New Daily Range EFS conversion

[Himalaya]

Could someone adjust this study to be used as an intraday strength study?

If this study is adjusted to have a "dynamic" lookback period from the open its calculated average could be used to measure subtleties in strength.

Dynamic lookback meaning;
With each additional bar from the open the study adjusts its average

Search "Dynabands" or see this link for a "Dynamic" lookback reference;

http://forum.esignalcentral.com/showthread.php?postid=33483&highlight=dynabands#post33483

/*********************************

Provided By:

eSignal (Copyright c eSignal), a division of Interactive Data

Corporation. 2008. All rights reserved. This sample eSignal

Formula Script (EFS) is for educational purposes only and may be

modified and saved under a new file name. eSignal is not responsible

for the functionality once modified. eSignal reserves the right

to modify and overwrite this EFS file with each new release.



Description:

Daily Range



Version: 1.0 11/10/2008



Formula Parameters: Default:



Notes:

The Range Indicator shows when the intraday high to low ranges exceed

the interday close to close ranges.

This approach proves useful in identifying the start and end of trends.



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function preMain() {

setStudyTitle("Daily Range");

setCursorLabelName("Daily Range", 0);

setDefaultBarFgColor(Color.red, 0);

}



function main() {

var nLow = low(0);

return (close(0) - nLow) / (high(0) - nLow) * 100;

}