TheYangGuizi

DAX Expected High/Low

Uses VDAX ( dax volatility index) to calculate the expected daily range of the Dax .
formula: http://daytrading.about.com/od/indicator...

Input the dax previous days close
and
This value: http://www.investing.com/indices/vdax
and
The indicator will do the rest
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

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Want to use this script on a chart?
//@version=2
study("VDAX Expected High/Low", overlay=true)
VDAX= input(000.0000,title="VDAX")
Timeframe=input("D")
pdc = security(tickerid, Timeframe, close[1])
PREVDAYCLOSE= input(000.0000, title="Previous (Timeframe) Close")
//

sy = input(false, title="Show Previous (Timeframe) Close?")
plot(sy and pdc ? pdc : na, title="Previous Days Close", style=cross, linewidth=1, color=teal)


PERCENTDAILYRANGE= VDAX/20
POINTSAILYRANGE= (PREVDAYCLOSE/100)*PERCENTDAILYRANGE
EXPECTEDHIGH=PREVDAYCLOSE+POINTSAILYRANGE
EXPECTEDLOW= PREVDAYCLOSE-POINTSAILYRANGE

plot(EXPECTEDHIGH, color=red,style=linebr,title="Expected High")
plot(EXPECTEDLOW, color=green,style=linebr,title="Expected Low")
plot(avg(EXPECTEDHIGH,PREVDAYCLOSE), color=black,style=circles,title="Average Expected High")
plot(avg(EXPECTEDLOW,PREVDAYCLOSE), color=black,style=circles,title="Average Expected Low")
plot(PERCENTDAILYRANGE, color=red,style=linebr,title="% (hide this if it messes up the auto scale)")
plot(POINTSAILYRANGE, color=red,style=linebr,title="P DR (hide this if it messes up the auto scale)")