Custom bar type - built based on filtered block size
I saw a few recent posts on the forum that made me create this thread. A lot of you place credence on the size of blocks of trades. I think a year ago or so, EOT had a tool (the name escapes me) that would let you plot three volume dataseries based on size of the blocks of trades (among other things).
Anyway, here is an idea for you Ninja types What about creating a custom bar type that is based on the 'block' size of trades? Let's say it's a tick Type, but instead of plotting every 1 tick, we only plot based on a filtered > block size threshold. If you guys believe size is important, then by only plotting price based on these, it may yield an interesting result. Note this is not the same as a Volume bar, although you could make it Volume type and still filter it.
It would be very interesting to then do a side-by-side comparison of unfiltered vs. filtered, and see if there is anything worthwhile.
Personally, I don't place a lot of importance on it, but I thought some of you may find it interesting.
Just a thought.
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Maybe you would not place much importance on volume filtering of just block size, but there are a lot of ways to filter volume, or just trading activity besides time intervals passed, or total volume traded. Also, many traders have asked on forums of software developers for the ability to easily make custom bars, but the developers do not seem to listen.
Really all they have to do is: Either let chart writers, that's us, put our own numbers in the list called "Volume" which is then used to construct "Volume" bars, or let us use a list of numbers, (called an "indicator") in place of the volume to construct the bars. I would call these "event terminated bars". Now it is a certain amount of time passed which creates the event, or a certain volume of trades finished, or a certain range of price movement completed. Why not just let us write our own "something completed" as the "event" WHICH SETS THE LAST TICK OR MINUTE depending on data resolution, of our "bar", and prints or draws the open, high, low, and close between the events chosen by us?
Perhaps the writers of Multicharts, who are reputed to be technically proficient and responsive, let us address the "volume series vector" used to construct the volume-activity bars, or a field like it called "user defined activity", for which they already have written code for so-called "volume" bars.
Anyway, that is what I was looking for in Multicharts that led me to your forum in the first place. Synchronicity.