True Range High [TRH]

Return to Complete List of Functions

The True Range High function calculates the high for the True Range, which is the high price for the current day or the closing price for the previous day, whichever is greater. Parameters ------------------ Close         The closing price of the security for each given day. High          The high price of the security for each given day. Note that while this function is intended for use with these specific values, any values can be used for these parameters, including other price values and averaged prices. Indicator Value ------------------------ The current True Range High is the current high or the previous close, whichever is greater. This takes into account price changes during off-hours trading. The value at the beginning of the data series is not defined for the first day since it uses the close from the previous day in its calculation. Usage ----------- The True Range High is not intended as an indicator by itself. However, it can be used wherever a high price is needed. It is especially useful in volatility indicators, where the high and low prices may not include the full volatility of trading following the close from the previous day. Source ------------ This indicator is based on an entry in "Technical Analysis From A To Z" by Steven B. Achelis. It was introduced by Welles Wilder in his book "New Concepts in Technical Trading Systems".