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Open Feature request MC-730

New Chart Style - Minutes bars with Range bars

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Description

I am going to explain an issue I have experienced several times (not an error just a limitation of the charting). I have an automated study running using 15 min. bars (15 min bars gives the best results). The only problem I have is when the market moves real fast against me, generally due to an announcement of some sort, and then the study/strategy has to wait for the bar to close in order for the position to change. I would be really great if we could have time bars combined with range bars. An example of how it would behave and work is: I have it setup using 15 min. bars. Every 15 min it will create a new bar no matter what just like normal 15 min bars. Now in the settings of the chart style I would have set the range value to $10.00. This way if the bar has exceeded the range of $10.00 it will create a new bar even though the 15 min. has not completed yet.

Steps to reproduce this issue

The idea here is to be able to capture gains and/or prevent losses by not having to wait for the bar to close based off of time only bars for a study. Now the basic time based bar portion of the chart would be the probably be used 99% of the time but when a large movement comes at least we can change our position more quickly in the study.

Comments (4)
#0
user-offline.png  JoshM (Jura)
Dec 03, 2011 - 05:37

That's an interesting idea Bwtrader. Thank for adding it here; just voted for it and hope it will be implemented.

#0
user-offline.png  JoeTrader (Guest)
Jan 27, 2012 - 18:24

I just tried range bars, and the version I have (MultiCharts DT 7.4 Beta 2 (build 77)) doesn't think there is historical data beyond a day or two back. Is that a problem others are noticing?
I've got MB forex data today 1/27/2012 and it only plots 1 point range bars to 1/26/2012. Same on Zenfire NQ data, and on forex ascii data I imported from 2009 to Nov 2011 (it says "no data" in range bar mode).
I set my "days back" setting large enough. Mintue bars however work fine so why don't range bars work?

#0
user-offline.png  JoeTrader (Guest)
Jun 01, 2012 - 19:15

I have often thought about hybrid bars and concur with your assessment.  Unfortunately, I don't understand your sentence -- "Now in the settings of the chart style I would have set the range value to $10.00"  Exactly, how is a range bar set to a $10 value?
Thanks,
RWW

#0
user-offline.png  ecarlino (ecarlino)
Jan 21, 2016 - 13:37

I just saw this (after i just submitted my own feature request).
Basically, i would like to see a new bar type where 3 parameters are entered:
time (seconds/minutes/hours/days)
volume
range size
whenever any of the 3 thresholds are met, a new bar is triggered and all 3 counters are reset.
i completely agree with you regarding "outsized bars" (in your example, time bars with a huge range) but this can also happen with volume bars (e.g. outside of regular hours) where there is low volume but big moves.  similarly, a range bar can miss situations where a lot of volume is going through in a narrow range.
having all 3 parameters (time, volume, range) provides the ultimate in flexability.
if the MC programmers wanted they could allow any of the 3 to be 'ignored' or the user could simply enter a value that was very large and thus never 'hit'.

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