Differences

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--- desktop:desktop_byrne_bars [2024/06/03 17:04] – created rob
+++ desktop:desktop_byrne_bars [2024/06/03 19:00] (current) – rob
@@ Line 1: / Line 1: @@
 ====== Byrne Bars ======
+====== Open to Close Range Bars ======
+Open to Close Range bars function like Tick Range bars in
+the sense that new bars print when a predetermined price range has been met.
+They do not rely on a time component to start or end each bar. While Tick Range
+bars will print after the High minus Low of a bar reaches a certain threshold,
+Open to Close Range bars will print after the price reaches a certain distance higher
+or lower than the Open price. For example, if a product trades in increments of
+from a price of 100 up to 105 and then down to 85, a 10 Tick Range chart will
+print its first bar at a price of 95 with an Open of 100, High of 105, and
+Low/Close of 95. It will print a second bar at 85 with an Open/High of 95 and a
+Low/Close of 85. An Open to Close Range bar will instead print its first bar at
+a price of 90 with an Open of 100, High of 105, and a Low/Close of 90, giving a
+tick range from the Open to the Close. The second bar will still be in progress
+at a price of 85 and will need a price of either 80 or 100 in order to print
+from its Open of 90.
+<WRAP center round info 100%>
+**Note** that Open to Close Range bars can print bars with a
+larger difference than specified between Open and Close in the event of price
+gaps in the market. For example, if in the example above the price gaps down
+from 105 to 85, the Open to Close Range bar will have an Open of 100, High of
+, and Low/Close of 85 for an Open to Close Range of 15. The chart was
+looking for a price of 90 to print the bar, but since the price gapped it
+closed the bar with the next price that satisfied the conditions.
+</WRAP>
+====== Byrne Range Bars ======
+Byrne Range bars function like Tick Range and Open to Close
+Range bars in the sense that new bars are determined by price, not time. However,
+Byrne Range bars have a different price target to print based on if the
+previous bar was an up bar or down bar. A 10 Byrne Range bar will print after
+more ticks in the direction of the previous bar or after 2*10 ticks in the
+opposite direction of the previous bar as measured from the High or Low of the
+current bar. For example, if the previous bar was an up bar that closed at a
+price of 100, a 10 Byrne Range bar will print another up bar once the price
+reaches 110 or it will print a down bar if the price reaches 80. However, the
+reversal target will rise as the current bar builds. So if the price rises to
+, the reversal target will rise to 81. If the price rises to 109, the
+reversal target rises to 89. The trend target, however, remains fixed at 110.
+<WRAP center round info 100%>
+**Note** that Byrne Range bars can print bars with a larger
+difference than specified between Open and Close in the event of price gaps in
+the market. For example, if in the example above the price gaps down from 109
+to 85, the Byrne Range bar will have an Open of 100, High of 109, and Low/Close
+of 85. The chart was looking for a price of 89 to print the bar, but since the
+price gapped it closed the bar with the next price that satisfied the conditions.
+</WRAP>
+====== How to Enable ======
+{{:desktop:byrne_bars_enable.png|}}
+  - Click on your chart properties.
+  - Click on market tab.
+  - Click on the Bar Interval and choose Byrne Range.
+<WRAP center round info 100%>
+If you change your interval from a 10 min to a 30 min you will need to complete the steps to add the Byrne Bars to your new interval.
+</WRAP>
+====== Comparison ======
+{{:desktop:image_1_.png|}}