Marney Range Indicator

Definition

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

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 sets the average length of the series, 10 by default.

mins.in.session sets the number of minutes in session, 1440 by default.

autobars sets the number of bars automatically if true is entered, true by default.

UpColor sets the color for positive indicator values, cyan by default.

DnColor sets the color for negative indicator values, red by default.