OPEN-SOURCE SCRIPT
Range Fuel Gauge
RANGE FUEL GAUGE — HOW MUCH OF TODAY'S RANGE IS LEFT, AS EXACT PRICES
Every instrument has a typical daily range. Once today's session has consumed most of it, breakout odds statistically fade and mean-reversion setups gain relevance. This indicator turns that idea into two things you can actually trade with: a live fuel gauge and two concrete price levels.
WHAT IT SHOWS
- Fuel panel — how much of the typical daily range today has already used (e.g. "79% used"), with a 10-segment bar that shifts green → amber → red, plus today's range, the typical range, and the points still left
- Upper room level — day low + typical range: the statistical ceiling for today if this session behaves like a typical recent session
- Lower room level — day high − typical range: the statistical floor on the same basis
- A side's room level automatically hides once that side of the range is fully consumed
HOW IT WORKS
1. The indicator stores the high-low range of the last N completed sessions (default 20)
2. Typical range = the Nth percentile of those ranges (default P80, adjustable 50-95)
3. Fuel used = today's developing range ÷ typical range
4. Room levels are simple arithmetic from today's day high / day low and the typical range — they tighten as the day's range expands
HOW TRADERS USE IT
- Fuel below 60% (green) — the day still has energy; breakout and continuation trades have statistical room
- Fuel 60-90% (amber) — range maturing; trail tighter, be selective with fresh breakouts
- Fuel above 90% (red) — the typical range is nearly spent; chasing moves is statistically poor, fade setups toward the day's value become relevant
- Room levels act as realistic intraday targets — for example, a long taken mid-session can use the upper room price as a statistically grounded objective
NOTES
- The room levels are statistical references built from this symbol's own recent history — they are not a forecast, and price can and does exceed them on trend days
- Historical ranges come only from completed sessions and never change after the fact; today's reading updates live as the session develops (by design)
- Alert included: fires when today's range crosses 100% of the typical range
- Panel position is selectable (8 positions); prices are shown as integers
- Works on any symbol; designed for intraday timeframes
This is an original implementation in Pine Script v6. The percentile logic and level arithmetic are fully described above.
Educational tool for market context — not financial advice.
Every instrument has a typical daily range. Once today's session has consumed most of it, breakout odds statistically fade and mean-reversion setups gain relevance. This indicator turns that idea into two things you can actually trade with: a live fuel gauge and two concrete price levels.
WHAT IT SHOWS
- Fuel panel — how much of the typical daily range today has already used (e.g. "79% used"), with a 10-segment bar that shifts green → amber → red, plus today's range, the typical range, and the points still left
- Upper room level — day low + typical range: the statistical ceiling for today if this session behaves like a typical recent session
- Lower room level — day high − typical range: the statistical floor on the same basis
- A side's room level automatically hides once that side of the range is fully consumed
HOW IT WORKS
1. The indicator stores the high-low range of the last N completed sessions (default 20)
2. Typical range = the Nth percentile of those ranges (default P80, adjustable 50-95)
3. Fuel used = today's developing range ÷ typical range
4. Room levels are simple arithmetic from today's day high / day low and the typical range — they tighten as the day's range expands
HOW TRADERS USE IT
- Fuel below 60% (green) — the day still has energy; breakout and continuation trades have statistical room
- Fuel 60-90% (amber) — range maturing; trail tighter, be selective with fresh breakouts
- Fuel above 90% (red) — the typical range is nearly spent; chasing moves is statistically poor, fade setups toward the day's value become relevant
- Room levels act as realistic intraday targets — for example, a long taken mid-session can use the upper room price as a statistically grounded objective
NOTES
- The room levels are statistical references built from this symbol's own recent history — they are not a forecast, and price can and does exceed them on trend days
- Historical ranges come only from completed sessions and never change after the fact; today's reading updates live as the session develops (by design)
- Alert included: fires when today's range crosses 100% of the typical range
- Panel position is selectable (8 positions); prices are shown as integers
- Works on any symbol; designed for intraday timeframes
This is an original implementation in Pine Script v6. The percentile logic and level arithmetic are fully described above.
Educational tool for market context — not financial advice.
Script open-source
Nello spirito di TradingView, l'autore di questo script lo ha reso open source, in modo che i trader possano esaminarne e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricordiamo che la ripubblicazione del codice è soggetta al nostro Regolamento.
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.
Script open-source
Nello spirito di TradingView, l'autore di questo script lo ha reso open source, in modo che i trader possano esaminarne e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricordiamo che la ripubblicazione del codice è soggetta al nostro Regolamento.
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.