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How do I determine what size range bar is comparable to a daily bar?

  • Post# 1
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  • First Post: Aug 22, 2011 3:03pm
  • Trankuility
    Joined Apr 2010 | 105 Posts | Status: Member
I feel like a retard. I'd like to figure our what size range bar is comparable to the daily bars on various charts. How do I do this?
  • Post# 2
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  • Aug 22, 2011 3:54pm
  • orderphlow
    Joined Aug 2011 | 63 Posts | Status: Member
The daily bars will range from 50 ticks to 200+ ticks (or pips) per day. So it's going to be hard to find a comparable range bar that will be constant.

You could try using the ATR to find the average range over x amount of time, then plot your range bars based on that number.
  • Post# 3
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  • Aug 22, 2011 3:58pm
  • Trankuility
    Joined Apr 2010 | 105 Posts | Status: Member
When using ATR the data ends in something like .00010. How do I translate that into the correct size for a range bar?
  • Post# 4
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  • Aug 22, 2011 4:06pm
  • orderphlow
    Joined Aug 2011 | 63 Posts | Status: Member
What chart (eur, cad, es) and ATR settings (period) are you using?
  • Post# 5
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  • Aug 22, 2011 4:12pm
  • Trankuility
    Joined Apr 2010 | 105 Posts | Status: Member
Eur/Usd. However, I'd like to determine the range on other charts as well like Eur/Chf, Gbp/Usd etc.

I've tried various ATR settings. I've tried 1, 14, 30, and longer.
  • Post# 6
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  • Aug 22, 2011 4:13pm
  • orderphlow
    Joined Aug 2011 | 63 Posts | Status: Member
The Euro for example.. on a daily Eur/Usd chart, plot an ATR with the setting of 1 on it, it will then give you the current days range.

Plot the ATR to 2 and it will give you the range for two days etc.

A range of 100 pips will read on the ATR as 0.0100, a range of 20 pips will read on the ATR as 0.0020.
  • Post# 7
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  • Last Post: Aug 22, 2011 4:22pm
  • Trankuility
    Joined Apr 2010 | 105 Posts | Status: Member
Ah! You are a gentlemen and a scholar. Thank you sir.
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