“So it will next update its value at the close of the 2344 candle.” – Vonasi, that is exactly the issue and my point on this. The “updateonclose” should update on every 5 min, an it does, so that is to be expected and is correct, BUT what is puzzling is why the 5 min candle closes at hh:44. I would expect the “updateonclose” values to update every 5 mins starting from the top of the hour ie hh:00 then hh:05, then hh:10 and so until hh:55 (as I already mentioned this in one of my posts) just like any indicator which is plotted on a 5 min candle. If you run a 5 min chart your time frames and your candle closes will also be on 00,05,10,15,20… 55 times, not 04,09,14… 44 0r 54min!
If you compare the “5m RSI updateonclose” setup (TIMEFRAME (5min, updateonclose) indicator (RSI14,close) running on a 1 min chart) to exactly the same indicator on a separate 5 min chart I would expect on every 5 min interval starting from top of the hour the values for both of these to be equal. If you do this on your end you will see that in fact, on every round 5 min interval (00, 05, 10, 15 etc to 55) the “5m RSI updateonclose” (running on the 1 min default hart) does NOT equal the 5 min RSI on the separate 5 min chart. That cannot be correct.
The attached screenshot show this.
The 1st chart shows the RSI14,close indicator running on the 5 min chart and on the close of 14:05 it reads 76.73707. That is the 5 min RSI close and is what I would expect to see at 14:05 on the 1 min chart running the 5min Timeframe,updateonclose function.
On the 2nd chart you have the equivelent 5m RSI updateonclose running on 1 min candles and if you pick the exact same 5 min point in time as the 5 min indicator so in this case 14:05 the “5m RSI updateonclose” = 71.17048. Surely that should read 76.73707 as at 14:05, that 5 min close is known (which is what the TIMEFRAME(5min, updateonclose is supposed to return) the 5 min candle has closed and it should return what the 5 min RSI has on the 5 min chart which is 76.73707. At 14:05 these two charts should show the same numbers, nut they dont. Like you have seen the 76.73707 is shown at 14:09 which is completely wrong as at that point we are almost closing the 10min candle. Is this a bug in the code, as I cannot understand how this logic is correct?! At 14:05 the 5 min price history is known and so the timeframe function should evaluate the indicator and return it exactly at 14:05 and not a min later.
