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change-based charts
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change-based charts

  #1 (permalink)
Elite Member
Philadelphia, PA
 
Futures Experience: Intermediate
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change-based charts

Does anybody use change-based charts? [candles are formed after a specified number of price changes instead of time (1m, 5m, etc) or volume (50 contract, 100 contract, etc.)] I'd like some input regarding the advantages or disadvantages of using change charts in comparison to other chart types. If you do use this type of chart please offer some pointers.

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  #2 (permalink)
 Vendor: www.fxcm.com 
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mmandi View Post
Does anybody use change-based charts? [candles are formed after a specified number of price changes instead of time (1m, 5m, etc) or volume (50 contract, 100 contract, etc.)] I'd like some input regarding the advantages or disadvantages of using change charts in comparison to other chart types. If you do use this type of chart please offer some pointers.

Thanks for the post mmandi!

Iíve seen things like that in the past; I believe they are called Range Bar charts. Doing a web search yields some images of those chart types.

The interesting thing is that they remove time from charts because a new candle is only formed when X gross price move is achieved. You may be able to decipher support/resistance or price trends easier with these charts, but as with all trading, there are no guarantees.

Let me know what else you find. Good luck trading to you!

Brad

If you have any questions about the products or services provided by FXCM, please send me a Private Message or use the BMT "Ask Me Anything" thread
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  #3 (permalink)
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Futures Experience: Intermediate
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Favorite Futures: Futures: NG, CL, BP
 
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FXCM Brad View Post
Thanks for the post mmandi!

Iíve seen things like that in the past; I believe they are called Range Bar charts. Doing a web search yields some images of those chart types.

The interesting thing is that they remove time from charts because a new candle is only formed when X gross price move is achieved. You may be able to decipher support/resistance or price trends easier with these charts, but as with all trading, there are no guarantees.

Let me know what else you find. Good luck trading to you!

Brad

I think range bar charts are a little different because they make a new bar or candle after price has moved a predefined range (ex. 5 ticks or 2 points). With change based charts a new bar is made after the price CHANGES a certain number of times. I've been using 233 changes while trading the NG (natural gas) contract. The chart does eliminate a lot of the noise you get with time-based charts but I wanted to know if anybody else really uses them and get some feedback. I'm a new member so I can't post an image of my charts yet. I think I need one or two more posts before I can upload some images.

I've been experimenting with it for the past 3 months or so. Time-based charts get on my nerves to put it mildly and I'm looking for some way to get an advantage over the traditional charting methods. When I'm allowed to post images I will put up a few to show the difference in chart appearance. Hopefully, that will get more people to respond and give more feedback.

Thanks for your reply. I really appreciate it!

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  #4 (permalink)
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mmandi View Post
I think range bar charts are a little different because they make a new bar or candle after price has moved a predefined range (ex. 5 ticks or 2 points). With change based charts a new bar is made after the price CHANGES a certain number of times. I've been using 233 changes while trading the NG (natural gas) contract. The chart does eliminate a lot of the noise you get with time-based charts but I wanted to know if anybody else really uses them and get some feedback. I'm a new member so I can't post an image of my charts yet. I think I need one or two more posts before I can upload some images.

I've been experimenting with it for the past 3 months or so. Time-based charts get on my nerves to put it mildly and I'm looking for some way to get an advantage over the traditional charting methods. When I'm allowed to post images I will put up a few to show the difference in chart appearance. Hopefully, that will get more people to respond and give more feedback.

Thanks for your reply. I really appreciate it!

A quick Google search of 'Price-Change Bars brought up these results:

Google-Ergebnis fŁr http://www.linnsoft.com/tutorials/images/ChangeBar.jpg

I'm not familiar with Investor/RT, but I think you may get an idea of what is possible.

Another link leads to Ninja Trader Support Forum:

Price Change Bar Type - NinjaTrader Support Forum

I think @monpere is still around here on futures.io (formerly BMT), so perhaps he can help you with that particular bar type.

Hope this helps...

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  #5 (permalink)
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I guess I am not seeing how number of price changes would have any more meaning than volume or tick based charts. As it's an activity based chart, I think they would be better than time based charts, but how could they be better than range type charts based purely on price? They just can't, it's impossible I tell you!

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  #6 (permalink)
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To clarify, I am speaking from the perspective of pure price action. I do believe time based charts have greater meaning within certain context, e.g. closing within or beyond certain support or resistance on a daily scale can have great significance.

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