range bars open, close

Mert · 2019-06-14T11:02:25+00:00

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

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06/14/2019 at 12:02 PM #100642 quote

Mert
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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

Legend

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
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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

Legend

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
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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

Legend

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

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

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