Im having a hard time understanding what you wrote here. Id appreciate it if you could clarify this a little bit for me. LOL
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LOL...sorry...english is not my language...pardon me
below is yur post,
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hi andersenws,
ive got the attached indcator, its called the hull trend, but it doesnt open in my charts. could you post yours for me please?
why the indicator doesnt open in yur chart ?....thats because u only use the MTF (Multi Time Frame) type indicator. MTF type indicator only work if u have another same indicator but not from the MTF family.
So, u should have "Hull Trend.mq4" inorder to make "MTF Hull Trend.mq4" appeared in yur chart.
hope this help u & sorry again for my bad english.LOL
LOL...sorry...english is not my language...pardon me
below is yur post,
why the indicator doesnt open in yur chart ?....thats because u only use the MTF (Multi Time Frame) type indicator. MTF type indicator only work if u have another same indicator but not from the MTF family.
So, u should have "Hull Trend.mq4" inorder to make "MTF Hull Trend.mq4" appeared in yur chart.
hope this help u & sorry again for my bad english.LOL
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Joined Sep 2005
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Status: pip my ride
|507 Posts
A trader friend of mine purchased powertools for his tradestation platform after I sent him the link yesterday. I'll post here how it performs after he
sets it up and trades it some.
A trader friend of mine purchased powertools for his tradestation platform after I sent him the link yesterday. I'll post here how it performs after he
sets it up and trades it some.
I don't kow if this is what you're referring to, but a guy named Danton Steven Long created what he calls M-Bars, short for Momentum Bars, a few years ago. I first read about it in the Sept '03 issue of SFO magazine. The bars of his chart are created using a fixed price range for each bar, selectable by the user. For example, if you had a .75 range, a new bar would be generated when the price moved one cent greater than 75, up or down. There is no time frame, it's purely based on price movement. As it applies to forex, I guess you can substitute pips for price. (If I remeber correctly Danton applied for a patent to his M-Bars).
The chart you posted is not clear enough to see if this is the same m-bar. I don't know of any pre-packaged charting programs that can plot this, but then again I haven't looked lately. Some users of Tradestation were working on programming this, but again, I don't know how they made out.
M-bars are similar to point and figure charting, except you don't have the huge swings on reversals.
The article was very very interesting, and if there is a charting program out there that will plot similar bars, I would like to try them myself.
Can someone explain what is the momentum bars? To me, if the market is trending well, of course, you will see such charts as posted here. But what if the market is in a range or consolidation, then what should I see? Wouldn't the bars look like its range bound also?
et, see my post above, and click on the link to read the article about momentum bars in SFO Magazine.
Again, I don't know if the momentum bars in the article are the same as originally posted on this board.
The momentum bars I've read about are based purely on a fixed range of price movement, up or down. Let's take for example the Euro/Dollar. First we tell the chart at what change in pips we want to generate a new bar. Say you define that as 4 pips. If the price at the beginning of the trading day starts at 1.3110, a new bar would not start until a trade of 1.3115 to the upside or or 1.3105 to the downside. At that point in time the previous bar would be from either 1.3110 to 1.3114 (upbar) or 1.3110 to 1.3106 (downbar). There is no open/hi/lo/close to speak of, just an open and close. It either opens and closes at a 4 pip hi or lo from the open. Time is not a factor. If it takes a minute, an hour, or a day to move 4 pips, the bar is not generated until the 5th pip hi or low.
As for sideways action, m-bars can remove most of that by setting higher price/pip ranges. Again, since m-bars don't depend on time or ticks, it's only when the price moves beyond the range you set that the bar moves.
Unfortunately, I don't know of any charting programs that chart m-bars, so this whole lesson may be moot. Perhaps someone here does?
Again, read the SFO article, and I think the picture will be clearer. (Yes, they do have a m-bar chart in the article).
Recently bumped into Range Bars/Momentum Bars also myself. Curious if anyone has any other info on them. I have found some info online saying where you should look for the optimum length range bar depending on what you are trading. However curious if/how they could be utilized.
As someone mentioned before, range bars have nothing to do with a Hull moving average. I've been looking for a way to get range bars in MT4 for a while, but I don't know where to begin coding something like that. I've been told by MT's programmers that it is possible though.
It's not difficult to understand how they work. Basically, you set a range, for example 10 pips. As soon as price moves in a range of 10 pips, that bar is closed and a new one begins. It completely eliminates the time factor, and less bars are formed during periods of low volitility. I think they would work especially well in forex. I just wish someone was willing to code them.
As someone mentioned before, range bars have nothing to do with a Hull moving average. I've been looking for a way to get range bars in MT4 for a while, but I don't know where to begin coding something like that. I've been told by MT's programmers that it is possible though.
It's not difficult to understand how they work. Basically, you set a range, for example 10 pips. As soon as price moves in a range of 10 pips, that bar is closed and a new one begins. It completely eliminates the time factor, and less bars are formed during periods of low volitility. I think they would work especially well in forex. I just wish someone was willing to code them.
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Yes Im curious to see what/how some people may be using them if they are with forex.
It's nothing like renko. Renko charts are still time based, and it only forms a bar when price goes X number of pips in only one direction.
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Really?
from Investopedia.com:
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A type of chart, developed by the Japanese, that is only concerned with price movement; time and volume are not included. It is thought to be named for the Japanese word for bricks, "renga". A renko chart is constructed by placing a brick in the next column once the price surpasses the top or bottom of the previous brick by a predefined amount. White bricks are used when the direction of the trend is up, while black bricks are used when the trend is down. This type of chart is very effective for traders to identify key support/resistance levels. Transaction signals are generated when the direction of the trend changes and the bricks alternate colors.
Sounds like your previous post:
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It's not difficult to understand how they work. Basically, you set a range, for example 10 pips. As soon as price moves in a range of 10 pips, that bar is closed and a new one begins. It completely eliminates the time factor, and less bars are formed during periods of low volitility. I think they would work especially well in forex. I just wish someone was willing to code them.
andersenws
"Youth is the trustee of prosperity." - Benjamin Disraeli
I think you need to do more research. Even with Renko charts, you still set a time frame. A bar is not formed until the bar closes on that time frame AND price moves X number of pips in ONE direction. With range bars, price can move X number of pips either direction, hence the name "range" bar, and a bar is not formed until that range is filled. Thus, time is not a factor. Only range is a factor.
