Range Candles (apply RSI and Heiken-Ashi)

Forums ProRealTime English forum ProBuilder support Range Candles (apply RSI and Heiken-Ashi)

  • This topic has 4 replies, 4 voices, and was last updated 5 years ago by avatarumd.
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  • #106662
    umd
    1. How can I add indicators like RSI MACD etc on Range Candles (i.e. same pips in each bar)?  Prorealtime doesn’t allow this.
    2. How can I see Heiken-Ashi applied on Range candles?   Each bar has to be of same pips.

     

     

    #106689

    Regarding indicators:

    I think it’s worth to firstly point to a key difference between range candles and candlesticks: By definition, range candles don’t take time into consideration when charting, they only account for price. Range candles distort your timeframe (horizontal axis) in order to aggregate data in candles of the same range (H-L).

    Most of the commonly used indicators are designed with a linear time progression in mind. This implies that their purpose may not stand when you change such a fundamental property on the underlying data, and therefore they could not make any sense when you use Range Candles.

    Hence, my assumption is that PRT does not build those configurations because, by design, they don’t make sense.

    Having said that, if you are confident about its value or you want to move this forward, range candles can have moving averages and highest/lowest values, so “technically” you can build them. I don’t know if possible with PRT without more investigation, but you may be able to code those indicators yourself. I would only suggest doing this if you are really proficient with understanding what you are doing: this is the trading version of Inception, so you might very soon lose track of how to reasonably interpret the indicators.

    Regarding Heikin-Ashi:

    Very similar reasoning to the above. Heikin-Ashi charts depart from price chart values as they are variation of price interpretation. However, if you could code the above indicators, you can code those too.

    #106690

    1/ Some indicators cannot be applied on non-time dependent chart like range bars. But it is now possible with the new version 11 that is expected in September for all IG/PRT sponsored customers. You can give a try with a free account at https://www.prorealtime.com

    2/ There is an indicator that handle that, available in the library: Heiken Ashi On Range Bar

    #106691

    Welcome aboard @camporan and thank you for your well formatted and erudite opening comment on the Forums … long may it continue! 🙂

    I see you have also added a Library entry … I’ll go check it our now!

    #106722
    umd

    Thanks everyone for replies.  This feature will be available in new version 11.  IG Index is still using old version 10.3, so I am glad my needs will be taken care once IG upgrades to new version 11 🙂

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