range bars open, close

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  • 06/14/2019 at 12:02 PM #100642 quote
    Mert
    Participant
    Average

    Hello,

     

    I have a question regarding range bars. If I pull up a range bar chart I see bars forming. A bar is closed and a new bar is starting. Many times though, the price moves down a bid and the newly formed bar disapears. This can happen a number of times. At a certain point the bar must be in some way or the other confirmed because than suddenly it holds and becomes a NEW bar.

    Is there a formula or a method that determines when a bar is definitely confirmed?

     

    Thanks in advance,

     

    Andre

    06/14/2019 at 12:35 PM #100644 quote
    robertogozzi
    Moderator
    Master

    It depends on market spikes, if you set the range at 5 pips, then each 5 pips it will be confirmed and a new one started.

    While forming it fluctuates continuously.

    06/14/2019 at 12:43 PM #100645 quote
    Mert
    Participant
    Average

    Thanks but it is not so. I have a range of 5 pips. A small gap and a new bar is forming. I see that as a confirmation of the previous bar close. If the price now is moving down, the new bar disappears and the last ” confirmed” bar is open again and starts fluctuating all over again.

    06/14/2019 at 12:55 PM #100646 quote
    robertogozzi
    Moderator
    Master

    I am not sure about that, but I think that it is related to the TF, if you apply 5 pips to a 5-minute TF, then the confirmation is at least AFTER 5 minutes (or more, if needed), if there’s a spike of 6 pips before 5 minutes have elapsed, then a new bar will open, but as soon it falls back under 5 it’s deleted because 5 minutes have not elapsed and focus is given back to the “old” (not anymore) candle which is still formin within the 5-pip range and 5-minute TF.

    There are TWO limits, range & time, pips make up for new bars, but each one must also be confirmed by selected time frame.

    06/14/2019 at 1:04 PM #100647 quote
    Mert
    Participant
    Average

    That makes sense. Thanks. I also noticed that there indeed is an underlying timeframe active. I wished it was programmable ONLY on range.

     

    Thanks.

    06/14/2019 at 1:37 PM #100656 quote
    robertogozzi
    Moderator
    Master

    Try setting the desired range, say 10 pips, on a 1-second TF.

    06/14/2019 at 7:31 PM #100691 quote
    Mert
    Participant
    Average

    It was solely a matter of TF. It is ok  ow. Thanks.

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range bars open, close


ProBuilder: Indicators & Custom Tools

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Mert @mert Participant
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This topic contains 6 replies,
has 2 voices, and was last updated by Mert
6 years, 8 months ago.

Topic Details
Forum: ProBuilder: Indicators & Custom Tools
Language: English
Started: 06/14/2019
Status: Active
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