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Range Bars for MetaTrader |
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Written by Administrator
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Sunday, 21 December 2008 14:00 |
Charts can be setup a number of ways:
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Time-Based e.g. every 5, 10, 15, 30 minutes
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Tick-Based e.g. every 800, 2000 trades
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Volume-Based e.g. every 100 contracts
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Price-Range-Based e.g. every 10, 20, 50 pips
I find price-range-based charts to be superior to the first three. The bars look like standard chart bars with an open, high, low and close with the following characteristics:
- The high to low range of each bar is constant.
- A new bar is formed only when price exceeds the fixed range of the current bar.
- Each bar is the same height because the range is constant.
- The close of a bar is always at the high or low of the bar.
- The open of a bar is always one tick below or above the close of the preceding bar.
- The time period covered by each bar varies.
- All gaps are filled with inserted 'phantom' bars.
Here's a sample chart:

A limitation of the MetaTrader 4 (MT4) platform is the unavailability of range bars. I have written a MT4 indicator to allow this. The compiled version of the indicator is available for $60 (USD) per MT4 Account Number. To purchase the indicator, click on the "Buy Now" button below. After payment, email your MT4 Account Number to info [at] babyticks.com. Allow 3 days to receive the indicator via email.
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Last Updated ( Sunday, 21 December 2008 16:57 )
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Written by Administrator
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Sunday, 09 November 2008 15:22 |
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Sunday, 09 November 2008 15:20 |
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Sunday, 09 November 2008 15:21 |
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Sunday, 09 November 2008 15:18 |
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