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6-range chart
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6-range chart

  #1 (permalink)
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6-range chart

I've been watching quite a few videos on "6-range" charts.

how do you set them up on MC ? how do you define 6 on the setting ? is it 6 period of a fixed timeframe ? ie 5 min ?

many thanks....

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  #3 (permalink)
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ptcm View Post
I've been watching quite a few videos on "6-range" charts.

how do you set them up on MC ? how do you define 6 on the setting ? is it 6 period of a fixed timeframe ? ie 5 min ?

many thanks....


ptcmI dont have MC on my machine, in MC, they have something like a "point" chart? I think if you set it to 6 points that might work?

thanks

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what does 6 stand for ?

I can't find any point chart on MC. Wondering how to create a 6-range chart on MC.

How do you define the 6-range on a chart anyways ? what does 6 stand for ?

ie for ES, is it 6 full point ?

many thanks...

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  #5 (permalink)
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ptcm View Post
I can't find any point chart on MC. Wondering how to create a 6-range chart on MC.

How do you define the 6-range on a chart anyways ? what does 6 stand for ?

ie for ES, is it 6 full point ?

many thanks...

For MC, 6 points = 6 range.
So you open a chart, then <right-click>-> "Format Instruments..." -> "Settings" -> in Resolution choose 6 points.
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thanks a lot

sam028, thanks a lot. I got it working on my MC.

I am trying to apply it to the HSI futures that is trading at 23,010.

Just wondering the logic behind this 6 range chart ? how does the software apply "6" to the chart ?

Is 6 related to some kind of Fibonacci numbers or something ?

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A range bar is closed (then new bar formed) once price has 'ranged' more than 'x' ticks from its high to low on that bar.

If a tick is 0.01 and you have a 6 range, it means 6 ticks (0.06) in price between the low of the bar and high of the bar. Price can open, go up some, down some, back and forth, but only once the high-low is >6 ticks will the bar close and a new bar open.

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Does the logic behind range bars imply that the formation of bars themselves depends on where to start counting? If this is the case, what's the use of them?

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Doctor Leo View Post
Does the logic behind range bars imply that the formation of bars themselves depends on where to start counting? If this is the case, what's the use of them?

Yes, for instance if you have a 24/7 chart and your chart only goes back to Tuesday, and your friend Bob has a 24/7 chart and his goes back to some other date, then when your range bar closes and his range bar closes will be different (almost certainly).

The use of them is they are always the same measurement and price is allowed to move up or down unlimited within the range bar size, so they are simply a unique option that some traders prefer for their "smoothness".

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  #10 (permalink)
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Doctor Leo View Post
Does the logic behind range bars imply that the formation of bars themselves depends on where to start counting? If this is the case, what's the use of them?

I use a 5 tick range bar when trading TF. 5 is not a magic number, it just happens to be half the ticksize of the TF. I use range bars because it allows me time ( I'm old and slow) to set a stop limit order where the next bar will start. If the market moves the opposite direction, I cancel the order.

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