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How do you start a new thread? I would like information from future traders
that has used tos and swithced to something else ninja for instance. Thanks
in order to have correctly measured ib bands for tick, volume and range charts, you should use the multi-timeframe (MTF) version. once again compliment to @Fat Tails for a great indicator
As @Silvester17 already explained, only a multi-timeframe indicator will be able to calculate a correct initial balance on tick, range, volume or Renko charts.
The problem here is that in order to calculate the correct range you need to use bars that align with both the start time and the end time of the period selected for the initial balance. For example if you base your initial balance for ES on the first 60 minutes, you need to use bars that align to the opening time at 8:30 AM CT and to the end time of the initial balance at 9:30 AM CT. Tick or range bars will not exactly align, so you will have an overlapping bar at the beginning and another overlapping bar at the end of the initial balance period. Those overlapping bars may contain price data outside the exact range for the initial balance.
In short, you can only calculate an initial balance range from minute bars.
Therefore, if you use other than minute bars on your chart, the multi-timeframe version of the IBRangeBands needs to be used. It loads minute data to perform all calculations.
The only reason that I have coded a multi-timeframe version of the IB Range bands is that the standard version does not work with bars built from ticks.
sorry for the interruption, but the answers are pretty obvious
1. if you're using the indicator on a "normal" (5, 10, 15, 30) min. chart, then it would make sense to use the standard version. you don't need a second minute bar series. but of course for tick based charts and "strange" (7, 9, etc) min. charts, then you want the mtf version.
2. the same would apply to the opening range indicator. the mtf version can be found here: