Specification
Can anyone please code this indicator. Range bar has the following properties:-
1. Each bar is the same height because the range is constant.
2. The close of a bar is always at the high or low of the bar.
3. The open of a bar is always one tick or pip below or above the close of the preceding bar.
4. The time period covered by each bar varies since time is irrelevant to range bars.
The varying parameter which has to be inputted by us externally would be bar height which would be different for each scrip.
Example:- Suppose a stock is at 100 right now and we define a bar height of 5 points. So the indicator should keep a watch on price movement and next bar shall be wither from 99.95 to 95 OR 100.05 to 105 (5 points). So the indicator should plot next bar till 105 or 95 (irrespective of time, if the price remains from 100.05 to 105 for whole day, it wud plot only one bar for the day) and next bar would only start at 105.05 or 94.95 on other side.
1. Each bar is the same height because the range is constant.
2. The close of a bar is always at the high or low of the bar.
3. The open of a bar is always one tick or pip below or above the close of the preceding bar.
4. The time period covered by each bar varies since time is irrelevant to range bars.
The varying parameter which has to be inputted by us externally would be bar height which would be different for each scrip.
Example:- Suppose a stock is at 100 right now and we define a bar height of 5 points. So the indicator should keep a watch on price movement and next bar shall be wither from 99.95 to 95 OR 100.05 to 105 (5 points). So the indicator should plot next bar till 105 or 95 (irrespective of time, if the price remains from 100.05 to 105 for whole day, it wud plot only one bar for the day) and next bar would only start at 105.05 or 94.95 on other side.
And we would use these bars in inside an EA which handles multiple scrips at a time.
Regards
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