Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Are you talking about 5 minute bars? You would just need to divide the range by the ticksize, this would give you the number of ticks. Where do you want to display the information and what do you need it for?
Sorry I am not talking about range chart. I said haw many tick moved on a 5" bar.
This information is to determined on how to act after entry. If the next bar is an inside bar or outside bar and decide to get out of the position placed earlier is wrong at a minimum loss.
I got the idea after reading a bit from Al Brooks book.
You could create an indicator that depending on a lookback period determines the minimum, average, and the maximum range. You can plot it in the upper left corner of your chart. Do not think that this helps in trading. what do you want to do with this information?
I know the book of Al Brooks, he certainly does not use this.
i heard about a request of a textbox in the chart showing some during trading needed infos.
i had some time today and made this as a posting now for all.
this is a code-example for making a such a textbox with live-infos …
I know Al dont use it. He said some bars are Doji bars and some are trend bars. So if you enter on the wrong side you can exit the market on the next bar using information displayed on the rectangle box. For example if you enter on a Doji bar and market against you and you want exit on a trend bar the rectangle box will display how many tick is average a trend bar is and you would know where to get out.
Now I see what you want to do. Why don't you simple colour the bars? Could take one colour for Doji bars and another one for trending bars.
I would not want to say that a wide ranging bar is always a trending bar. If
- the wide ranging bar follows a news release, it is often a balancing bar
- the wide ranging bar does not exceed a trading range, it can be a bar that covers the whole range
First you would need to refine your definition of a trending bar. Here is an exmaple of a definition:
An up-trending bar is a bar which opens near the low and closes near the high, which has an above average range and which makes a new n-bar high! It is important that the trending bar makes a contribution to shift value out of the value area of the auction process. A wide ranging bar, which does not close above or below the prior bars is no trending bar.
See also Jack D. Schwager On Futures, Technical Analysis, Concept of Thrust Bars.
Below is an example of a chart. The ranges are the value areas established by trending bars. The trending bars themselves are bright lime and red, the non trending bars are dark lime and dark red. The dojis are white.
