The Range indicator compares the intraday range (high - low) to the inter-day (close - previous close) range. When the intraday range is greater than the inter-day range, the Range Indicator will be a high value. This signals an end to the current trend. When the Range Indicator is at a low level, a new trend is about to start.
The Range Indicator was developed by Jack Weinberg and was introduced in his article in the June, 1995 issue of Technical Analysis of Stocks & Commodities magazine.
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