148 Relative position to prior market day

Price variation during the prior market day can indicate potential benchmarks.

This indicator calculates the price position of a given candle relative to the minimum and maximum price during the prior day (i.e., minimum and maximum price from 9:30am to 4:00pm the prior day).

A value of +2 indicates that the given candle is twice the range between the minimum and maximum price during the prior day. If positive, the candle is above the maximum price the day before. If negative, the candle is below the minimum price the prior day.

Figure 14.17: Relative to price range prior day