Some authors have called the range the “meat of the market”, while others refer to the central as the “heartbeat of the indicator”. In my opinion, the central range is the Swiss Army Knife of . At any given time, the range can be support or resistance, it can forecast trending or sideways price behavior, dictate the day’s direction, or serve as an integral part of a trend.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.
I will conduct comprehensive testing during the weekend. So far I looked at four 5m days and it looks... convincing. Also thanks for leaving the code public. I might have some fun playing with it. Just a little picture of today's result.