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As promised in the previous blog comment, here is one of TradeWithMe proprietary Range bar construction approach that combines Range and Renko methods to produce charts that show excellent trend characteristics that we are using for trading now.(click the chart to expand view)
Notice the lower noise in the chart in the lower pane above, that is smoother and shows trend without discontinuities. In the above charts, the Range bar construction logic that is used is : - Range bars are of fixed height, range bar value. - All bars close either at a high or low. - All new bars open at the edge of the previous range but may close at any level with the conditions given above. - Blank spaces are filled with empty or phantom bars shown as yellow bars in the charts above. - Price is smoothed using an approach similar to Renko or Point or figure. - A test will be done by removing phantom bars and also making the bars open 1 tick above or below the previous bar with a tick level being defined that can be used even with 1 minute bars data. Innovation at work!
7 Comments
Chitra Gupta
12/11/2014 04:40:11 am
This is not new concept. i'm alrady using it from last one year.
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Abnash
12/11/2014 06:34:55 am
Thanks for your comment. Range bars is not a new concept. The concept of using price smoothed bars is. And if you are doing that, good luck for some great trading! Conventional range bars can be more noisier than Renko and Kagi bars.
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Chitra gupta
12/11/2014 11:23:15 am
which charting software you use?
Abnash
13/11/2014 12:01:27 am
Amibroker. Obviously that does not draw true range bars, or Renko or Kagi. As it has a very good scripting language, it is possible to develop and test variations to time tested concepts like these new generation charts.
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Chitra Gupta
13/11/2014 01:14:34 am
have you try ninjatrader7 for this?
Reply
Abnash
13/11/2014 11:28:35 pm
No I have not used, though I have analysed what each platform does to construct range bars.
sams
8/2/2022 10:56:42 pm
Where is AFL if possible pls share
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AuthorAbnash Singh, Am a Trader helping small traders to realize their dreams. Archives
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