can highlight ranges occurring over various time periods, regardless of calendar week or month. This can help detect recent peaks or troughs. Traders can use for both neutral range-trading or to capitalize on breakouts/breakdowns.
The FMC chart above shows the chemical stock making a peak of $99.05 on November 12, which is being challenged today. A decisive break of the high, especially with a close above it, would be a potentially signal. However if it fails and reverses, that could suggest a neutral range-bound trend will follow.
Here's the code from TradeStation's developer team: