True range is different with the price range.
To calculate price range, we only need to find the distance between high and low during a specific time.
But to calculate True range we should find the biggest distance between high(H), Low(L) and Previous close (Pc).
- Previous bar’s close (C.1)
- Current bar’s high (H)
- Current bar’s low (L)
True range is not a very useful indicator, however Average True Range is widely used.
You can find more information about ATR here.
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