The Gopalakrishnan Range Index (GAPO) by Jayanthi Gopalakrishnan quantifies the variability in a stock, based on the logarithm of the trading range over an N-day period (default 5 days).
log(high[Ndays] - low[Ndays])
GAPO = -----------------------------
log(N)
The idea is to identify markets which are more erratic than others. It will be noted though that there’s no scaling to the overall price level. In Chart GAPO is under “Low Priority” in the indicator lists.
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