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Hourly Inside Bar
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Hourly Inside Bar

  #1 (permalink)
Elite Member
San Antonio, tx
 
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Hourly Inside Bar

Just became a member and was wondering if someone could help me out. I wanted to know if someone could create an indicator for me. I'm looking for it to draw in an hourly time frame inside bar(trend lines) on a 5 minute chart. What I mean is
  • when an hour of time has passed(4:00am,5:00am,6:00am,ect) I want it to find the high and low of that time span.
  • Then the next hour of time (on a 5 minute chart) I want to find the high and low again.
  • if the first hours high is higher than the second hours high && the first hours low is lower than the second hours low that would form an inside bar(on hourly time frame).
  • At that point a ray or extended line is drawn from the first hours high(higher high) to the second hours high(lower high) and a ray or extended line is drawn from the first hours low(lower low) to the second hours low(higher low) forming a triangle.
  • At this point nothing should change until it has happened again
    • Example: If the next hour forms an inside bar in reference to the second hours span in above description then that would now be the new highs and lows or reference points for extended lines.
    • If not then as stated before nothing would happen until a new set of hour time spans meet this criteria.
  • "Each set of 2 hours is its own" meaning if an hour time span happened at 9:00am an hourly inside bar at 11:00am would not be a match. They need to be consecutive hourly time spans forming the inside bar on the hourly time frame.
  • Once again I want this to be drawn on the 5 minute chart automatically - only using the hourly time spans as reference points for the trend line.
  • Also as stated once the criteria is met for a new set of upper and lower trend lines is met then the previous trend lines are erased and replaced with the new trend lines.
Thanks
Chris

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  #3 (permalink)
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try this indi it has some of what you want
https://futures.io/download/ninjatrader-7/indicators/749-download.html?view

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  #4 (permalink)
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@Tradingfutures: Welcome to the forum, for your first post this is a rather complex idea!

But what you describe is very similar to what I use for my trading. Just to describe how it works, I have attached a chart with two bar series. The upper part of the chart shows the 5 min bars series, the lower part the 60 minute bar series.

For better understanding let us start with the lower part. The indicator determines wide ranging hourly bars which create trading ranges. For yesterday's session there were 4 such bars, which I have labelled 1, 2, 3 and 4. The trading range then remains active, until there is an hourly close above or below that range. The first trading range which remained active during 11 hours of the night session, was created by the last bar of Wednesday's session.

The indicator identifies

- small body bars (white color)
- inside close bars (bars that close inside the trading range, no color)
- thrust bars (bars that close outside the range of the prior candle, not shown on the chart)
- auction bars (thurst bars with a significant range that shift the value zone, lime or red)
- reversal bars (potential reversal bars, blue or yellow, when confirmed an R is added)

For Thursday's session there were three hourly auction bars up (lime) and one hourly auction bar down (red).

Now let us go back to the upper part of the chart.

On the upper part of the chart you will find those identical ranges calculated from hourly bars, projected onto 5 minute bars. The upper indicator is a multi-timeframe indicator, which loads hourly bars to calculate the ranges. It can also plot these hourly ranges on tick, volume or range charts.

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Last edited by Fat Tails; October 7th, 2011 at 08:58 AM.
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  #5 (permalink)
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@ Fat Tails:

Is this indicator available for download?

Thanks.

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Bullberry View Post
@ Fat Tails:

Is this indicator available for download?

Thanks.

I am still working on this indicator, it will be available shortly. Please contact me via private message for a test run.

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Thanks for the reply. I was curious to know if you could also send me your indicator test run. I'd like to see if I cant run through it and adapt it to what I am trying to do.

Thanks

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Tradingfutures View Post
Thanks for the reply. I was curious to know if you could also send me your indicator test run. I'd like to see if I cant run through it and adapt it to what I am trying to do.

Thanks

I will come back in a few days, when it is finished. I am still fighting with the logic for real-time processing. I do not want to recalculate the ranges intra-bar to reduce CPU load, but the paintbars and alerts should fire intra-bar. It is quite tricky to code, because the logic on historical data is the opposite of the logic on real-time data.

The chart shows historical data, real-time results should be identical in the end.

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