True Range Bars - not all true

Questions about MultiCharts and user contributed studies.
willwill7
Posts: 29
Joined: 15 Jun 2008

True Range Bars - not all true

Postby willwill7 » 28 Nov 2008

I've noticed that when using larger range bars that not all range bars are of the exact same range and can hence throw of the robustness of the system. One way to filter this is to code

If H+L/2 >= H[1]+L[1]/2 then begin

However it would be much better if all range bars were the range that you set and the half-breads could be eliminated.

Any thoughts on how to improve such?

Thanks!

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Marina Pashkova
Posts: 2758
Joined: 27 Jul 2007

Postby Marina Pashkova » 28 Nov 2008

Hi willwill7,

Did you select point or point (original) to plot those bars? Could you please send us a screenshot that would show range bars of different size (the price scale should also be visible). Also, please specify what values you used for this symbol for price scale, min.movement, big point value.

Thank you.

willwill7
Posts: 29
Joined: 15 Jun 2008

OK

Postby willwill7 » 28 Nov 2008

I'm using point (not original). see screen shot for an example and the settings. Perhaps by adjusting my settings this will resolve?
Attachments
point range bar.png
point range bar.png (123.65 KiB) Viewed 189 times

User avatar
Marina Pashkova
Posts: 2758
Joined: 27 Jul 2007

Postby Marina Pashkova » 28 Nov 2008

Hi willwill7,

Those bars are plotted where one session ends and another begins. Range bars (just like volume bars) do not use values beyond their session. In other words, when the session ends a bar is closed no matter whether it covers the specified number points or not.

Here's what our Help file says:

"The maximum period of the price data that can be used to create a single bar in a range-based chart is one trading day, including all of the trading sessions on that day."

Regards.

willwill7
Posts: 29
Joined: 15 Jun 2008

OK

Postby willwill7 » 28 Nov 2008

OK - Too bad there is not a fix to this issue...

Thanks again. Great service here!


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