Price Magnet does it work??

[rjaenisch]

I like to draw median lines (andrews pitchforks) and they use bar extremes for the most part. The magnet part is supposed to find the end point but it doesn't. A good way to test is to draw a pitch fork using 15 min charts and then look at the same chart with 5 min bars..........way off.

Please let me know when it is fixed.

Regards
Ron

[ACM]

Re: Price Magnet does it work??

Ron
As far as I can see the magnet tool appears to be working fine on the chart on which the line is applied.
To my knowledge it is not intended to work when you switch intervals on that chart. In that case the application uses the coordinates (price and timestamp) of the endpoints of the line to position it on the new interval.
So if for example a Low occurred at 15:40 on a 15 minute chart and you draw a line from that Low the starting endpoint of that line will have the coordinates (price, 15:30) as 15:30 is the timestamp of the bar that includes 15:40 (keep in mind that the line has no concept of the fact that the Low actually occurred at 15:40). Once you switch to a 5 minute chart the line will draw from the defined price but starting from the 15:30 bar on the 5 minute chart because that is the timestamp coordinate of the endpoint of the line. In this case the magnet tool does not adjust the position of the line to reflect the fact that the Low was on the 15:40 bar of the 5 minute chart
FWIW every charting application I have [TradeStation, MultiCharts, Metastock] exhibits the same behavior
Alex

Originally posted by rjaenisch
I like to draw median lines (andrews pitchforks) and they use bar extremes for the most part. The magnet part is supposed to find the end point but it doesn't. A good way to test is to draw a pitch fork using 15 min charts and then look at the same chart with 5 min bars..........way off.

Please let me know when it is fixed.

Regards
Ron