Charting crabels stretch

[drbob101]

Has anyone made an indicator that plots the :stretch" as defined by Crabel? That being the 10 day average of the smaller of the Open to LOD or Open to HOD. This average is updated each day and added or subtracted to the open and plotted as a horizontal line.

I had this indicator custom coded for me in Fibonacci Trader and would like to have it on ninja. If anyone is interested in doing this for me if it doesn't exist , please tell me.

Thank you

[NinjaTrader_PatrickH]

Hello drbob101,

Thank you for your post.

You can discuss your requirements with any of our certified NinjaScript consultants.
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There is a also a growing library of user submitted custom indicators (100+) that can be downloaded from our support form. Please look in the NinjaScript File Sharing section of our support forum as you may find what you are looking for there.

[Harry]

Has anyone made an indicator that plots the :stretch" as defined by Crabel? That being the 10 day average of the smaller of the Open to LOD or Open to HOD. This average is updated each day and added or subtracted to the open and plotted as a horizontal line.

I had this indicator custom coded for me in Fibonacci Trader and would like to have it on ninja. If anyone is interested in doing this for me if it doesn't exist , please tell me.

Thank you

This is an interesting information. Some time ago I had the idea to replace the opening range based on the volatility of the current session with an opening range based on the volatility of the prior 10 and 20 days. The obvious advantage is that you do not need to wait for 30 or 60 minutes to plot the range. In order to find an optimal breakout point, I looked at the failed moves - those are the smaller moves from the open - and averaged them over two periods (10 and 20 days). I have then called the ranges noise bands, because I consider that the price moves within these ranges have no significance.

The noise bands are in fact calculated as an average from the smaller of (High - Open) and (Open - Low). I did not know that Toby Crabel had used an identical calculation 25 years ago.

I also calculate the average of the larger of (High - Open) and (Open - Low) and call them expansion bands. While the noise bands are either reflection or breakout points, the expansion bands can be used as an alternative target to the average daily range.


Variations of Noise and Expansion Bands

I prefer to use the noise and expansion bands for the regular session only. The average values for daily noise and daily expansion are based on the past 10 or 20 regular sessions.

I also use weekly and monthly noise bands which are based on the open, high and low of the prior 4/8 weeks or 3/6 months. For weekly and monthly noise and expansion bands, I prefer to calculate them from the full session.

Attached is a sample chart of the indicator. If you want to display the proper values for the regular session, you need to use a session template that uses the contractual trading times of the instrument, and which subdivides the trading day into the night session, regular session and after session.

The indicator can be downloaded for free in this forum. Just search for "SessionPivots". Then select the anaCurrentDayOHLV42 for daily noise bands. You can also use the pivot indicators that come with the SessionPivots to display Jackson Zones. I also have enhanced Jackson Zone indicators that come with N-day rolling Jackson Zones and projections for next day, next week or next month. I am just adding this information, because you mentioned FibonacciTrader. If you need further information on how to set up the noise bands or Jackson Zones, do not hesitate to come back via private message.