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