Range bar counter

[cmaxb]

Hi, I am using Range bar counter indicator from built-in types. I have Countdown set to False, however, during trading, the value wil actually go down at times. E. g. on an instrument with a large setting, like 20 ticks, the counter will show 12, then 11, then back to 12, ultimately counting up to 20 eventually.

[NinjaTrader_Bertrand]

Correct, in this setting it will count up then, not down.

In other words, per default it will show the remaining range still needed to be fullfilled to reach a new bar.

[stocktraderbmp]

Hi, I am using Range bar counter indicator from built-in types. I have Countdown set to False, however, during trading, the value wil actually go down at times. E. g. on an instrument with a large setting, like 20 ticks, the counter will show 12, then 11, then back to 12, ultimately counting up to 20 eventually.

Whats your question - I suspect that you are unfamiliar with the construction and use of a range DERIVED bar.

'Range bars take only price into consideration; therefore, each bar represents a specified movement of price.'

Read more: http://www.investopedia.com/articles...#ixzz23nHumGG1

As price goes up and down - so will the bar until it has completed its range, then a new bar will form and the counter will reset.
You are merely given the option for it to count up or down!

[cmaxb]

Hi, if the range bar is set to count up, how can the value indicated, go down during trading ..

thks

[NinjaTrader_Bertrand]

It depends on the current price location to the range bar boundaries. If price retraces from a high count, the count could get lower of course indicating price is now farther away from creating a new bar > needs more price distance then to create a break.

[cmaxb]

for an indicator set to count up, it is counting the amount of price levels with which the current bar has traded through, so, for range: 10.

opening price = 100
price = 107, range = 7
price = 105, range so far should still = 7, since it only needs 3 more price levels to complete bar, however it gets there

[stocktraderbmp]

Hi, if the range bar is set to count up, how can the value indicated, go down during trading ..

thks

It may be that you noticed this 'phenomenon' around the middle of the range that you had set your bar to form at - range is simply the difference between the high and the low - the counter will not differentiate between the distance to complete the bar in 'UP' ticks or 'DOWN' ticks it will merely give you the least number of ticks required - for example if you have a 5 tick range bar and the bar has already formed 3 ticks - just to keep it simple ... say up - then there are still 2 ticks required to complete the bar if price continues 'up' but you will need to see 4 price changes down to complete in the opposite direction. If price now drops back 1 tick you will in fact be 3 ticks away from completing the bar in either direction - if price falls 1 more tick you will again be 2 ticks away from completing the bar if price continues down but are now 4 ticks away from completing the bar if price again starts to go up.
If you make marks on a piece of paper you can visualise this more easily.

[stocktraderbmp]

for an indicator set to count up, it is counting the amount of price levels with which the current bar has traded through, so, for range: 10.

opening price = 100
price = 107, range = 7
price = 105, range so far should still = 7, since it only needs 3 more price levels to complete bar, however it gets there

Yes if you can guarantee that the bar is going to complete in the same direction as the counter started counting IN - remember that price can go down as well as up !!

[stocktraderbmp]

It would suggest to most reading this that you may not be aware that price can in fact fall below your entry price and complete the bar that way. Are you sure you want to be using these bars?

Say your range bar is set to 10 and price moves up 9 ticks - it could move up another 1 tick to complete or it could fall back completely to your entry value and then just require 1 tick IN THE OPPOSITE DIRECTION to complete the bar !!
In both cases the counter will show 1 tick still to go or 9 ticks gone somewhere in between these values it will show that you are 2 to go or 8 gone then 3 to go or 7 gone then 4 to go or 6 gone etc etc.

[cmaxb]

i don't see what difference it makes which direction the bar completes, if it has traded up nine ticks, and falls back to original price, with only 1 tick more in the other direction to go, the range count for that bar so far, is still nine ticks ..

[stocktraderbmp]

i don't see what difference it makes which direction the bar completes, if it has traded up nine ticks, and falls back to original price, with only 1 tick more in the other direction to go, the range count for that bar so far, is still nine ticks ..

I give up - I'm sorry - you are beyond the help, and time, that I can offer.

The 'counter' as the name implies informs you how many ticks still have to be completed in order to make a whole bar FROM THE VALUE NOW not the value 'n' ticks ago when the counter reached 9 or 8 or 7 or whatever - the information is dynamic not static - I believe that you will need to work this out for yourself from here - maybe start with exploring the origins of the range bar and the reasons for it's evolution and use - then maybe decide whether you actually need to use it !

Sorry - I can not help any more.

[eDanny]

If you want a counter to work that way you would need to recode it. Most range counters would measure the CURRENT movement needed to create the new bar, which is a dynamic number.

Dan

[cmaxb]

If you want a counter to work that way you would need to recode it. Most range counters would measure the CURRENT movement needed to create the new bar, which is a dynamic number.

Dan

which is the 'Countdown' setting when it is set to True. However, if it is set to not count down, I believe the range counter should tell you the difference between the high-and-the-low, for that bar, the "range".

[eDanny]

I have no idea what indicator you are actually referring to but it would seem that setting has no effect. Someone probably took one of the other system "Counter" indicators and modified it but didn't remove that useless parameter.

Oops, I see NT7 has a Range counter.

Dan

[stocktraderbmp]

I believe ........

which is the 'Countdown' setting when it is set to True. However, if it is set to not count down, I believe the range counter should tell you the difference between the high-and-the-low, for that bar, the "range".

Either you are being deliberately obtuse here or you are not willing to use the tool for the purpose for which it was intended - it doesn't matter what you believe it should or shouldn't do - it does what it does - namely tell the user how many ticks need to be completed from the instruments current value before a new bar, with user defined parameters, is started and the current bar is finished.

That's what it does - if you would like an indicator to do something else - go code it, Google it, ask someone else for it or search for it on Mars !
Alternatively - do some research on line and go find out what a 'Range bar' is and then decide whether you need to waste any more of your time - and others - on pointless discussions like this.

If you want too know the range of the current bar - pretty pointless if you are using 'Range bars' - use the 'Range' indicator not the 'Range Counter'.