FirstBarRange study displays lines for the high and low of the first bar/candle of the trading day, along with shaded areas for the range on top of the first bar high and below the first bar low.
This study is very useful for intraday traders to see when stocks trade above the first bar high, it shows strength, and many times the high of the first bar is also good support.
On the contrary, below the first bar high tends to be good area of weakness and many times it becomes a good resistance level.
Many times when the stock trades inside the first bar range, price will be choppy and range bound.
This study is very useful for intraday traders to see when stocks trade above the first bar high, it shows strength, and many times the high of the first bar is also good support.
On the contrary, below the first bar high tends to be good area of weakness and many times it becomes a good resistance level.
Many times when the stock trades inside the first bar range, price will be choppy and range bound.