Range Bar Chart on MT4 - page 6
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I was fortunate enough to spend the last week in a live trading room using pip range bars (tradingfx.com). I learned quite a bit. They use 2 settings on the bars per cross (8 and 15). The first to enter and the second as a tool to eliminate anxiety with exiting a move too early. They used some other tools as a confirmation for entry exit.
I am trying to understand the best way to trade these and compare different products, theirs, WLAS, & Michael's. This is proving a little difficult as tradingfx does offer support in the proper usage of their developed system. Two things kept me from signing up with them...i found that i do not like live trade rooms and find them distracting and you can not purchase their system only pay a monthly subscription service charge.
I have tried the WLAS on an MT4 platform and found the same problem that some of you did with the bars in fast moving markets (shadows and inconsistency in bar length). Has anyone found a way to correct these issues?
I have not seen Michaels under similar circumstances, but would like to see some charts showing different pip range bar charts. would like to know if Michael's suffers from this same problem. Also is it possible to have to different charts of different pip ranges per cross running on the platform @ the same time? if any of you can assist with this i would appreciate it. Also if any of you have developed anything close to proper entry exit rules with either WLAS or Michael's could you share your results?
Thanks!
I was fortunate enough to spend the last week in a live trading room using pip range bars (tradingfx.com). I learned quite a bit. They use 2 settings on the bars per cross (8 and 15). The first to enter and the second as a tool to eliminate anxiety with exiting a move too early. They used some other tools as a confirmation for entry exit.
Michal's scripts work fine, about optimal bar settings: I don't know. I've been playing with the idea of making a CRB/renko bar based on the ATR, but then offcourse you're mixing time-based indicators with price-based ones. If you only trade based on the renko bars, you will need some simple rules, but just buying when the renko bar goes from red to green is not the way to go, because you will need at least 3 consecutive bars to make a profit, just do the math if you don't believe me. You can run different bar sizes at the same time, you'll just need different M1 charts open for the feed with different scripts on them. There are some things that are not ok with MT4, like volume/tick: arrival of ticks in MT4 - MQL4 forum, but I can't seem to find an answer for this so far.
this is a 4 pip bar chart and a 20 pip chart, you see that 2/3ds of the time you have a bar of one colour being followed by another bar of the same colour: 66% is just enough to break even on condition that you get in at the first tick of the new bar. In other words, if you can find a bar size that has a consecutive bars (3 bar) a couple of %'s above 50%, or a consecutive 2 bar wel above 66% you could trade an EA that simply buys when red to green and sells vice versa. Otherwise, you need to use indicators on the pip-charts. Make no mistake, this can work very well, and simple techniques like MA crossovers that are not profitable on normal chart will have a higher tendency to be profitable on pip charts. Logical, if you ask me, because you take the noise out of the equation. THe bottom chart is a CRB (7 pips) chart, with a simple 5-15 MA crossover.
Re; the Questions on range bars.
I have used the indicator from MQL now for a few months and once again it is bomb proof.
Never misses a beat. I have it as an Expert and not a script so I just open my charts and it updates itself.
QUOTE]
Mart-Hart,
Did you convert the script to an EA yourself, have MQL do it for you or can it just be included in the EA folder and work as an EA or other option?
Thanks,
saintmo
Did you convert the script to an EA yourself, have MQL do it for you or can it just be included in the EA folder and work as an EA or other option?
Thanks,
saintmoThe last option is correct. Just put it in the EA folder.
Regards,
Michal
well how good is this range bars tradingfx........ is little expensive so ilike to know ??
best regards
well how good is this range bars tradingfx........ is little expensive so ilike to know ?? best regards
to answer your question only as best as i can....tradingfx.com's range bars are very precise...if it is set @ 8 pips per...then every bar is exactly 8 pips...the only exception to this was the last trading bar of the week...this was explained as brokers printing lots of orders @ once
when i was in their room ALL of their charts ran on their servers...they stated they would have software for download soon with templates...BUT they required membership, plus data feed, and i think there was something else...very expensive indeed!
if you want this, just order it with mqlservice, I am very happy with their 3 scripts (renko, CRB and equalvolumecharts) and they work all the time.
But I would like to discuss some trading strategies on CRB's: do you think it requires a special type of trading system to be more succesfull?