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NoGapRangeBars / RangeNoGap
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NoGapRangeBars / RangeNoGap

  #81 (permalink)
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Silvester17 View Post
I don't think this is correct.

your quote about range bars:

"simply, the open of the following candle is always the SAME as the close of the previous candle"

according to my understanding (as well as your source investopedia), the open of a new range bar MUST be outside of high/low of previous bar. and that of course includes the closing price.

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so I believe if you use no gap range charts, you'll get a wrong opening price if there's a gap. because of the virtual open. nt's range bars are correct.

Thanks Silvester. I've come to the same conclusion.

Rick

"If you're going to panic during a trade............. panic early."
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  #82 (permalink)
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TheGaryGuy View Post
Rick,
1) What is the source of the (indicator) that puts your highs and lows for the day on the chart? (remembering that Range bars are not time dependent)

2) Did you check to see the day bars to see if the No-gap chart highs and lows are more or less accurate than the Default NT range bars.

Thanks, Gary
P.S. NT support staff told me to use RJay's NoGapRange bar charts for range bars if I want to avoid the 1 or more ticks lost per entry and exit in backtesting. NT does not use industry standard Range bars. If a strategy uses end of bar as the trigger time an order placed then will loose a tick as the next candle skips a tick to the open.

I would be very careful about that conclusion.

with no gap range bars your backtests will give you a wrong result. of course it'll show a better performance , but certainly not realistic because the open of the next bar has to be a tick higher or lower. in your case you would backtest a wrong opening price. in no gap range bars, the open is set to be equal to the close of previous bar, which is not the "real" opening price, just a virtual price.

so again, be careful

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  #83 (permalink)
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The Range bar Religions



Silvester17 View Post
I don't think this is correct.

your quote about range bars:

"simply, the open of the following candle is always the SAME as the close of the previous candle"

according to my understanding (as well as your source investopedia), the open of a new range bar MUST be outside the high/low of previous bar. and that of course includes the closing price.

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so I believe if you use no gap range charts, you'll get a wrong opening price if there's a gap. because of the virtual open. nt's range bars are correct.

Sorry that this is getting religious.. and I repeat both bars and charts are correct. "From a certain point of view" (quote from original StarWars). I am sure the NT programmers read the definition the same way you did, "open must be outside the range of the previous bar". You are right, the price must move 1 tick (the minimum movement possible) outside the range of the original candle's range for a new candle to begin to be formed.

With Range-no-gap bars the open of the next candle is the same as the close of the previous candle. To some of us that continuity of price makes sense and it is very useful for backtesting but not too accurate for real time trading except if you are using limit orders set to the close of the trigger candle. Personally I really like RJay's Range-no-gap bars for what I do.

I also work on the TOS platform and their range bars follow RJay's style. Any input from others with platforms that use Range bars? Multi-charts? AMIBroker? Tradestation?

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  #84 (permalink)
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TheGaryGuy View Post
Sorry that this is getting religious.. and I repeat both bars and charts are correct. "From a certain point of view" (quote from original StarWars). I am sure the NT programmers read the definition the same way you did, "open must be outside the range of the previous bar". You are right, the price must move 1 tick (the minimum movement possible) outside the range of the original candle's range for a new candle to begin to be formed.

With Range-no-gap bars the open of the next candle is the same as the close of the previous candle. To some of us that continuity of price makes sense and it is very useful for backtesting but not too accurate for real time trading except if you are using limit orders set to the close of the trigger candle. Personally I really like RJay's Range-no-gap bars for what I do.

I also work on the TOS platform and their range bars follow RJay's style. Any input from others with platforms that use Range bars? Multi-charts? AMIBroker? Tradestation?

not to worry, at least no problem from my side

I'm a tos user as well and very pleased when they introduced the range bars. but then very disappointed when I found out how they created them. I've already contacted tos about their wrongly coded range bars and hopefully they'll correct them.

I use range bars a lot, especially for order flow (like volume ladder) most helpful. one thing I don't like are phantom (virtual) bars. I prefer to pay attention only to facts. even if the other way would look nicer. having said that, even normal range bars create sometimes phantom bars when price jumps a tick. that's the reason I'm using kase bars. no phantom bars, only facts. a bar that prints only when price actually traded at that price.

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  #85 (permalink)
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Contract rollover problem

Hi,

Lately there have been big offset number especially in CL when new contract is rolled over and that mess up rangenogap bartype badly and with longterm rangenogap chart it stays visible for weeks. Somehow the bartype opens the same amount as rollover offset is when the contract changes. Does anyone else have the same problem? I'm using MergeBackAdjusted charts. Any ideas how to fix it/can someone fix that bug, please?

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  #86 (permalink)
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Remove the type RangeNoGap

Hi,
Can anyone tell me please how can I remove this type of bar from Ninja since it does not shows itself in
..NinjaTrader 7\bin\Custom\Type ?

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  #87 (permalink)
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Cristian View Post
Hi,
Can anyone tell me please how can I remove this type of bar from Ninja since it does not shows itself in
..NinjaTrader 7\bin\Custom\Type ?

Since you already know where the file is located, delete it. Then open Ninjatrader editor with any cs file and compile. Then restart NinjaTrader. Done.

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  #88 (permalink)
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RangeNoGap without phantom bars?

I really like the way RJay's RangeNoGap works. The chart looks much cleaner indeed, but it creates phantom bars showing false ETH/RTH session open, and I don't like to see bars at prices where no trades took place.
Is it possible to create RangeNoGap bars without the phantom bars on NT7?

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  #89 (permalink)
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bbviolation View Post
I really like the way RJay's RangeNoGap works. The chart looks much cleaner indeed, but it creates phantom bars showing false ETH/RTH session open, and I don't like to see bars at prices where no trades took place.
Is it possible to create RangeNoGap bars without the phantom bars on NT7?

Can you post charts showing what you are talking about?

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  #90 (permalink)
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RJay View Post
Can you post charts showing what you are talking about?

In the screenshots, the 1m chart and the RJay's RangeNoGap 5 tick chart show two different ETH opens/closes and
RTH opens. Also, after the ETH open, price has never traded above 42.74 for the first 30 minutes, but the RJay's RangeNoGap
shows that it's traded up to 42.80 right after the open.
RJay's RangeNoGap seems to be ignoring the session break lines?

Attached Thumbnails
NoGapRangeBars / RangeNoGap-eth.jpg   NoGapRangeBars / RangeNoGap-rth.jpg  
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