Volume-Weighted Closing Range (TG Fork)

Volume-weighted closing range of each bar. Closing range is (high - close) relative to the length of the wick (high - low). A close at the top of the wick would be 100%, middle 50%, bottom 0%. This is then multiplied by volume to weight towards high volume bars.

A moving average is applied to visualize trend in volume-weighted closing range over time.

Options include changing the threshold of bullish closes. The default is 50%, but you can view a close above 40% as a bullish .

How to use:

• Columns indicate per-bar closing range, and can be used as either a buying-selling pressure indicator, or as an overreaction detector (eg, bars that are abnormally big can be used to start a fading/contrarian trade next bars). Green means the bar closed in the upper range, red in the lower range.
  
• The cloud is the moving average over several bars (by default using EMA). This tends to represent sentiment over a period of time, and hence trend/momentum. Can be used in any timescale, even on weekly, then this represents the market cycles.
  

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Versionsinformation:

* Fix indicator title

Versionsinformation:

* Improve status bar formatting (use volume formatting, ie, human readable shortened numbers).