MightyOne wrote:The_Snowman wrote:tmanbone wrote:MT4 range bars are being used here:
http://kreslik.com/forums/viewtopic.php ... &start=920
Thanks for the heads up on that, but the thread title is NINJA PLATFORM and I was asking about Metatrader 4.
Also, the charts that I see, although they mention range bars, look more like Heikin Ashi to me.
A true range bar will only have a tail at one end of the candle, because when it reaches the other end, it has fulfilled the RANGE requirement and a new candle or bar is formed.
Anyway, the question still stands and perhaps TRO will notice it sooner or later.
Remove anything from a chart but TIME!
I guess you could always set the bars to the median or average range of x period of time to simulate time but the chart would have to be constantly adjusted...or maybe an indi would do it? dunno.
Please show me an example of a trade using TIME. I thought all followers of TRO would have open minds on new ideas.
For those interested, more reading here, on all everything you can base a chart on -
Time Driven Periodicities
* Second Bars Each bar reflects trading activity during a user-specified number of seconds.
* Minute Bars Each bar reflects trading activity during a user-specified number of minutes.
* Daily Each bar reflects trading activity during one day.
* Weekly Each bar reflects trading activity during one week.
? Monthly Each bar reflects trading activity during one month.
Volume Driven Periodicities
* Tick Each point/dot reflects one trade/tick.
* Tick Bars Each bar reflects price action over a user-specified number of trades/ticks.
* Volume Bars Each bar reflects price action over a user-specified volume.
Price Driven Periodicities
* Range Bars Each bar has the same high/low range.
* Change Bars Each bar has the same open/close change.
* Point and Figure Each bar is built and displayed based on Point and Figure logic.
* Renko Each bar is built and displayed based on Renko logic.
These periodicities can be grouped into 3 categories: time driven, volume driven, and price driven.
Time Driven Periodicities - Second Bars, Minute Bars, Daily, Weekly, and Monthly
Time driven periodicities are those in which each bar is composed of the price activity that occurred during a specific amount of time. The open represents the first trade that occurred during that time period, while the close represents the last trade. In these periodicity, the volume and price range of each bar can vary greatly, while the time period is kept constant.
Volume Driven Periodicities - Tick, Tick Bars, Volume Bars
Volume driven periodicities are those in which each bar is composed of the price activity that occurred during the trading of a specific amount of volume or number of trades (ticks). In these periodicities, the price range and time of each bar can vary greatly, while the volume is kept constant.
Price Driven Periodicities - Range Bars, Change Bars, Point and Figure, Renko
Price driven periodicities are those in which each bar is composed of the price action that occurred during a given movement in price. That price movement can be expressed as a given high low range (Range Bars) or a given change from open to close (Change Bars). For Renko and Point and Figure periodicities, price must retrace a given amount in order to complete a bar. In these periodicities, the volume and time of each bar can vary greatly, while the price movement of each bar is kept essentially constant.