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Range bars - anyone trading them?

Attached is a 15 pip size range bar chart for Gbp/Usd.

Range bars eliminate a lot of noise and are far better than renko bars in my opinion.

I am curious if anyone is using range bars to trade with ?
What strategy or indicators do you use ?
Attached Image (click to enlarge)
Click to Enlarge Name: range bars gbpusd.jpg Size: 193 KB
Could you point out at "range bar" because like rest of us, I only see candlestick price action and MACD indicator.
A range bar is a candlestick/bar, but rather than being measured in time or ticks, it has a defined size. Example, a 10 pip range candle will stay current until it covers a 10 pip range, and once price moves another pip, the new candle is started. See how all of the candles in his chart are the same height?
Quoting Jhig
Could you point out at "range bar" because like rest of us, I only see candlestick price action and MACD indicator.
If I am not mistaken, all the candles you see represent 15 pips movement - it can be seen by the time scale on the bottom of the chart. One of those bars finishes only after a movement of 15 pips - however long that may take (quick during UK/US session and slow during Asian session, I guess).

regards
daytrading
Quoting globalinvest

Range bars eliminate a lot of noise and are far better than renko bars in my opinion.
Why are range bars better than Renko?
I notice that your screenshot is from metatrader with offline charts. Is there some way to get MT4 to show "range bars"? Or did you use another program to compile tick data into a custom database, and then point MT4 to that custom data?
Globalinvest, would you please attach the Range bar indicator or the EA?

It seems to me that it generates an offline chart through an EA just like Renko does.

Thanks.
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Range based bars/candles show turning points clearer than time based candles/ OHLC bars IMO.
They are better than renko, because renko does not show what is happening exactly within each box, but range bars do, just like the time based ones.

I use them, because they show purer PA than the time based ones.
But it is better to use both side-by-side, because for certain strategies it is important to be able to see and estimate time.
Quoting antonioforex
Globalinvest, would you please attach the Range bar indicator or the EA?

It seems to me that it generates an offline chart through an EA just like Renko does.

Thanks.
Sorry. I bought the script / indicator for the range bars so can not share it here.

Why range bars are better than renko ? With renko - for a reverse brick to form quite some pip movement is needed. See how renko is constructed. With range bars losses can usually be limited.
Hi GlobalInvest,

Who did you buy the indicator from?

Steve


Quoting globalinvest
Sorry. I bought the script / indicator for the range bars so can not share it here.

Why range bars are better than renko ? With renko - for a reverse brick to form quite some pip movement is needed. See how renko is constructed. With range bars losses can usually be limited.
Quoting dawsonsg
Hi GlobalInvest,

Who did you buy the indicator from?

Steve
Donīt know if I can write the link here and advertise on this forum.
Will send you a private message.
Maybe this one works fine for you....

http://www.forex-tsd.com/metatrader-...tml#post196348
Thank you for the link.

You can also find in there the provider for the the range bar script.
There is also a free range bar script on the first page, however it did not work properly for me.
I loaded a 15 pip range bar chart and many bars had different lengths.

Just came across this thread:

http://www.forexfactory.com/showthread.php?t=185118

Looks like for medium-term and long-term trading a cci of 300 or more can work out. Tight stop losses and letting profits run with a trailing stop.
range bars - 10 pip size
Attached Images (click to enlarge)
Click to Enlarge Name: range bars 20 and 50 ema.jpg Size: 200 KB Click to Enlarge Name: range bars 20 and 50 ema zoomed out.jpg Size: 202 KB
range bars - 15 pip size
Attached Images (click to enlarge)
Click to Enlarge Name: range bars 15 pip size 1.jpg Size: 203 KB Click to Enlarge Name: range bars 15 pip size 2.jpg Size: 197 KB
  • slimcat
    Joined Jul 2007
hi global,

thanks for the pics.

right click on the 20 exp ma to get the properties box, then select levels, then add 150 and -150, this means you will get 3 ma's based on the 20 ma.

please post a pic of cable as they work better on that pair.

thankyou J
there you go
Attached Images (click to enlarge)
Click to Enlarge Name: gbpusd 15 pip size range bar with 20 ema.jpg Size: 212 KB Click to Enlarge Name: gbpusd 15 pip size range bar with 20 ema 2.jpg Size: 220 KB
  • slimcat
    Joined Jul 2007
thanks global, appreciate your help. looks the way i thought it would.

regards Jason
Is anybody else trading with range bars at all ?
Yep.

15 Range on GBP/USD

Quoting globalinvest
Is anybody else trading with range bars at all ?
Some pursue happiness, others create it.
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