I would like to be able to use range bars in strategy creation but it is not possible from a standard PRT range bar chart. I only have seen examples with Renko boxes and Heikin-Ashi used in strategies. Anyone having an idea what the code for range bars looks like?
Range bars are constructed from ticks received by the broker, is this right?
I think we could do something to make an indicator that simulate range bars. But we couldn’t get the history, it has to be constructed in real time.
Yes, probably derived from tick data originally, but in order to use it in automated strategies maybe one have to simulate it from second data (then it would be possible to at least have some history as well). If the range within a one second bar (or selected period) or gap between two periods exceeds the set range parameter I guess it should appear as a gap between the two simulated range candles as well.
I also want to thank you for your work with this site, it is amazing to see the offort put in and the outcome produced by all, but especially from you. Great work!
It reminds me that I have coded a point & figure custom indicator recently for a customer. It’s pretty much the same here.
Don’t worry, it has awake my interest since I’m an huge fan of non-time dependent price charts. I know very well range bars. PRT load only once the history, when you open a chart, but the construction is made of the previous OHLC saved in its history database (must confirm this for tick charts though..). So because we need to know each direction of ticks, we can’t construct previous range bars (with custom coding), only them that can catch the live ticks.
It would be not so complicated to code a custom indicator that simulate the range bars construction. But! because we can’t stop the time on a normal timeframe (from 1s to monthly), each technical indicator that you’d like to add on this pseudo range bars would need a deepest recoding.
OK, (think) I understand. Sounds promising anyway, so if you have a slot in your “queue” later on I think it can be worth the effort.
I had a look at this, this morning. I’m afraid it is not possible because we cannot catch each tick until a new close of the current candlestick. I hope it would be possible with the future multitimeframe support. Until then, this project is somehow “paused” 🙂
Hi. Is it possible to create an alert when range bars change colour? I also agree with Rosseau – thanks for your great work on this site!
Yes it’s possible to make an indicator that draws visual signals and from what you could use the alerts options of the platform. Changing colors of range bars is pretty much the same than changing colors of Heikin Ashi candelsticks (or any other candles formats), you’ll find a lot of examples on forums I’m sure.
Hi Nicolas. I cannot find an example of how to get an alert if a range bar changes color. Can you help please?
This is just an example:
bull = close>open
bear = close<open
if (bull and bear[1]) or (bear and bull[1]) then
drawarrow(barindex,low)
endif
return
