Not sure which forum to is the correct forum for newbie questions so I am posting here.
I am new to day trading and some of the charts. I am using NJ with IB feed. I am use to Time Charts, but I am a bit confused on Range Bar Charts. In Perry's Trading he uses a 4 Range chart.
When I have a 3 minute chart displayed and type 4 R, the chart jumps to show price range 0 to .00001 and the data disappears. I played around and tried to do fixed range for the chart, but that did not show any data either.
My understanding of Range Bar is it takes a price movement up or minus the range amount to show a bar, whereas Renko is one direction price movement to paint the bar. So on 6E with a 4 Range Bar does that mean a 4 cents movement to paint the bar? And how do you get the data to show up for a 4 Range on 6E.
Interactive Brokers data is not suitable for any type of tick-level charting (tick, volume, range, renko, etc).
It sounds like you are quoting EURUSD from IB's spot forex side, if it is five decimals as you indicated. 6E futures is only traded out to 4 decimals (no fractional pip).
Try it on something like the ES. And switch data providers to something like Kinetick if you only use NinjaTrader, or IQFeed if you use other platforms.
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Maybe a picture is worth a thousand words. Below is a chart someone else posted that shows 4 Range using NJ on 6E. That is the chart I wish to draw. Can I not do this using IB as the data Feed? or am I just doing something wrong.
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I am speaking out of turn but i believe Perry himself prefers time based charts. His method CAN be used on range charts but they don't have to be. If your goal is to trade Perry's method, you can do it with 1 minute, 5 minute and 15 minute charts.