HOW-TO: Ranger in TradingViewChart patterns and ranges are essential in technical analysis, helping traders identify potential support/resistance zones, volatility expansions, and reversal points. However, manually detecting daily or weekly ranges can be time-consuming and subjective. In this post, we describe how to effectively use the Automatic Range Detection feature inside the ZenAlgo - Ranger indicator, which calculates VWAP-based ranges and standard deviation lines automatically to save time and improve accuracy.
Using the Range Detection Feature
Add the Indicator : Access the ZenAlgo - Ranger and add it to your chart. It works on any timeframe up to 4H for optimal performance.
Key Settings :
Show Today's VWAP Range : Enabled by default. This displays the current day's range based on VWAP ±2.0 standard deviations (core range).
Show Previous Day's Range : Toggle to view historical daily ranges (up to 70 days back).
Show Monday Range : Activates weekly-like ranges derived from Monday's data (shiftable forward for projection).
Standard Deviation Lines : Customize visibility for ±3.0 to ±10.0 (and halves like ±0.5, ±1.5). Highlighted lines (e.g., ±5.0, ±10.0) use solid styles for emphasis.
Monday Range StdDev Lines : Extended up to ±40.0 for advanced volatility analysis.
Box Transparency : Adjust for visual clarity (0-100%).
Tip : Start with defaults – today's range in teal, previous in gray, Monday in yellow/blue – and tweak based on your asset's volatility.
The indicator uses a locked 1-min VWAP calculation for precision, incorporating buy/sell volume delta from 4H data to color ranges dynamically.
Range Detection Overview
ZenAlgo - Ranger detects and plots:
Daily Ranges : VWAP-centered core (±2.0 std) with extensions via std dev lines. Supports up to 50 previous days.
Monday (Weekly Projection) Ranges : Special ranges from Tuesday's data (representing Monday's VWAP), extendable up to 30 weeks. Includes core levels (25%, 50%, 75%) and extreme std devs (±40.0).
Half StdDev Lines : For finer granularity (e.g., ±2.5, ±3.5).
Volume Delta : Integrated buy/sell volume calculation for each range, helping identify bullish/bearish bias.
Return Labels : Automatically labels entries back into the range (e.g., "dS" for daily short return above RH).
Detection relies on VWAP and std dev thresholds – higher std lines indicate potential overextensions.
Examples
Here are some practical examples on BTCUSD (see chart snapshots below):
Daily Range in Action : The red box shows today's VWAP range (±2.0 std). Notice how price bounces off the midrange (MID) acting as resistance.
Previous Ranges for Context : Gray boxes overlay past days. In a trending market, price often respects these as dynamic S/R – e.g., breaking below a previous RL signals strength.
Monday Range Projection : Yellow core with blue borders. Shift forward to project weekly volatility. The 50% midline often acts as equilibrium.
StdDev Extensions : ±5.0 (solid) and ±10.0 lines for extreme targets. Useful in high-vol assets like crypto.
Tips
Validate ranges with volume delta for bias confirmation.
Use on intraday charts; combine with other indicators for entries.
For volatile markets, enable higher STDs on Monday ranges.
