Range Bar charts | Forex Factory

Options

Permalinks
Print Thread

Similar Threads

3 Bar Fractal with mid-bar and bar on each side 11 replies

Change indicator narrow range bar NR4 to wide range bar WR4 0 replies

Range bar charts are Normal charts! 36 replies

How do I determine what size range bar is comparable to a daily bar? 6 replies

Pin bar, pin bar, pin bar 0 replies

Attachments: Range Bar charts
Exit Attachments

Range Bar charts

  • #1
  • First Post: Oct 14, 2009 4:58pm Oct 14, 2009 4:58pm
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).
  • #2
  • Oct 16, 2009 4:57pm Oct 16, 2009 4:57pm
Hi - Just happened to see your request to Lou and LV for a Range Bar Indi.

What I wrote is based on LV's work only modified to my liking. It runs in the standard time frames but mostly, I use M1. I have 8 preset Renko bar sizes, that are all calculated simultaneously and can used by any EA without being in offline mode.

Of course the indi runs in a display mode mode where you select 1 of the eight Renlo Bar Sizes. I also have a concept of a Neutral Bar which has its own indication -- that is a sideways movement. In a true Renko chart a reversal is 2 times the RBar size.

Here is a picture with Neutral Bars marked with Hori Line. You can display standard bars as well. Regards, KingHigh
Attached Image (click to enlarge)
Click to Enlarge Name: renko in m1 chart.gif Size: 27 KB
  • #3
  • Oct 18, 2009 6:46am Oct 18, 2009 6:46am
Hello King,

intersting indi! that allow to see what happens between a Ranko candle and the next one. Unfortunately it is not what I'm looking for.

As explained in my post, I would like to be able to compare the "smoothing" obtained by Renko with the "smoothing" obtained by "Nicolelli's Range Bar". At the same time, I would like to attach to them some EA to see and compare the results.

By the way, another interesting "smoothing" effect is obtained using "Constant Bar" where each bar is obtained at a fixed amount of tick. Unfortunately, this method could be achieved only "live" because MT4 does not keep track of previous ticks and you can't rebuild (as RenkoLive does for the past data) an "historic" chart.

Take care!
Mimmo
  • #4
  • Oct 18, 2009 11:06am Oct 18, 2009 11:06am
Quoting KingHigh
Hi - Just happened to see your request to Lou and LV for a Range Bar Indi.

What I wrote is based on LV's work only modified to my liking. It runs in the standard time frames but mostly, I use M1. I have 8 preset Renko bar sizes, that are all calculated simultaneously and can used by any EA without being in offline mode.

Of course the indi runs in a display mode mode where you select 1 of the eight Renlo Bar Sizes. I also have a concept of a Neutral Bar which has its own indication -- that is a sideways movement. [color=green]In...
Hi kinghigh .. i am happy i open and read this threade and see ur post here.. can you shere your indicator .. it will help me a lot.

second things could you explain what u mean by "In a true Renko chart a reversal is 2 times the RBar size" that may help me too.

thanks in advance bro.
Never sell @ lower upward channel unless breacked and vise versa .
  • #5
  • Oct 18, 2009 12:16pm Oct 18, 2009 12:16pm
Hi Skipper & Wed,

What I thought that you were looking for was a way to see the Range Bar formation in the Time Domain i.e. M1 chart. It appears that what you want is just a modified Renko Generation EA that is the same as my neutral bar approach except with an offline display as we do with Renko.

My Renko bar generator generates bars using any of several bar formations which include standard definition bar( each bar is constant size ) , MultiBar where the height of the bar can vary by an integral number of blocks, or the neutral bar where there does not have to be a 2 bar reversal to form a new bar in the opposite direction which I believe is the RANGE BAR approach.

What many people do not realize is that "Renko Bars Lie". Pretty trend lines can not actually be traded in real trading. If there is a spike or gap on a M1 chart, the renko generator will systematically stack bars in a great looking trend of muliple bars, BUT when you actually buy or sell, you are using the complete gapped price - even on the first bar of the pretty run. If there was a reversal - you lose by the WHOLE gap.

Wed,

If you look at a correct Renko Chart and if there is direction reversal, you with find that the close of bar i+1 is 2 bars away from close of bar i. So a single reversal gives you a 6 pip decrement to your trade on a 3 pip Renko chart. This gets very costly in an oscillating buy/sell bar sequence.

Justta comment -- Lou G's RenkoLiveChart 3.0 uses tick data High/Low data to form the bars and not close of M1 to form the bars. This makes for a very ragged chart in my opinion. The literature on Renko says to use the Close.

KH
  • #6
  • Nov 13, 2009 6:21pm Nov 13, 2009 6:21pm
Would you be willing to share your CRB generator?

s

Quoting KingHigh
Hi Skipper & Wed,

What I thought that you were looking for was a way to see the Range Bar formation in the Time Domain i.e. M1 chart. It appears that what you want is just a modified Renko Generation EA that is the same as my neutral bar approach except with an offline display as we do with Renko.

My Renko bar generator generates bars using any of several bar formations which include standard definition bar( each bar is constant size ) , MultiBar where the height of the bar can vary by an integral number of blocks, or the neutral bar where there...
  • #7
  • Edited 8:26am Nov 14, 2009 8:24am | Edited 8:26am
Quoting KingHigh
Justta comment -- Lou G's RenkoLiveChart 3.0 uses tick data High/Low data to form the bars and not close of M1 to form the bars. This makes for a very ragged chart in my opinion. The literature on Renko says to use the Close.

KH
Actually, the M1 high and low are only used for the historical bars (those already closed) for which the tick data is no longer available. If the EA were to use only the close for these bars you would indeed have a smoother chart, but a very inaccurate one since the actual ups and downs of price would not be accounted for.

Beginning with the current bar, the bid price (i.e. the tick value) is used. Incoming ticks do not have a high or low - only a bid price.
Old Benjamin was right
  • #8
  • Nov 17, 2009 1:45pm Nov 17, 2009 1:45pm
In the FWIW department, true pip range bars will always close on the hig or low of the bar. The bar may open at 00, drop to 97 and rise to 07 where it will close, with a wick on the bottom. It may open at 00, rise to 01 and drop to 91 to close with 1 pip wick. A Doji will be all wick with a 1 pip body, which occurs frequently at a high or low swing. Ninja trader is free and the renge bars plot correctly although I am definately NOT a programmer. Hope thhis is of interest to some.
  • #9
  • Aug 2, 2011 5:15pm Aug 2, 2011 5:15pm
Hi there,
I'm not sure if this is a correct thread for this, but does anyone know an ecn broker with a platform that has range bar charts? I am currently using dukascopy and this feature of their platform doesn't seem to work properly, and no answer from support yet.
Any input would be welcome!
Thank you!
  • #10
  • Aug 22, 2011 3:43pm Aug 22, 2011 3:43pm
I've attached a range bar script for MT4. In order to use it, you'll have to put it in your indicator folder. Then apply it to your M1 chart, and open an offline M3 chart in order for the range bars to show. You can adjust the box size to any number of pips you'd like. Hope this helps.



Quoting rauschie
Hi there,
I'm not sure if this is a correct thread for this, but does anyone know an ecn broker with a platform that has range bar charts? I am currently using dukascopy and this feature of their platform doesn't seem to work properly, and no answer from support yet.
Any input would be welcome!
Thank you!
Attached File(s)
File Type: ex4 1RenkoRangeBarsV1.2a.ex4   11 KB | 1,246 downloads
  • #11
  • Aug 25, 2011 11:22am Aug 25, 2011 11:22am
thanx TROPICS...I was looking a long time for range-bars...work wonderfull
  • #12
  • Last Post: Aug 25, 2011 11:27am Aug 25, 2011 11:27am
No problem, glad to help.


Quoting hollandpippin
thanx TROPICS...I was looking a long time for range-bars...work wonderfull
0 traders viewing now