The range indicator compares daily range (High - Low) to the range between days (Close - PrevClose).
The indicator has seven configurable parameters:
MA - moving average on the Range data with the Smoothing period and the Method calculation method
If Max - Min > 0:
If Close > PrevClose:
Max, Min - the highest and the lowest Value within Period
Maximum, Minimum - the highest and the lowest values of the two
Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/21110
A signal indicator of daily ranges.PAIN
Oscillator PAIN (Price Action Indicator).