Yeah, I see ALC is potentially setting up again.
For me it shows.....
There is an intention, or a want, to get price higher....It was given a decent push previously, then the push was stopped, and it was instead brought back to shake it out again....ongoing supply issues I guess ??
There is a little level now @0.065 just above the current price, see if it gets through there like butter........or not.
I have played around with True Range on and off previously for a couple of years (maybe longer), and include it on my own homemade excel charts as a matter of course (in an automated fashion). And yes it does have a part to play no doubt. I don't use it all the time though, for me it just adds another layer of complexity to the analysis, and the analysis is already complex and time consuming enough. For the most part I can visually compare the actual volume to the True Range spread of the bar, and can see the obvious anomalies, and that is what you are looking for anyway.
David Weis has said for years that spread and volume are a rough proxy for each other, and he used to put True Range underneath his Point and Figure charts (as a substitute for volume) for analysis, before Tradestation would allow an actual volume histogram to be combined with PnF. I wasn't that keen on doing this though, as it wouldn't show high volume on a narrow spread downbar (like bag holding for instance), or its mirror image opposite 'End of a rising Market".
Don't let me stop you from going through this process though, as part of your learning process, it will be invaluable.
