many people use volume or range bars because with time based bars big moves show up as spikes and technical indicators tend to get out of phase with the action -
however, using range bars can miss when price action is 'fighting' at a price level where a lot of volume is going through - so you may only get 1 bar during that tug of war and not pick up on the fact that this is a significant price point.
depending on time of day, volume bars may only print one bar even though there is a big move, perhaps outside of RTH.
is there a way to create a new type of bar that would generate the next bar based ANY on 3 criteria being met: time elapsed, volume exceeded, price range exceeded ?
thank you.
is it possible to program my own BAR TYPE ?
- JoshM
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Re: is it possible to program my own BAR TYPE ?
You can make a feature request for adding such a new bar type to MultiCharts, but programmatically creating your own bars isn't possible unfortunately. There's a request for that here however.is there a way to create a new type of bar
- TJ
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Re: is it possible to program my own BAR TYPE ?
The chart's bar interval has to be either "Time-based", or "Non-time-based".::
is there a way to create a new type of bar that would generate the next bar based ANY on 3 criteria being met: time elapsed, volume exceeded, price range exceeded ?
thank you.
On "Time-based" charts, the X-Axis will increment based on a pre-defined passage of time
(eg. sec, min, day, etc).
There are 2 types of "Non-Time-based" charts: Volume/tick-based, or price/range-based.
On "Volume/tick-based" charts, the X-Axis will increment based on a pre-defined passage of volume/ticks.
On "Range-based" charts, the X-Axis will increment based on a pre-defined range of price.
Re: is it possible to program my own BAR TYPE ?
i know the existing formats that are supported and apparently it is already a 'feature request' to allow custom bars to be programmed.
i have added a new feature request that the menus allow for a new type of bar that combines time, volume and range so that all 3 could be set and if any of the 3 thresholds are met, a new bar is triggered and all 3 counters are reset.
i have added a new feature request that the menus allow for a new type of bar that combines time, volume and range so that all 3 could be set and if any of the 3 thresholds are met, a new bar is triggered and all 3 counters are reset.
- TJ
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Re: is it possible to program my own BAR TYPE ?
What you can do is to use one of the chart types as the base,
then piggyback your other logics on top of it.
There is an indicator called "Point & Figure Simulator". You can take a look and see how to it's done.
then piggyback your other logics on top of it.
There is an indicator called "Point & Figure Simulator". You can take a look and see how to it's done.
Re: is it possible to program my own BAR TYPE ?
I put a thread together requesting something along these lines. Check it out:
viewtopic.php?f=1&t=45831
JoshM already posted my feature request.
viewtopic.php?f=1&t=45831
JoshM already posted my feature request.