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IB Range Bands
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IB Range Bands

  #41 (permalink)
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Fat Tails View Post
If I use the data of the first two days to determine the breakout points, I will have to wait until Wednesday to trade a breakout.

What would you do, if the actual breakout occurs on Monday, see chart*) below?


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*) The chart is merge-backadjusted and shows a displaced bar series of the contract 6E 06-13.

I see your point! In this case your weekly Noise Bands make more sense.

I would see these weekly Initial Balance levels just as additional reference points in the overall context. Nothing to really base trades on.

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  #42 (permalink)
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TempletonPeck View Post
I see your point! In this case your weekly Noise Bands make more sense.

I would see these weekly Initial Balance levels just as additional reference points in the overall context. Nothing to really base trades on.

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Of course, if there is a range, you can use any prior high or low as a breakout point.


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  #43 (permalink)
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different IB price


Hi

Why is the IB bands price different on Range Bar Chart as on min Chart? Is that an programming error?

regards

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IB Range Bands-different-ib-price.png  
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  #44 (permalink)
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How do you start a new thread? I would like information from future traders
that has used tos and swithced to something else ninja for instance. Thanks

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  #45 (permalink)
Market Wizard
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dragutin View Post
Hi

Why is the IB bands price different on Range Bar Chart as on min Chart? Is that an programming error?

regards

no, it's not a programming error.

in order to have correctly measured ib bands for tick, volume and range charts, you should use the multi-timeframe (MTF) version. once again compliment to @Fat Tails for a great indicator

it can be found here:

https://futures.io/download/ninjatrader-7/indicators/938-download.html?view

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  #46 (permalink)
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dragutin View Post
Hi

Why is the IB bands price different on Range Bar Chart as on min Chart? Is that an programming error?

regards

As @Silvester17 already explained, only a multi-timeframe indicator will be able to calculate a correct initial balance on tick, range, volume or Renko charts.

The problem here is that in order to calculate the correct range you need to use bars that align with both the start time and the end time of the period selected for the initial balance. For example if you base your initial balance for ES on the first 60 minutes, you need to use bars that align to the opening time at 8:30 AM CT and to the end time of the initial balance at 9:30 AM CT. Tick or range bars will not exactly align, so you will have an overlapping bar at the beginning and another overlapping bar at the end of the initial balance period. Those overlapping bars may contain price data outside the exact range for the initial balance.

In short, you can only calculate an initial balance range from minute bars.

Therefore, if you use other than minute bars on your chart, the multi-timeframe version of the IBRangeBands needs to be used. It loads minute data to perform all calculations.

The only reason that I have coded a multi-timeframe version of the IB Range bands is that the standard version does not work with bars built from ticks.

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  #47 (permalink)
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Fat Tails View Post

The only reason that I have coded a multi-timeframe version of the IB Range bands is that the standard version does not work with bars built from ticks.

@Fat Tails,

Two questions please:

1. In that case, do we still need the standard version? Can't we just use the MTF for all needs.

2. Also, Can we assume the same will apply to anaOpeningRange indicator, if so, do we need a MTF OR indicator?

Thanks.

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  #48 (permalink)
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aligator View Post
@Fat Tails,

Two questions please:

1. In that case, do we still need the standard version? Can't we just use the MTF for all needs.

2. Also, Can we assume the same will apply to anaOpeningRange indicator, if so, do we need a MTF OR indicator?

Thanks.

sorry for the interruption, but the answers are pretty obvious

1. if you're using the indicator on a "normal" (5, 10, 15, 30) min. chart, then it would make sense to use the standard version. you don't need a second minute bar series. but of course for tick based charts and "strange" (7, 9, etc) min. charts, then you want the mtf version.

2. the same would apply to the opening range indicator. the mtf version can be found here:

https://futures.io/download/ninjatrader-7/indicators/937-download.html?view

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  #49 (permalink)
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Richh View Post
How do you start a new thread? I would like information from future traders
that has used tos and swithced to something else ninja for instance. Thanks

i used tos and switched to ninja its not that hard i personally like ninja better

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