See that's what happens once people find out you can program worth a shit...
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I've recently discovered this tool that expands observation in an easy manner. My wish is to combine it with range and tick bars.
The benefits from that is that I can control risk more in a quantified way, but also get the minute frame that can give me certain confirmation or warnings. Such as gaps and wide range bars.
The only problem is that it doesn't seem to work properly. I've compared it with a minute chart, and it's not mirroring it. I've posted a picture, the chart on the left is a 5 minute chart, and the chart on the right 377 tick chart. I've made the tick candles transparent in order to see only the virtual bars on the right chart.
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Why is it not a perfect match? Is there something wrong with my settings or do they simply not work properly? Is there someone out there that can throw some light on this?
Thank you in advance!
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Thanks to Mike for posting this - this has got to be by far my new favorite indicator. It is invaluable for reading price action across multiple time frames and mentally synchronizing what you are seeing...
George, my first guess is this works best on time charts and the time frames should be multiples of the base (fastest time) chart. Otherwise how could you accurately plot the time bar close in the middle of a tick bar. How about a 3 minute bar inside a range bar that takes 5 minutes to complete? Dan
The following user says Thank You to eDanny for this post:
Hi George, I think eDanny has a point. It is not possible to expect that a 377 tick bar will form exactly within a minute.......so than you have a situation where 1st bar has time delta of say 1:30 and 2nd 3:40 so delta1 + delta2 not equal to 5 min.....and therefore the code cannot group them how you wanted......this will be a problem with any non-time based charts..........either group non-time based bars as "GroupingByMinute=FALSE" or switch to time based bars.......
The following user says Thank You to zikonc for this post:
Hi, sorry I didn't see the question for so long. Anyway, they decide where to cut off virtual bars on chart bar boundaries. So, if you want 5-minute groupings, you'll get the closest virtual bar to 5 minutes that you can get in terms of your chart bars. Same thing if you group by volume or any of the other grouping options... it gets as close as it can, without splitting one of your chart bars.
As with all of my indicators, I wrote what I personally wanted to see... someone determined to get an exact 5-minute overlay would write a slightly different indicator, and watch every tick against the system clock. It can be done, but it's not what this indicator does.
The following 2 users say Thank You to Richard for this post: