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Unlike traditional range bars, these hold the range from open to close at a constant.
Import like a normal indicator, then on your chart use Format Data Series to select PointO and the range.
Courtesy Richard @ movethemarkets.com (http://www.moveth …
point-o creates a new bar whenever you move x amount of ticks away from the open, since the next bars open is always the same distance away from the previous one they do look a bit like renko
standard range bars create a new bar whenever you move more than x ticks below the high or x ticks above the low
because of that you can have longer tails with point-o, for instance if you use 8 point-o bars, once it moves up 7 ticks it will either close on the next uptick or it must move down 15 ticks to close in the opposite direction. If you have the same scenario with range bars, after it moves up 7 ticks, it would only have to move back down by 9 ticks to create a new bar.
point-o bars are far superior IMO (or MedianRenko bars by roonius which are similar but use median instead of open).
