TotM - Dynamic PIP Bands

What it is:
A lightweight intraday indicator that projects a probable daily price range (in pips) based on a weighted average of the last 7 daily ranges. It builds dynamic upper/lower bands around the current day’s evolving high/low and highlights the area where price is statistically likely to travel. Optional alerts fire once per day when price comes within ~5% of either band.

How it works

• Non-repainting core: Daily values are pulled with a non-repainting security() wrapper, so historical levels don’t shift after the fact.
  
• Daily Open: Plots the current day’s Daily Open as a soft reference line.
  
• Weighted 7-day range model: The script computes the last 7 true ranges on the Daily timeframe, then applies linearly decreasing weights.
  
• Session change handling: The high/low anchors reset at the start of each new trading day.
  
• Dynamic bands (intraday): As the session unfolds, the script tracks today’s rolling high/low.
  

The shaded region between the two is the Possible Movement Range for the rest of the day.

Alerts (once per day)
Two proximity alerts help you prep for potential reactions:

• Upper proximity: Triggers when price is within ~10% of the upper band.
  
• Lower proximity: Triggers when price is within ~10% of the lower band.
  

Each alert can fire once per day; the flags reset at the new daily candle.

Tip: In TradingView, set alert on “Any alert() function call” to receive these.