Gopalakrishnan Range Index, developed by Jayanthi Gopalakrishnan, attempts to determine the variability of price data based on the log of the price range over a user defined n-periods.
Configuration Options
- Period: Number of bars to use in the calculations.
- Color Selectors: Colors to use for graph elements.
- Display Axis Label: Whether to display the most recent value on the Y axis.
Formula
[GRI = frac{log(HighestHigh_{n-periods} – LowestLow_{n-periods})}{log(n-periods)}]