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Range Bar Time
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Created: by zeller4 Attachments:7

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Range Bar Time

  #1 (permalink)
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Range Bar Time

Hello All,

Range bars are new to me since being introduced to this forum. Thanks Mike, Sharky and others who continually share..

I'm not sure if a range timer display would show the bar's duration and if anyone feels that would be good information to show how long a bar is stuck without moving. some of the bars in the screenshot are 10 minutes long (might as well go to lunch)

I'm testing this script but don't know how to set it to display minutes:seconds... Any help would be greatly appreciated.
Kirk

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Range Bar Time-zn-09-09-6_26_2009-4-range-.jpg  
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  #2 (permalink)
 Vendor: www.innovative-trading-solutions-online.com 
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Kirk,,

Range bars are plotting price movement in both X and Y axis on the chart.

There is no fixed time, volume or trade ticks to define when the bar will close.

Same story with Renko bars.

I hope this helps,

RJay

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  #3 (permalink)
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I understand that RJay,

I'm merely trying to see how long in minutes it took to print the last bar. I believe that will then allow me to place a moving average to that number and see the "speed" of the current price movement. If the current 4 range bars are plotting in 10-30 seconds compared to 5 minute plot per bar, there might be strength or momentum in the current move...

not just a standard momentum indicator...
just a way to show time of one bar's time minus the last
not even sure if this is the best way to do this..
 
Code
Value.Set(ToTime(Time[0]) - ToTime(Time[1]));

Does that make sense?

kz

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  #4 (permalink)
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OK I getting the picture.

I'm pretty sure Time[0] is a right now data series, it changes every tick.

To get past this, First I would change to bar close update setting.

// CalculateOnBarClose = false;

CalculateOnBarClose = true;

Now its just Time[0] - Time[1] or what ever your criteria is.

Plot the value in a bars off the price chart.

Let me know,

RJay





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  #5 (permalink)
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Okay, that looks good, now to change time shown as

8297 on the 12:19 bar (which took from 11:36 to 12:19 to form)

to 00:00 for minutes:seconds...

see attached chart, (display data box doesn't come with the attached image)

do you know how to do the re-formatting?

thanks,
kz

Attached Thumbnails
Range Bar Time-zn-09-09-6_24_2009-4-range-.jpg  
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  #6 (permalink)
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Hey zeller4, I like the way you are thinking. I can see how your indicator may confirm the 'lunch lull' and other persistent slower price action time frames that might be less conducive to a momentum strategy. I'm curious if there is a direct correlation that will be useful. Thanks for giving this a go.

Neal

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  #7 (permalink)
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zeller4,

You are on the right track. It is important to know the length of a bar when compared to an "average" length. If the bar moves incredibly quick, it can signal a change in momentum, whereas if a bar takes a long time, it can signal chop.

I think you should consider adding an additional double to your script to record the average time of a bar, and then maybe paint the Countdown clock in a certain fashion depending if the current bar is above or below the average by a certain threshold, like 50% or something.

Mike

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  #8 (permalink)
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great idea Mike,

I'll look into that for the next version...

got some reading to do to figure out the formatting...

kz

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  #9 (permalink)
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Here is how I do it:

 
Code
TimeSpan span = Bars.GetTime(CurrentBar) - Bars.GetTime(CurrentBar -1); 			 

series.Set(span.TotalMinutes);

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  #10 (permalink)
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Thanks to sefstrat and researching string formatting, I now have the following:

see attached screenshot.

per Mike's suggestion I'm using different colored background if it's less than the EMA(5) - not sure about the 50% level, please update as you see fit.

not sure if 5 is the "right" number for now.

still need help with formatting the EMA value... yes, I'm still in the "learning library"!

Kirk

Attached Thumbnails
Range Bar Time-zn-09-09-6_29_2009-4-range-.jpg  
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Register to download File Type: zip Range_Time_v01.zip (3.7 KB, 120 views)
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