Has anyone created true No gap range bars yet? The Current No Gap range bars still have to tick an extra tick for the bar to print. True no gap range bars means that when a bar moves 4 ticks (using a 4 range), a new bar prints. The current version moves 4 ticks, waits to get a 5th tick of movement, and then back fills so that it looks like there is no gap. This make back testing ineffective on them because in reality if you are waiting until close of bar, the order would still be placed on the 5th tick, not the fourth.
So, with all that being said, is there a true no gap range bar for Ninja Trader 7 yet?
I really haven't done much research into this because gaps help in my strategy. May I ask why you don't want to see gaps? Another question, It seems that Gaps are just a part of trading why try to get rid of them?
Another note, I don't know if you 24/7 in your session template on NT but maybe that's what you are looking for. That way you don't see globex gaps.
Im not talking about market gaps, talking about the 1 tick gap between range bars. Someone has created a "no gap Range Bar", but its not truely no gap, it just back fills the gaps. FOr instance. on a 4 range chart, the
mar ket must move 5 ticks for the bar to complete. With the new No Gap Range bars, the market still must move 5 ticks for a 4 range bar to print, then it just back fills and makes it look like there is no gap. Im looking for a range bar that actually prints 4 ticks and makes a new bar on the 4th tick. Get what I am saying?
I don't get it. With actual No Gap Range bars, if market moves 4 ticks it should not display a new range bar right away because nothing prevents the market to tick the 5th tick above or below the 4 ticks bar. Hence the need to wait for a 5th tick.
Therefore only Range bars which do not repaint reflects reality for backtsets (entry on open with gap)
Otherwise, you just take out the concept of Range bars. Am I wrong ?
I am the creator of the NoGapRangeBars. The code for Range bars and the code for RangeNoGap is virtually identical.
Also, RangeNoGap does not have any repainting coding. It updates the same as Range bars.
Although some believe that there needs to be gaps in the Range charts, I do not.
I have proven to my self that the gaps lessen the responsiveness of any price based indicator outside the price panel.
For example. Range 4 tick setting during a 17 tick movement with no reversal bars does the following
4 tick bar - 1 tick gap - 4 tick bar - 1 tick gap - 4 tick bar - 1 tick gap - 2 tick bar.
RangeNoGap 4 tick setting during a 17 tick movement with no reversal bars does the following
4 tick bar - 4 tick bar - 4 tick bar - 4 tick bar - 2 tick bar.
Without gaps, successive bars are closing sooner even though the bar range is identical. This provides an edge.
I also believe that every order executed deserves to be inside a bar depicting price movement.
To declare that certain orders executed get designated as gap creators and are not allowed as a bar builder makes no sense to me at all.
This is just my opinion, one of many.
P.S. I donated this chart creation to futures.io (formerly BMT) in my very first posting the week Mike opened this forum. I hoped members here who find advantage with it, and would also contribute to help upkeep this really great web site.
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Thanks for the explanation. Im glad that you responded. My question on the range bars is this. When the market moves 4 ticks on a 4 range, does a new bar start printing as soon as the 4 range is accomplished or does it wait for another tick and then back fill? The reason why I ask is because when I watch the bars as the print, a new bar does not start until the market prints one tick higher or 1 tick lower than the bar. Is the a correct observation?
The definition of a 4 tick range bar is just that. A bar that travels inside a 4 tick range. If the market exceeds that range, a new bar is created.
As far as back filling is concerned, every tick of price movement that show up inside a price bar is "backfilled" because you can't draw the price movement until the price movement has actually happened. This is true for every chart type.
One person's opinion amongst many,
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