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Range bar counter
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Range bar counter
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.Tags: None
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Originally posted by cmaxb View PostHi, 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.
'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!
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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.BertrandNinjaTrader Customer Service
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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
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Originally posted by cmaxb View PostHi, if the range bar is set to count up, how can the value indicated, go down during trading ..
thks
If you make marks on a piece of paper you can visualise this more easily.
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Originally posted by cmaxb View Postfor 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 thereLast edited by stocktraderbmp; 08-17-2012, 09:02 AM.
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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.
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Originally posted by cmaxb View Posti 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 ..
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.
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Originally posted by eDanny View PostIf 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
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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.
DanLast edited by eDanny; 08-17-2012, 12:38 PM.
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I believe ........
Originally posted by cmaxb View Postwhich 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".
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'.
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