The range bars viewer
Range bars only appear in a chart when the market price makes a sizable move. The required size of this price move is determined by the trader. It is called the span. Range bars, as opposed to standard candlesticks, therefore do not appear at fixed moments in time. Although very useful they can give traders the feeling of being blind as it is not evident to estimate when and at what price level the next range bar will appear.
The range bars viewer designed by programmer and trader Helmut Schmidt indicates where the next range bar will appear. The range bar trader no longer has the feeling of being blind.
The advantages of the range bars viewer:
- The trader sees where the next range bar will appear.
- The viewer is easy to use and understand.
- The viewer can be used on all instruments.
- The range bar viewer is FREE.
The range bars viewer needs to be
set to the same value as the span of the trader’s range bars.
For example, if the trader uses range bars with a span of 10
points, then the range bars viewer must be set to 10. If the
trader uses range bars with a span of 30 points, the range
bars viewer must also be set to 30 points. The value is set
directly in the chart by clicking on the number.
The user can also set two other, less important, parameters.
Firstly, he can choose whether the price levels at which the
next range bar appears have a price label or not. Secondly, he
can choose how far back in the chart the lines are shown.
This example shows the CFD on the Dow
Jones market index. The range bars have a span of 30 points.
The range bars viewer is therefore correctly set to 30 points.
The price levels do not show a price label. The price levels
go back two range bars in the chart.
This example shows the CFD on the DAX market index. The range bars have a span of 30 points. The range bars viewer is therefore correctly set to 30 points. The price levels have a price label. The price levels go back four range bars in the chart.
Practical implementation
Open the chart of an instrument. In the WHS Proposals folder, select the study Range bars viewer.
You may also be interested in:
- Heikin Ashi trading tools programmed by Helmut Schmidt.