Is it possible to plot the open of an indicator (not price) in NT? The CurrentOHL will only work on price - I'm trying to get an opening session "line" for indicators too. Thanks for any help for an average programmer like me!
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Last edited by patbateman; June 30th, 2012 at 10:03 PM.
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The following user says Thank You to Big Mike for this post:
The open for an indicator would be the indicator value corresponding to the first tick of price. I do see a few problems here:
On historical data, this indicator value is not stored, so you cannot access it directly. Actually you would need to modify an indicator with the period N to use the N - 1 previous closes and the open of the session. Possible, but not easy.
The next point is that there are many indicators, for which the opening value does not make any sense. Let us take the average true range. If you calculate it with the first tick, by definition the value of the current bar's range is zero, and the average true range will have a value close to (N-1)/N times the previous average true range. It is a nonsense value.
Other than the difficulties of coding it, I do not see what this should be good for.
The following user says Thank You to Fat Tails for this post: