Absolute Range 1/2 - Histogram Style - Alternating 7 Bars

Absolute Range 1/2 - Histogram Style with Alternating 7-Bar Colors

This indicator calculates the 9-period simple moving average of the daily range (high minus low) and plots half of this value as a histogram and a line for easy visual tracking of range volatility.

To enhance readability, the histogram bars alternate colors every 7 bars — grouping the bars in blocks of seven with distinct colors. This makes it easier to observe range patterns and changes over time.

Features:

Smooths range data using SMA(9)

Plots half the average range as histogram bars and a line overlay

Alternates histogram bar colors every 7 bars dynamically

Clean, minimalistic design suitable for identifying volatility trends