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i used to be a member of tradingfx.com, and the range bars they have for their custom platform print every 4 ticks for a 4 range. so if the market moves 4 ticks it doesnt wait for a 5th tick to print. just wondering if the no gap bars could be modified to work that way
Can you help answer these questions from other members on NexusFi?
Platform: "I trade, therefore, I AM!"; Theme Song: "Atomic Dog!"
Trading: EMD, 6J, ZB
Posts: 795 since Oct 2009
at some point or other, one need be concerned with the concept of self delusion,
no offense meant here, just reality discussion!
when one uses a display type that smooths data for which one is chart trading and risking real money with, one need be concerned with self delusion or face the reality that their charts are not representative of raw data but smoothed data.
what I have always relied upon was the DOME!, chart trading and me need more work than my risk profile allows, hence the display of the bars, candles, tick marks or otherwise take a secondary facet to the raw data
just sharing some real world, real trading tactics
No offense here. Would you be willing to share what you look for on the DOM to place your trades. Are you just reading tape or looking at speed or both? (or neither?) Any advice would be great. I would love to trade that way too
Platform: "I trade, therefore, I AM!"; Theme Song: "Atomic Dog!"
Trading: EMD, 6J, ZB
Posts: 795 since Oct 2009
wax on, wax off,
rinse,
repeat!
simply put, open a dome, enable: (ninja references only)
parm type = ticks P&L type = currency
show cumm depth = true
show high/low = true
show quick = true
single click = true
simulation color = yellow
price rows = 40
put it on ES and watch it next to a T&S and your favorite chart and observe!
it will come to you after a few hours,
no amount of instruction can replace observation and conclusions drawn from those observations
Are you consisteny profitable on a daily basis doing this. What do you do for stops and targets? Do you just scalp a few ticks at a time and get out if its not going your way?
I'm trying to get my head around this thread. The best I can come up with is if prices trade @ 01,02,03 and o4 in ANY combination a NEW bar is opened/started with the next tick, whether it is 04, 03, 02 or 01. So the open of the new bar is always the same as the close of the last/prior bar. With this method of building "Range Bars" IN THEORY,,, If prices stayed in a range between 01 and 04 the chart would continue to paint bars across the chart between 01 and 04.
And IF the next tick was 05, 06 or 07 (a gap up in fast market conditions) or 00,99 or 98 (a gap down in fast market conditions) the NEW bar would PAINT AS NEEDED any price(s) necessary to align the OPEN of the NEW bar to the close of the last/prior bar even though prices NEVER traded at that level.
I never meant to cause so much confusion with this. All I was saying is that the current verion of the "nogaprangebars" which is an indicator developed my a member here (RJAY) doesn't truely remove the gaps between the bars, because it still has to have 5 ticks for a new bar to print, it just removes the 1 tick gap that happens on the standard ninja bars. THe current no gap bars work fine when trading realtime, but do not back test accurately because you wont get a fill a the close of bar, but rather 1 tick above/below the bar in real time with a strategy. It has led to some other discussions and some confusion and I apologize about that. The current version of NoGapRange bars is great, I just didn't know if there could be a tweak for back testing purposes.
"The definition of a 4 tick range bar is just that."
There are other definitions. What Ninjatrader calls "Range" bars are called Kase charts in Tradestation - that is you must have a tick ABOVE the size of the range of the last bar if the last bar was an up bar or a tick below on a down bar.
Tradestation's range bars started plotting a new bar as soon as the current bar reached the required height. So if you have an 8 tick range bar and your bar reaches 8 ticks in height, the next tick - no matter what it's value - will plot as a new bar. This is a far superior range bar in my opinion. I'm kind of bummed that NT doesn't provide a true range bar.
Regardless of what you call it, it should provide both.
And it has nothing whatsoever to do with gaps - that's irrelevent.