) and then calculates the true range for that hour over the past N days. Thus it gives you a measurement of whether the current range is larger or smaller than is typical for that specific time period.

Default Inputs

avgLen( 10 ) sets the average length of the series.

mins.in.session( 1440 ) sets the number of minutes in session.

autobars( true ) sets the number of bars automatically if true is entered.

UpColor( cyan ) sets the color for positive indicator values.

DnColor( red ) sets the color for negative indicator values.