desktop:desktop_byrne_bars [WIKI]

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====== 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
1 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
10 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.
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**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
105, 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.
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====== 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
10 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
101, 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 ======
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  - Click on your chart properties. 
  - Click on market tab.
  - Click on the Bar Interval and choose Byrne Range.

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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.
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====== Comparison ======

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