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How do I determine what size range bar is comparable to a daily bar?
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How do I determine what size range bar is comparable to a daily bar?

  #11 (permalink)
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dakine View Post
@Fat Tails, For renko bars would you also suggest odd periods?

Thanks.

Actually, it does not make any difference, whether you use odd or even period on range and Renko bars. I do neither see any argument in favor for odd nor any argument in favor for even periods.

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Fat Tails View Post
For minute, volume and tick bars it makes sense to select even periods. The Babylonians selected 60, because it can be divided by 2, 3, 4, 5 and 6. If you have an hourly chart and a 5 minute chart, you will therefore get a common bar close from time to time. The same applies to volume and tick charts.

However, a 4-range bar cannot be constructed from two 2-range bars because of the overlap. There is absolutely no reason to use even number for range bars. I think people just do it because they are used to do so with other bar types and they are unaware of it.

I would certainly use odd periods on range bars.

Thanks Fat Tails, now..once you have your odd number Range Chart selected and you want to set up larger time frames..
3R x 2 would be a 6R or you would rather go odd al the way having like a 3R with a 7R and or a 11R? I am rather refering to the selected Range for the VisualSMA MTF.

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rainbowchaser View Post
Thanks Fat Tails, now..once you have your odd number Range Chart selected and you want to set up larger time frames..
3R x 2 would be a 6R or you would rather go odd al the way having like a 3R with a 7R and or a 11R? I am rather refering to the selected Range for the VisualSMA MTF.

No 3R x 2 is not a 6R chart. Range bars overlap.

For minute charts I would go for a factor 5 for the next time frame. As range is proportional to the square root of time, I would go for a factor sqrt(5) or similar. If your smallest timeframe is a 3R chart, my next chart would be a 7R chart, the next chart then a 15 R chart.

But this really depends on how you look at things.

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Fat Tails View Post
No 3R x 2 is not a 6R chart. Range bars overlap.

For minute charts I would go for a factor 5 for the next time frame. As range is proportional to the square root of time, I would go for a factor sqrt(5) or similar. If your smallest timeframe is a 3R chart, my next chart would be a 7R chart, the next chart then a 15 R chart.

But this really depends on how you look at things.

Thanks for your answer.
Now that you have your time frames selected and that you know for a fact the direction of trend. Like for example working with PERRY'S, what would be the way to incorporate volume in your charts in a practical way ? Meaning that the ADX sometimes show you commitment but you never now to what extend. In several cases when you enter, validly and with the correct trend, then it stalls, at your fingertips...
That can happen because of a cluster, a pivot or any SR of relevance, but what would be a way to add volume without having to go Delta or MP (no disrespection intended) in a practical and useful way that can helps bringing "commitment of traders to the equation" ?

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rainbowchaser View Post
Thanks for your answer.
Now that you have your time frames selected and that you know for a fact the direction of trend. Like for example working with PERRY'S, what would be the way to incorporate volume in your charts in a practical way ? Meaning that the ADX sometimes show you commitment but you never now to what extend. In several cases when you enter, validly and with the correct, but then stahlls, at your fingertips...
Now that can happen because of a cluster, a pivot or any SR of relevance, but what would be a way to add volume without having to go Delta or MP (no disrepection intended, in a practical and useful way that can helps bringing "commitment of traders to the equation" ?

I would measure participation - or commitment - of traders as the number of contracts traded per time unit.

Time is eliminated on range charts. You can measure volume per time via a separate indicator, but the volume information on minute bars is better than the information you will get with range bars.

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