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Range Bar Option for Charting
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Range Bar Option for Charting
Are range bars available (chart bars that contain predefined price bar sizes) like offered in other charting programs? I have found these to be useful to divorce time from price trends. After all, what is trading all about other than to capture price swings?
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Ray, Nicolellis: New bar is drawn as soon as the price range specified is achieved.(see QuoteTracker) Danton Long: New bar is drawn after price range is achieved but only after the next tick occurrs outside the range. (see Ensign) I've been using the QuoteTracker rendition and it works well. In my view it makes more sense as the essence of the range bar is the range - as it naturally occurs. I'm sure others prefer the "Long" version,so maybe offer both?
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Yes, charts will look different. Probably see more of the "Long" version as he and Ensign developer popularized it in several publications.Nicolellis, was/is a Brazillian trader and very little was written about his version except by the late Robert Krausz (Fibonnacci Trader) I think Nicolellis was an FT user and Robert may have implemented his version. Interestingly, Danton Long was Robert's step son so he may have got the original idea from Nicolellis. Might give you a marketing advantage to offer both flavours.
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ninjatrader wrote:I can see how each approach would really draw different looking charts. You could get a lot more bars with the QT approach. Our approach has been the Danton approach. This is what I guessI have seen as a more frequently used approach.
Ray
Range Bars are a very powerfull implemntation describing price activity. Getting rid of much of the noise tends to provide better "signals" and setups no matter what yor style of trading.
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