Understanding the Todays Range in Dollars Filter

The daily dollar range filter helps traders to analyze the daily volatility of a stock by looking at the difference between the high and the low prices for a trading day. It gives you an immediate sense of a stock's behavior.

The Today's Range in $ Filter returns the difference between today's High and Low:

• Today's High: This is the highest price that a stock reached during the trading day.

• Today's Low: This is the lowest price that a stock reached during the trading day.

• Today's Range: This is calculated by subtracting the day's low from the day's high.

This filter work from the official highs and lows for the day, which typically don't update after the market closes.

The daily range filter won't give you any pre-market insights. So until the market opens and the high and low prices of the day are established, it's a waiting game. If you define minimum and/or maximum values for this filter in a premarket scan, you will not get any results in the pre-market.

If you are interested in a comparative view, check out our Today's Range in % Filter.

Todays Range in Dollars Filter Settings

Activating the Today's Range ($) Filter is straightforward. You'll find its settings under the Window Specific Filters Tab in your Alert/Top List Window's Configuration Window.

You can set a minimum and/or maximum value, and stocks that don't fit within your parameters are automatically excluded from your scan results.

• To find stocks with a daily range of at least $2.50 right now, add the Today's Range ($) Filter to your scan and enter 2.5 in the minimum field in the Windows Specific Filters Tab.

• To find stocks with a daily range of no more than $5.20, add the Today's Range ($) Filter to your scan and enter 5.2 in the maximum field in the Windows Specific Filters Tab.

• To find stocks with a daily range between $2.39 and $6.44, add the Today's Range ($) Filter to your scan and enter 2.39 in the minimum field and 6.44 in the maximum field in the Windows Specific Filters Tab.

Using the Todays Range in Trading

The daily range filter tells a trader in real-time what kind of range from high to low a stock has traded on the day. This information can be useful in several ways, both on its own and in combination with other indicators:

- Assessing Volatility: The range gives immediate insight into the day's volatility. A larger range indicates higher volatility and possibly higher potential for profit (but also higher risk).

- Planning Trades: The current day's range can help in setting stop losses and take profit levels.

- Manage Risk: Trading is as much about managing risk as it is about chasing profits. A stock with a wide daily range could be riskier, but with risk comes the opportunity for reward. Using the daily range filter, you can match your trades to your risk tolerance.

FAQs about Todays Range in Dollars

What is the difference between the Average Daily Range and Daily Range?

The "daily range" and the "average daily range" are both useful metrics in trading, but they serve different purposes and provide different insights. Here's how they differ:

• Daily Range: This is the difference between the highest and lowest prices of a stock within a single trading day. It reflects the volatility of the stock for that specific day. The daily range is a snapshot of a stock's price movement and can vary significantly from one day to the next.

• Average Daily Range (ADR): This is the average of the daily ranges over a specific number of days, typically 14 or 20. The ADR smoothens out the daily fluctuations to provide a broader view of a stock's volatility. It's a measure of how much a stock typically moves in a day, averaged over a certain period.

In simple terms, while the daily range tells you how much a stock moved on a particular day, the average daily range gives you an idea of how much the stock typically moves in a day over a specified period. If you are interested in the average range of a stock, have a look at our ATR Filter, which provides a more comprehensive view than the ADR because it considers the possible gap between the previous close and the current high or low.

How can I compare Today's Range to a stock's Average True Range?

To compare the Daily Range of a stock to its Average True Range, use our Today's Range in % Filter, it is specifically designed for this purpose.

How frequently is the data for the 'Today's Range in Dollars' Filter updated?

The data is updated in real-time during the trading day, reflecting the difference between the highest and lowest prices of a stock.

What happens if I set the filter to scan for a range during the pre-market?

Since the high and low prices for the day are not yet established in the pre-market, the filter will not yield any results if used at this time.

Is there a correlation between a stock's price and its daily range?

Not necessarily. A low-priced stock can have a large daily range, and a high-priced stock can have a small daily range. It's more about the stock's volatility than its price.

How does the Today's Range in Dollars Filter differ from the Today's Range in % Filter?

The Today's Range in Dollars Filter shows the difference between the high and low prices for the day in dollars, while the Today's Range in % Filter shows this difference as a percentage of the stock's ATR. The latter might be useful for comparing volatility between different stocks, regardless of their price levels.

Can I use this filter for long-term investment strategies?

While the filter provides valuable information about daily volatility, it's more relevant to short-term trading strategies. For long-term investments, you'd want to consider fundamental factors about the company and its industry, in addition to market conditions.

Is there a way to add Yesterday's $ Range as a column in a scanner window?

You can easily create a custom filter for Yesterday's Range in Dollars, using the following formula in our Formula Editor:

high_p-low_p