13. Price Range Volume Indicators

“At any given time, some indicators are bullish and others bearish. They are all looking at the same indicators, but they weight them differently, so coming up with different answers. I sometimes wonder if the bullish technicians tend to give weight to indicators that agree with their own bullish inclination; and whether bearish technicians believe the bearish indicators, since they agree with their bearishness.”

—Arthur A. Merrill

Price range volume indicators are very much like intraday volume indicators. Operating on the same effort versus results principles, price range volume indicators attempt to quantify the relationship between the price bar’s close and the trading range. Like intraday volume indicators, ...

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