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.
The following 3 users say Thank You to zeller4 for this post:
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..
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.
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.
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