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Matthew, thank you very much for the response. I tried out the stochastic method, and it works perfectly. With a scripting solution to this question, we can use the stochastics and get a percent rank for many indicators. I’d like to follow up with a few further questions.
Suppose on my indicator chart I wanted to highlight in red or green the top of bottom 5% of the indicator’s historical range. How can I make my indicator highlight to top or bottom 5%, for example. Along the same lines, if I wanted to divide and highlight the indicators range through history by say, dividing it into quartiles or deciles, how would I shade or mark up my chart accordingly?
My last request would be to get the inverse of what we’ve done with the stochastic. In the stochastic we look at for a given price where is that on a percent rank basis throughout the stated number of bars’ history. We’d like to be able to produce the inverse of that question — for the 1st percentile, 5th percentile, or 95th percentile, what is the given indicator or price reading that matches that criteria. Another way of stating this is that we are looking to use a frequency distribution table. The output for this script could be a bar chart or even just a table. Please let me know what you suggest in producing this. Thank you,