Range Bars

[sammymantis1]

Yo!

I've been looking for a free range bar indicator/script and most I haven't been able to get to work at all and the ones that do run are junk, gaps between candles even during slow market times. So I'm hoping to get some feedback from you guys who use range charts in MT4. In your opinion, which script/EA/range bar indicator have you found to work the best? And was it free or did you pay for it?

 

[ubertraader]

I am using Ensign Software and the Range bars are a necessary tool for me.
It's not free but @ $49/mo it is still pretty cheap.

 

[sammymantis1]

Thanks Uber, how long have you been using it, and have you tried others in the past? Have you found this to be accurate? Is this run as a script or EA? Ouch, monthly fee though

 

[ubertraader]

I started to use the range bar about 10 years ago maybe more.
I could not find anything similar anywhere else the closest thing being the Point & figure charts.

It is not a script on Ensign, you can switch from seconds/minute/hours/days/week/months/years/ voiume/tick/range.

The range bars are not more accurate than the min/tick/volume bar.
They are smoother when a big move occurs. So are the tick and volume.
But when we are stuck in a very tight range, the minute/tick/volume will still print bar as long as there is a minimum of trades(for the minute bar no matter the action a bar will print every "X" minutes). Not the range charts.

After a big report a 5 minutes bar or candle can be extremely long and it fox up many indicators. By using tick / volume /range bar most indicators remain reliable(up to a certain limit for example stochastic all the way up to 100 cannot go any higher up and is pretty much useless cause maxed out)

The fee. Hum... well it $49.95
it is a business expense, why do you even talk about it?
It is pretty reasonable for all the customization and freedom it gives you.
On top of that you get a realistic tick-by-tick simulator with free data for Emini Russell 2000- Emini S&P 500, Emini Nasdaq 100 and a few more.

The range bar is something I cannot go without. But the minute bar, I can live without them for the rest of my life no problem.

Let me know if it was not clear enough.

 

[sammymantis1]

Hey Uber, thanks for the info! I should have clarified, by accurate I mean candles themselves I suppose. I've a few range bar EAs and there are frequently gaps between bars when there shouldn't be. No new announcements, no gaps on other period charts, etc. I just looked up Ensign for the first time and didn't realize it's a whole platform. That seems like a very reasonable price for all that you get with it. I really like the paint bar indicator they showed on one of the screenshots. I will look more into it but for now, I'm just looking to stick with something I can use with MT4.

I found one called RangeBars plug-in by az-invest but am leery of spending money indicators, wasn't sure if anyone had used this one or knew of a better one...

 

[ubertraader]

angeBars Plug-in for MT4
2 PC license only 35.00 USD

If you are planing to keep using MT4 I think is it a wise investment, fairly cheap too.

Range bars are essenetial for my trading so I know that if I were to use MT4 I would want range bars.

buy'em and enjoy!

 

[ubertraader]

just found that

Quantum Leap Intervals for MetaTrader | NetPicks Seven Summits Trader

says it is free and supposed to be range bars check it

 

[sammymantis1]

That looks pretty sweet also, thanks for finding it! I'll probably buy the other one also, I'm a little paranoid of all the scams out there but for the price, not much to lose. Thanks again for helping me out! Yeah, range bars are pretty incredible. So easy to spot the patterns, they just jump out at you!

 

[ubertraader]

I find range bars useful especially if you usually use short term time frames.

When it gets crazy or extremely slow the range bars will not confuse the indicators you are using.

As you probably know long bars(crazy) and flat markets(boring) do not do wonders to many indicators. I sincerely think you will benefit from them.

good luck and have fun with range bars!