Range Progress Tracker

RANGE PROGRESS TRACKER(RPT)

PURPOSE
This indicator helps traders visually and statistically understand how much of the typical price range (measured by ATR) has already been covered in the current period (Daily, Weekly, or Monthly). It includes key features to assist in trend exhaustion analysis, reversal spotting, and smart alerting.

CORE LOGIC
The indicator calculates the current range of the selected time frame (e.g., Daily), which is:

Current Range = High - Low

This is then compared to the ATR (Average True Range) of the same time frame, which represents the average price movement range over a defined period (default is 14).

The comparison is expressed as a percentage, calculated with this formula:

Range % = (Current Range / ATR) × 100

This percentage shows how much of the “average expected move” has already occurred.

WHY IT MATTERS
When the current range approaches or exceeds 100% of ATR, it means the price has already moved as much as it typically does in a full session.

This indicates a lower probability of continuing the trend with a new high or low, especially when the price is already near the session's high or low.

This setup can signal:

A possible consolidation phase

A reversal in trend

The market entering a corrective phase

SMART ALERTS
The indicator can alert you when:

A new high is made after the range percentage exceeds your set threshold.

A new low is made after the range percentage exceeds your set threshold.

You can adjust the Range % Alert Threshold in the settings to tailor it to your trading style.