Indicators using Range Bars

• 09/23/2024 at 2:01 PM #237940
  hercules

  Hi, I am looking to create signals using Range Bars… for example looking for Hammer Patterns in Range Bars etc.

  Is this possible at present?

  

  hercules

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  09/23/2024 at 3:08 PM #237943
  Iván

  Yes, it is possible to create signals using Range Bars to identify candlestick patterns such as Hammer Patterns. However, ProRealTime’s ProScreener and ProBuilder are generally based on fixed time frames (e.g., 1 minute, hourly, daily, etc.). The ProScreener allows you to identify patterns on these predefined time frames, as mentioned in the manual, but it does not natively support Range Bars directly.

  You can still implement your logic for Hammer Patterns using ProBuilder by simulating Range Bars. This involves coding the logic to identify the open, high, low, and close within your desired range criteria. Here’s how you might approach coding a Hammer Pattern in ProBuilder for a simulated Range Bar:

  // Variables for defining the hammer pattern Body = ABS(Close - Open) // The length of the body UpperShadow = High - MAX(Open, Close) // The length of the upper shadow LowerShadow = MIN(Open, Close) - Low // The length of the lower shadow // Defining conditions for a hammer pattern HammerPattern = (Body < (LowerShadow / 2)) AND (UpperShadow < (Body / 2))

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  // Variables for defining the hammer pattern Body = ABS(Close - Open)   // The length of the body UpperShadow = High - MAX(Open, Close)  // The length of the upper shadow LowerShadow = MIN(Open, Close) - Low   // The length of the lower shadow   // Defining conditions for a hammer pattern HammerPattern = (Body < (LowerShadow / 2)) AND (UpperShadow < (Body / 2))

   

  

  Iván

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