Saturday, December 31, 2011

ThinkScript Included: Range Bar Projector

I am starting to look into range bars and was just re-listening to Ken Woods range bar talk in the TOS archive. The second time through I picked-up on something he mentions in passing - range bar projectors. That's a simple enough thing for me to "TOS" off so here's the results of this Saturday morning's fun:

 /TF with sdi_rbproj and sidelines.

Since range bars are fixed in their price size you can predict where the forming bar might close: either low + size or high - size.

My preference is to plot lines in the right expansion area for this but I realize that some people might not use the right-expansion capability so I have provided a way to realize the projection right at the forming bar as well:

 /TF with sdi_rbproj without sidelines

Here's the code:

#############################
# sdi_rbproj
#hint: RangeBarPROJector projects where the forming range-bar will close to the up and downside. Revision 1.0
http://www.smallDogInvestor.com
# author: allen everhart
# date: 12/31/2011
# Copyleft! This is free software. That means you are free
# to use or modify it for your own usage but not for resale.
# Help me get the word out about my blog by keeping this header
# in place.

input sideline = yes;
#hint sideline: Yes, plots the projections as lines in the right-expansion area, No plots the projections as up/down arrows on top/bottom of the forming bar.

def barSizes = high-low;
def bs=highestAll(barSizes);

rec rbHi =
if isnaN(close) && sideline then rbHi[1]
else if !isNaN(close) && isNan(close[-1]) then low+bs
else double.NaN;

rec rbLo =
if isnaN(close) && sideline then rbLo[1]
else if !isNaN(close) && isNan(close[-1]) then high-bs
else double.NaN;

plot phi = rbHi;
plot plo = rbLo;
phi.setPaintingStrategy(
if sideline then PaintingStrategy.LINE
else PaintingStrategy.ARROW_DOWN
);
plo.setPaintingStrategy(
if sideline then PaintingStrategy.LINE
else PaintingStrategy.ARROW_UP
);
phi.setStyle(Curve.MEDIUM_DASH);
plo.setStyle(Curve.MEDIUM_DASH);
phi.setDefaultColor(color.MAGENTA);
plo.setDefaultColor(color.MAGENTA);

###########################################

1. Watching this work live, I am seeing an issue. The projections are not updating with changes to the high/low of the forming bar. Consider these projections to be "suggestions" of where the bar might close.

Best.
-Allen

2. Each time you detach your chart ThinkDesktop will recalculate the projections. So if you think the projection is out-of-date then detach (the double square icon in the upper right) a new chart copy.

3. were u able to get the projection to work and update itself without having to detach it, if so how? thanks

1. Alas, no. There does not seem be a way to trigger a study recalculation before the forming bar completes. Triggering a recalc every 5-10 seconds would be a reasonable solution but I don't see any facility for acheiving that. TOS programmers will likely create a rb projector since Woody is agitating for it.

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