NR4/IB indicator?

[fastcapx]

Bertrand,


Thanks for your reply. I will have to wait and see if it pops ups eventually on the forum as I do not program.

Thanks again

TT

[NinjaTrader_Bertrand]

Understood TT, there are a few implementations of it generally on the forums so you could definitely check them out for your setup -

http://www.ninjatrader.com/support/forum/showpost.php?p=82295&postcount=9

http://www.ninjatrader.com/support/forum/local_links.php?catid=1&linkid=109

If you are a member at BigMikeTrading, I'm aware of a custom study as well shared there for this task.

[fastcapx]

Hi Bertrand,

I was able to successfully install and utilize the narrowest range indicator for NR4,IBNR4 and NR7.
They work quite well.However, the 3Bar NR and the 2Bar NR are for any three and/or two bar ranges consecutively of the last twenty bars.Its looking to call out consecutive pairs or consecutive triplets. I tried the narrow range finder indicator and maybe I am not knowledgeable enough to tweek it .Thanks for your help and suggestions.

-TT

[Harry]

Here is another free open source indicator.

https://www.bigmiketrading.com/download/ninjatrader-7/indicators/1450-download.html?view

[fastcapx]

Hi harry,

Thanks for replying. I have found the narrow range finder indicator posted on the forum to be the most Ideal. I do not believe that the indicator mentioned from Big Mike mentions anything about 2BAR NR or 3BAR NR. As these bar indicators are supposed to reflect any two consecutive bars in a 20 bar period.The operative condition being consecutive. Not having any programming expertise,I am a little stumped on how to produce those values.Thanks for taking the time to reply.

Thank You

TT

[Harry]

For example a three bar narrow range: That's the narrowest range from high to low of any three day period relative to any three day period within the previous 20 bars/candles.

The definition is not clear. There are different ways to interpret it.

(1) You can take all 3-bar ranges of the 20 bar period. There would be 18 such ranges. Then you can identify the smallest of those 18 ranges. If a new bar is added at the end of the chart, that exercise can be repeated. In case that a new 3-bar range is identified, the prior range will have to be removed. This exercise results in a repainting indicator, so I would not follow this approach any further.

(2) Alternatively, calculate the range of the last 3 bars on your chart. With setting COBC = true you may take the current bar and the 2 prior bars. With setting COBC = false, you should take the prior 3 bars without using the last bar, as you do not want to calculate any range from an incomplete bar. Then you compare that range to the prior 19 3-bar ranges. I use 19 to make the result comparable with the approach used by Toby Crabel.

-> last range calculated from bars (N, N-1, N-2)
-> compared to 19 ranges calculated from (N-1, N-2, N-3), (N-2, N-3, N-4), etc.

When the last 3-bar range is smaller than the preceding 19 3 bar range, a narrow range event is detected and the bars are painted accordingly.

The second approach results in an indicator which is non repainting and identifies the narrow range event.

Below is a sample chart attached that explains the idea. Of course the same approach would be possible with non overlapping groups of 3 bars. In that case the result would simply be a higher timeframe narrow range bar.

[fastcapx]

Harry,

I believe alternative (2) is most likely the correct solution to the indicator. I do not have sufficient familiarity and/or skill with the platform to know how to readily implement it. Thank you for your valuable time.

sincerely

TT

[Harry]

Harry,

I believe alternative (2) is most likely the correct solution to the indicator. I do not have sufficient familiarity and/or skill with the platform to know how to readily implement it. Thank you for your valuable time.

sincerely

TT

The concept can be applied to narrow range, inside, wide range and outside bars. I am quite happy with the way it works for narrow range bars, but I do not like the way it modifies the inside bar. Maybe for inside bars a non-overlapping 3-ar bar group should be considered.

[fastcapx]

Harry, any suggestions on how a neophyte non-programmer can readily obtain basic skillset to implement the concept ?

[Harry]

Harry, any suggestions on how a neophyte non-programmer can readily obtain basic skillset to implement the concept ?

I have more or less coded it, so I can make it available during these days.

[fastcapx]

I have more or less coded it, so I can make it available during these days.

Thanks for your time,suggestions and assistance.