I'm opening this new thread hoping that one of the guys (EllisEdi, LouG, LastViking) that made a so wonderful job programming the RenkoLive script would modify it to create a "RangeLive" script.
Range bars offer the same advantages of Renko bars (charts not time-related and pure Price Action), may be with the additional benefit of a less rapid change of direction. They hide all the irrilevant movements less than bar size, still allowing to view what the price is doing.
E.g. On a 10 points Renko chart, a 20 pips movement is made by only 2 bricks (plus candle shadows if shown). What happened inside that movement is totally hidden. We loose the battle between Buyers and Sellers that could be helpful to catch the next big movement. Using 10 points Range bars such a 20 pips movement could be seen as a development of 3 or more candles, making clearer the market sentiment.
Also, it would be interesting to compare the result of 2 charting styles or the results of the same strategy applied to the 2 different charts.
A perfect description of Bar charts is at
http://www.fibonaccitrader.com/HELP4...ar/default.htm
I don't know if the changes in code will be minimal or will require a big effort. I think that the programming logic is more or less the same.
Sorry for that request, but I'm not a programmer (even I would like to be).
Range bars offer the same advantages of Renko bars (charts not time-related and pure Price Action), may be with the additional benefit of a less rapid change of direction. They hide all the irrilevant movements less than bar size, still allowing to view what the price is doing.
E.g. On a 10 points Renko chart, a 20 pips movement is made by only 2 bricks (plus candle shadows if shown). What happened inside that movement is totally hidden. We loose the battle between Buyers and Sellers that could be helpful to catch the next big movement. Using 10 points Range bars such a 20 pips movement could be seen as a development of 3 or more candles, making clearer the market sentiment.
Also, it would be interesting to compare the result of 2 charting styles or the results of the same strategy applied to the 2 different charts.
A perfect description of Bar charts is at
http://www.fibonaccitrader.com/HELP4...ar/default.htm
I don't know if the changes in code will be minimal or will require a big effort. I think that the programming logic is more or less the same.
Sorry for that request, but I'm not a programmer (even I would like to be).