I discovered range bars charting method some months ago and my trading results are changed dramatically.
Give it a try...
--- THE POWER OF RANGE BARS THREAD ---
WHAT RANGE BARS ARE:
Range Bars were developed in 1995 by a Brazilian broker and trader, Vicente M. Nicolellis, Jr. The purpose of Range Bars was to focus only on changes in price; thus they do not close at a specific time, but instead only when the range is complete. Each bar has a specified price range, rather than being charted in units of time or ticks.
With a focus on price movement, long periods of consolidation may be condensed into just a few bars, removing excess noise in the market and highlighting "real" price movements.
Range Bars are built by the underlying closing data that shows the directional trends as per the range amount. Range Bar charts are time independent so that time axis increments will not be fixed. The size of the bars will always be the range size set by you and will never be anything smaller or larger unless it is the current bar that is building.
Range Bars look like standard bars, but are different in three ways:
- Range Bars are all equal in height, based on the range specified by the user.
- The open of each Range Bar is always equal to the close of the previous Range Bar.
- Range Bar closes are always at the top or bottom of the bar.
HOW TO GET RANGE BARS ON MT4: (works with build 940 or older)
In order to get range bars on mt4 you can:
- use this EA (with gap)
Put the file into your MT4 expert advisors folder. Restart the platform and enable expert advisors button, open a 1 minute chart of your favourite currency pair, scroll back the history for a few days and attach the EA on the chart. Set your range bars size (for example 3 pip) and the offline chart where you want to get the range bars chart (for example 2, or 3 or any other number different from default timeframes 1,5,15,30 etc...), then wait for a tick and you will be ready to open the offline range bars chart (with gaps) of that currency pair.
If you have troubles, please follow this step-by-step instructions video:
you will get something like this (example of range bars chart 2 pip EURUSD with gap):
- or use this indicator (without gap)
Put the file into your MT4 indicator folder and the dll in to libraries folder. Restart the platform and open a 1 minute chart of your favourite currency pair, scroll back the history for a few days and attach the indicator on the chart. Set your range bars size (for example 3 pip) and the offline chart where you want to get the range bars chart (for example 2, or 3 or any other number different from default timeframes 1,5,15,30 etc...), then you will be ready to open the offline range bars chart (without gaps) of that currency pair.
you will get something like this (example of range bars chart 2 pip EURUSD without gap):
- or, lastly, you can rely on commercial range bars generators, with and without gap, like this: http://www.forexfactory.com/showthre...29#post7698129
HOW INDICATORS PERFORM ON RANGE BARS CHART?
Definitely well, let's see some examples:
- range bars 2 pip chart with Bbands stop and MACD
- range bars 2 pip chart with ma cross candles and half trend indicator
- range bars 2 pip chart with triple ma cross setup
CAN I HOLD MY MULTI TIMEFRAME INDICATORS SETUP WITH RANGE BARS?
Yes, multi "sizeframe" approach is possible with range bars too, you just need to open higher range bar size charts and insert the number of corresponding chart in the "timeframe" indicator field while you plot the indicator on the lower range bar size chart. Let's see some examples:
- range bars 2 pip chart with ribbon MTF calculated on range bars 4 pip chart
- range bars 2 pip chart with stepma MTF calculated on range bars 4 pip chart
USEFULL STUFF:
- Trades Screenshots
http://www.forexfactory.com/showthre...51#post6921051
http://www.forexfactory.com/showthre...67#post7638267
http://www.forexfactory.com/showthre...25#post7640825
http://www.forexfactory.com/showthre...33#post7642133
http://www.forexfactory.com/showthre...79#post7646679
http://www.forexfactory.com/showthre...14#post7649414
http://www.forexfactory.com/showthre...74#post7649574
http://www.forexfactory.com/showthre...99#post7651099
http://www.forexfactory.com/showthre...42#post7653242
http://www.forexfactory.com/showthre...76#post7661476
http://www.forexfactory.com/showthre...95#post7666395
http://www.forexfactory.com/showthre...98#post7670798
http://www.forexfactory.com/showthre...30#post7671630
http://www.forexfactory.com/showthre...04#post7672304
http://www.forexfactory.com/showthre...83#post7672383
http://www.forexfactory.com/showthre...32#post7678132
http://www.forexfactory.com/showthre...66#post7681566
http://www.forexfactory.com/showthre...40#post7681940
http://www.forexfactory.com/showthre...87#post7684187
http://www.forexfactory.com/showthre...98#post7696898
http://www.forexfactory.com/showthre...31#post7701031
http://www.forexfactory.com/showthre...56#post7701256
http://www.forexfactory.com/showthre...32#post7706332
http://www.forexfactory.com/showthre...20#post7712520
http://www.forexfactory.com/showthre...53#post7712653
http://www.forexfactory.com/showthre...26#post7714726
http://www.forexfactory.com/showthre...13#post7724313
http://www.forexfactory.com/showthre...84#post7726384
http://www.forexfactory.com/showthre...21#post7730421
- Trades Videos
http://www.forexfactory.com/showthre...88#post7643288
http://www.forexfactory.com/showthre...84#post7643584
- MT4 stuff (indicators, EAs, templates, etc...)
http://www.forexfactory.com/showthre...95#post8661795