Equal Range Bars

[clayb1]

Is it possible to create equal range bars, or what Cynthia Kase refers to as "Universal Bars" using eSignal ?

Thanks

[dloomis]

Clay B

Right click chart, Edit Studies, Select the symbol, Click on Hollow and adjust colors.

[clayb1]

David,

Thank you for your reply, but I'm not sure I understand your suggestion. Are you referring to Renko charts when you suggest to select hollow ? Equal range "Universal" bars are different. They update in real time, and as soon as the given range has been exceeded, a new bar is started.

[Rick]

I too would love to see constant or equal range bar charts added to chart types. The current bar should be shown updating just like a regular bar chart does now. The closing price of the bar will always be the high or the low of that bar. The time and date would be associated with the close of that bar.

It's not entirely clear to me how eSignal builds Renko charts but they seem to be different.

[Rick]

There hasn't been much of a response thus far to this thread. Here is a link from a competitor which has info on "range bars" which is exactly what I'm referring to.

http://www.fibonaccitrader.com/fibotrader.htm

Just click on the link for range bars on the right hand side.

One advantage of constant range bars that may not be fully appreciated is that all indicators applied to that chart become adaptive to the speed of the price movement. As price advances or declines rapidly then the indicator such as a moving average will adjust itself more rapidly. You will simultaneously filter out much of the noise but at the same time have a more responsive filter (ie. moving average) to significant market moves.

Is eSignal considering adding this to their list of chart options? It should be easier to program than point and figure charts which BTW don't work properly in version 7.2 anyway.

[JayF]

Rick,

This post refers to an EFS that should simulate Equal Range Bars. This may fit your needs.

[JayF]

Actually, I take that back. The EFS projects possible future Renko boxes, and not Equal Range Bars.

[Rick]

Hi Jay:

Thanks for your quick reply and also for "taking it back". I might have spent a few hours trying to figure out how to convert a renko efs to a true constant range bar format. As compared with either Renko or PnF charts, I would think that constant range bars would be easier to program since you don't have to worry about trend reversals, simply bar updating as new data arrives. I particularly like Fibonacci Traders adaptation since they give the trader the option to include or exclude market gaps and they initially backfill the data stream with 1 minute bars but update new data using tick data. This last point works fine for actual trading but would not be so great for backtesting purposes.

I think the website with the link provided before explains the procedure well, but can answer any questions you might have.

The original question is still open. Will eSignal be adding this feature to a future release? I would much prefer to use eSignal rather than FT.

[JayF]

I don't believe this is a scheduled feature yet, but I'll pass the suggestion and example over to our Product Development Team for consideration.

[Rick]

Constant Range Bars- Increasing Popularity

A recent thread in Elite Trader indicates that a number of other traders have an interest in constant range bars. I have not heard anything back from eSignal in terms of their interest of adding this feature. Check out this thread :

http://www.elitetrader.com/vb/showthread.php?threadid=21739

[z11]

Is this Chart option (Constant Range) available yet in eSignal?

Would love to get an update on this feature from eSignal folks.

Thanks

ziggy

[ACM]

ziggy
Range-bars are available as an interval starting with version 10.
The interval is defined by the desired range followed by the letter R. For example for a 1 point range bar of the mini S&P 500 you would use 1R as the interval. For half a point range bar you would use 0.50R as the interval.
Alex

[z11]

Thank you Alex.

I am however hesitant to upgrade to v10 as I have too many EFS running ...and from reading a number of posts there appears to be problem still with v10 particularly in the context of EFS...

Would you recommend to bite the bullet and upgrade to v10?

Thanks as always for your insight.

ziggy

P.S.

speaking of intervals, I can't find any documentation on pc interval...what is that? Thanks.

[ACM]

ziggy
Since eSignal has indicated that a maintenance release is due sometime in the near future I would probably suggest waiting for that to upgrade to version 10
Alex

[z11]

oops, I did not see this reply from you until now ... and I upgraded in the meantime and am running into efs problems...

Forgot to check back this thread...