Indicator for Pip Range Bars | Forex Factory

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Indicator for Pip Range Bars

  • #1
  • First Post: Mar 12, 2009 1:00pm Mar 12, 2009 1:00pm
Hello Everyone;

I was wondering if anyone knew where and how to obtain the "pip range bar" indicator. I purchased one off the internet and it only work on off line chart. I need one that works on live charts.

Thanks.

Ben
Everything in the universe is mathematical including fear and greed.
  • #2
  • Mar 12, 2009 1:11pm Mar 12, 2009 1:11pm
check this out
Attached File(s)
File Type: mq4 Candle_Range_in_pips.mq4   2 KB | 4,099 downloads
  • #3
  • Mar 12, 2009 1:11pm Mar 12, 2009 1:11pm
Quoting bae67
Hello Everyone;

I was wondering if anyone knew where and how to obtain the "pip range bar" indicator. I purchased one off the internet and it only work on off line chart. I need one that works on live charts.

Thanks.

Ben
You need the offline charts for it to work.
If you check the "Allow DLL imports" on the period converter when creating the tick database for the ulterior offline chart you will use (I think it is M2) and leave the M1 ALSO created as offline chart so the other one can update, your pip bar chart will update in real time as any other standard TF.
  • #4
  • Apr 22, 2009 6:41pm Apr 22, 2009 6:41pm
Dob,
Looks like you know what you are talking about. Will you please elaborate on that. I really want to see a pip chart free of time and dependent only number of pips like 10 or 20.
Thanks In advance
Neel
  • #5
  • Mar 26, 2010 6:45am Mar 26, 2010 6:45am
You mean like this sort of thing?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1.jpg Size: 116 KB
Click to Enlarge Name: 2.jpg Size: 120 KB
  • #6
  • Mar 26, 2010 6:51am Mar 26, 2010 6:51am
Quoting neel123
Dob,
Looks like you know what you are talking about. Will you please elaborate on that. I really want to see a pip chart free of time and dependent only number of pips like 10 or 20.
Thanks In advance
Neel
You mean like renko bars / bricks ?
  • #7
  • Mar 26, 2010 10:24am Mar 26, 2010 10:24am
Go to the Trading Discussion forum and read the thread " Trading Renko"

You will find a lot of useful info there.
It never gets easier, you just get better
  • #8
  • Mar 24, 2011 10:13am Mar 24, 2011 10:13am
Quoting Musashi
You mean like this sort of thing?
how do get that?
  • #9
  • May 19, 2011 9:05am May 19, 2011 9:05am
Could you kindly post an expert or an indicator to draw a pip range off line chart?

I'm trying to use the indicator posted in the thread but I don't understand how it works...

Thank you!
  • #10
  • Aug 14, 2011 4:41am Aug 14, 2011 4:41am
Here is a Rangebar indicator that I use. Open a 1 minute chart. Place the indicator on it. Specify the number of pips in the rangebar and also an output time frame (has to be a timeframe not already in metatrader so no 1, 5, 15, etc). So let's assume you chose 2 as the output time frame. Then go to file, "open offline" and choose M2; your rangebar chart will open. You must keep the 1 minute chart with the rangebar indicator attached to it running to continue receiving data to your offline range bar chart. Also, if you are in a trade and want to use a script, use it on a on-line chart. Same with trailing stop EAs etc. Hope this helps friends!
Attached File(s)
File Type: ex4 RangeBarChart_v103a.ex4   21 KB | 2,078 downloads
  • #11
  • Oct 21, 2011 11:35am Oct 21, 2011 11:35am
Range bars are great, when you catch a run. I would be interested in users opinions of the best method of finding a good setting for each pair, given that they all pairs have different ADR or ATR, anyone?
Attached Image (click to enlarge)
Click to Enlarge Name: buy_gbp_usd.jpg Size: 334 KB
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  • #12
  • Oct 22, 2011 6:21pm Oct 22, 2011 6:21pm
@ Erebus...Nice Chart...what Rangebar Script/EA are you using? and possibly what Indicators are on your chart?
i would be interested in trying them if possible.
i am currently using Renko charts, i would like to incorporate the Rangebars also like you have there.
On the Renko charts i currently use 1 pip bar along with 2 pip bar and also 5 pip bars, in other words 3 charts each one with one of those size bars.
This gives me a good view of that pairs short term trend for intraday trades.
Looks like the Rangebars may also work well with smaller pip range size like Renko.
I have yet to find a good Free Script/EA for Rangebars, i would like to try it and see for myself what you are asking.
  • #13
  • Oct 22, 2011 6:29pm Oct 22, 2011 6:29pm
@ Diesel 10....Thanks for that Script/EA for Rangebars, i will try this version out.
i am currently looking for one like this.
  • #14
  • Oct 22, 2011 8:39pm Oct 22, 2011 8:39pm
Quoting optionman
@ Erebus...Nice Chart...what Rangebar Script/EA are you using? and possibly what Indicators are on your chart?

Looks like the Rangebars may also work well with... I have yet to find a good Free Script/EA for Rangebars
Exactly, Google for " forex strategy range bars " it will be #1 hit, also user name " 9NiX6 " on Youtube, he used to post here also I believe
It takes a lot for me to IGNORE you, but you can try.
  • #15
  • Oct 22, 2011 9:22pm Oct 22, 2011 9:22pm
@ Erebus...Thanks...i have the website for the Rangebars..i may try this one out in the near future.
It looks good in the Chart you posted, i will try and get back on the better settings you asked about when i have tested with Rangebars.
  • #16
  • Oct 27, 2011 9:27pm Oct 27, 2011 9:27pm
Quoting optionman
@ Erebus...Thanks...i have the website for the Rangebars..i may try this one out in the near future.
It looks good in the Chart you posted, i will try and get back on the better settings you asked about when i have tested with Rangebars.
Hi optionman,

I have been reading the Renko thread, afraid the indicators are all to much for me so I don't comment there....

What I have found, using advice from NIX on his Youtube tutorials about setting range bars to the ATR of a 15 minute chart, the 15 pairs I follow vary from 5 or 6 pips for the USD-JPY up to 17 for the EUR-USD ? and they say the GBP-JPY is hard to trade?

Anyway, the average of all 15 pairs is 13, which is a setting I see around the place also, depends on how much time you have to set up your charts I guess, just wanted to let you know that
It takes a lot for me to IGNORE you, but you can try.
  • #17
  • Oct 28, 2011 2:25am Oct 28, 2011 2:25am
Try spread X 10 for each pair.
I.e Eur-Usd's spread is 1.6, bar size is 16.
  • #18
  • Edited 4:47pm Oct 31, 2011 12:21pm | Edited 4:47pm
Hi All,

Since I'm a new member, I'm not able to start a new thread, so i guess this is the best thread to start from..

I’ve been spending some time on these Range Bars and want to add the Time Factor into the picture with an indicator. I was wondering if it would be possible to prompt a colored bar according to the length of the time period?

For instance; if a range bar’s time interval is 2mins (very short) then prompt a yellow bar, if it’s 15mins (long) then a red bar. I’ve illustrated a picture to make it clear. I was hoping to have 10 color tones for different time lengths. Would it be possible to create an indicator like this?
Attached Image (click to enlarge)
Click to Enlarge Name: range_bars.jpg Size: 131 KB
  • #19
  • Nov 1, 2011 8:38am Nov 1, 2011 8:38am
Quoting mntemel
Hi All,

Since I'm a new member, I'm not able to start a new thread, so i guess this is the best thread to start from..

I’ve been spending some time on these Range Bars and want to add the Time Factor into the picture with an indicator. I was wondering if it would be possible to prompt a colored bar according to the length of the time period?

For instance; if a range bar’s time interval is 2mins (very short) then prompt a yellow bar, if it’s 15mins (long) then a red bar. I’ve illustrated a picture to make it clear. I was hoping to have 10...
While I kind of get what you mean by that idea, it sort of defeats the purpose of Range Bars doesn't it? Would it serve any real purpose for trade entry or exit? Not for me, I purely look at the PRICE, is it breaking out? consolidating? reversing? trending?

Anyway, most Range Bar indicators run on a normal chart while the Range Bars are on the "offline" chart; whenever I have used them, I just put other stuff on the base chart and have a look at that when I need any "time" information, say market session open and close.

Good luck with your quest, C.
OPPORTUNITY IS NOWHERE
  • #20
  • Nov 1, 2011 11:28am Nov 1, 2011 11:28am
Hi Callisto,

I believe Range Bars give earlier signals with indicators and that's why I like to use them, but on the other side I'm not able to clearly see for how long the price got stuck on a certain level since they are time independent. So I believe this indicator can give me some idea about the strength of the levels that the Range Bars are trading at.

What I'm asking for is actually a very simple thing but since I don't have any coding skills I'm not able to create it myself. So I would really appreciate some help here, the code of the indicator will simply say:

[Closing Time of the Bar] - [Opening Time of the Bar] <= 1 min then prompt a yellow bar

[Closing Time of the Bar] - [Opening Time of the Bar] >1 min or <=5mins then prompt a orange bar

[Closing Time of the Bar] - [Opening Time of the Bar] >5 min then prompt a red bar

So can anyone help please??
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