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Range and time chart of single event - need help with discrepancy in price action
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Range and time chart of single event - need help with discrepancy in price action

  #1 (permalink)
Elite Member
Providence, Rhode Island
 
Futures Experience: Intermediate
Platform: TradeStation execution, some Thinkorswim charting
Favorite Futures: CL
 
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Range and time chart of single event - need help with discrepancy in price action

Hello all,

While I don't feel that I'm a total beginner, I've been looking at range charts recently and definitely feel like one there!

My question is regarding the two NQ charts of roughly the same time period on the same trading day. Notice on the range chart the red wick bar in between 9:45 and 9:50am. It's open is 3643.25.

Now look at the 1-minute chart. The first time we reach 3643.25 is one tick from the top of the 9:46am bar (which is the one just to the left of the 9:47am dotted line).

Here's my confusion. One the one minute chart, see how we dip down to 3641.75 at the bottom of the red wick at 9:48am? Why is it on the range chart that once we start the 3643.25 bar (that red one with the wick from earlier) we never descend back down to 3641.75? The following bar only dips slightly to 3642.75!

I realize this is tricky to follow without interactive charts. If you need more detail, please ask and I'll happily provide it.

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  #2 (permalink)
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  #3 (permalink)
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ekim View Post
Here's my confusion. One the one minute chart, see how we dip down to 3641.75 at the bottom of the red wick at 9:48am? Why is it on the range chart that once we start the 3643.25 bar (that red one with the wick from earlier) we never descend back down to 3641.75? The following bar only dips slightly to 3642.75!

The data you refer to is actually contained inside the big green bar to the left. You need to take note of the time compression in the range chart for that period.

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  #4 (permalink)
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Providence, Rhode Island
 
Futures Experience: Intermediate
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Posts: 56 since Apr 2014
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Hi Ratfink, thanks for jumping in.

I see the big green bar to the left (the one just to the right of the 9:45am line on the range chart, for onlookers), and still am confused about that. I do understand, in principle, anyway, that time can be quite compressed in a range chart. What I don't understand is that after the aforementioned range bar begins, it climbs over 2.5 points, or 10 ticks, and thus should start a new range bar. We see this climb on the 1-minute bar at 9:46am, where it hits 3643.5. Even if I were one tick off, at 9:47am it continues higher, and there should be a new range bar that formed.

It's only after this point that price dips back down to 3641.75 at 9:48am. So while there should be time compression, they are chronological bars, comparing one to the other, right? I see what you mean only if it "dips back" into the previous range bar, which seems, well, really confusing <---me confused in an egg

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  #5 (permalink)
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Thanks: 11,282 given, 7,092 received

Yes, they're chronological but you can't make any assumptions about the accuracy of the time axis shown, the platform will simply do it's best to show rough boundaries. Any spike lows can be a second either side and give you a different impression of time order, while still being correct as per the range bar rules. If not then it's bug and a late Easter for me.

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  #6 (permalink)
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Futures Experience: Intermediate
Platform: TradeStation execution, some Thinkorswim charting
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Posts: 56 since Apr 2014
Thanks: 137 given, 97 received

I figured it out experientially - on TDAmeritrade's range bars, they can open at a given point, move up a few ticks, then move down back past the opening tick and the bar does NOT show a wick. This strikes me as either not useful for my purposes (if all range bars are indeed like this) or stupid (if it's a bug in TD's charts). With this new info, Ratfink, you're welcome to confirm whether this is indeed how range bars go or if it's a bug...

Incidentally, no one at TD could explain another clear error I found in their range charts, and the software developer who knows how it's all put together didn't call back today like they promised...ah, I miss the Thinkorswim days

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  #7 (permalink)
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ekim View Post
I figured it out experientially - on TDAmeritrade's range bars, they can open at a given point, move up a few ticks, then move down back past the opening tick and the bar does NOT show a wick.

I guess it's each to their own when it comes to implementation. For one of my charts I use the Ninja range bars which are completely wickless, the bar just expands in either or both directions until the range is exceeded and then a new bar starts.

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