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TRI - The Range Indicator by Jack Weinberg

TRI - The Range Indicator by Jack Weinberg

Developed by Jack Weinberg, Range indicator compares intraday range with inter-day range

Intraday range is bar’s (high – low) and inter-day range is (Close – Close-1)
Author had a strong belief that crossing of intraday range outside the inter-day range is an indication of end of current trend
It oscillates between 0 to 100 levels

Interpretation

RI crossing above level 80 is a signal to exit
RI below 20 is indication that a new trend is about to take charge
RI is useful to filter signal given by other studies
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