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Richard's VirtualBars


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Richard's VirtualBars

  #1 (permalink)
 
Big Mike's Avatar
 Big Mike 
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Richard from MoveTheMarkets has created a nice indicator that may benefit a lot of people trying to incorporate MTF into a minimalist screen/chart view.


Richard
Every so often, people ask me about an indicator that will make virtual large bars on top of their faster trading bars. The idea is to be able to visualize the larger-scale context without resorting to a second chart. In the spirit of the upcoming US Thanksgiving holiday, I made one today for ninja. And, I kinda like it!



More info and the indicator itself:
Virtual Bars Indicator|Move the Markets

Mike

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  #2 (permalink)
 
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 websouth 
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you beat me to this post because obviously you don't sleep... He has one of the few blogs I read.

This is was gonna be my request in the "request an indicator thread". Richard did an excellent job on this one.

Kinda hard to get on the wrong side of this...
a 5 minute nested inside 60min


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  #3 (permalink)
Richard
Dallas TX/USA
 
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Thanks, I'm glad you like it. Overriding the plot() method makes me feel like sometimes, but I think it turned out well.

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  #4 (permalink)
Jugador
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Very kind of you Sir...much appreciated.

I'm having a little problem, tho. For some reason the 30 min blocks don't start until 9:30, but as you can see from the screenie, I have it set at 8:30.

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  #5 (permalink)
Richard
Dallas TX/USA
 
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Jugador View Post
Very kind of you Sir...much appreciated.

I'm having a little problem, tho. For some reason the 30 min blocks don't start until 9:30, but as you can see from the screenie, I have it set at 8:30.

Hard to tell from your screenshot, but it doesn't look like you have much data on your chart, right? All indicators need a few bars to start up and get oriented. See attached with one of my charts scrolled all the way to the left, for example. To start at 8:30, it would have to "see" bars before 8:30, and then notice that 8:30 had passed.

Also note that 8:30 isn't a starting point as much as it is a synchronization point... in other words, say for some reason you want bars every 37 minutes. That's fine, but you also want a fresh bar at the NYC open every day, so you cut off the bars and start fresh every time 8:30 central rolls around. It also helps when gappy data gets the algorithm confused... at least at the next session the bars will right themselves again.

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  #6 (permalink)
 
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 cory 
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Richard, can you make the open of the first virtual bar synchronized with the close of the last bar of the previous session. A no gap chart is what I am after.

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  #7 (permalink)
Richard
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cory View Post
Richard, can you make the open of the first virtual bar synchronized with the close of the last bar of the previous session. A no gap chart is what I am after.

Thanks for the suggestion. Ok here's a version with a gapless setting you can set to true if you like. If true, it will set the open of a new session's first bar equal to the previous closing bar (screenshot attached).

This version also has a few bug-fixes on the timing as well for people that only watch day sessions (and hopefully I didn't introduce any bugs in the process!), so in general if you like this indicator it's probably best to upgrade.

http://ww16.movethemarkets.com/blog/wp-content/uploads/2009/11/vbars4.zip?sub1=20240328-1831-06c7-ab01-b9256d844b59

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  #8 (permalink)
Jugador
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Richard View Post

This version also has a few bug-fixes on the timing as well for people that only watch day sessions

Thanks...now it starts with the opening. Now, I just need to figure out what it all means!

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 cory 
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this is what I have in mind;

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  #10 (permalink)
Richard
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cory View Post
this is what I have in mind

ooohhh... I see what you mean now. Well, you could track an offset that you'd apply to all the subsequent bars, and modify the offset each session... and then adjust the plot mechanism so that it scales the visible range to plot on-screen at all times... but at that point the virtual bars and the real ones could be at very different prices (especially if your chart has several days of data on it, with several gaps to adjust away). I'd be willing to help anyone that wanted to undertake that change if they get stuck, but it's beyond the scope of what I'm trying to accomplish.

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