TNTrader5159
Active member
To determine which end of an engulfing bar surpassed the minimum number of bars required first, is it possible to hold the time one end of the bar surpasses them in queue (as with the time of an alert upon that condition being met), and upon the other end of the bar surpassing the minimum number of bars in the other direction to compare the two times and determine which came first intra-bar?
For example, with a 3-bar minimum (reflecting an overall minimum ratio of 3:1 for bars vs prior bars engulfed), the high of a 5-minute bar surpasses the 3 previous bars' highs at 11:30:36 AM. Then at 11:32:03 the low of that same 5-minute bar surpasses the 3 previous bars' lows. Upon comparing the two times, you know which came first. Saying the open must be higher than the close works most of the time but not always.
A possible answer would be to use the two most recent bars and have the previous one surpass the highs of the minimum 6 previous bars (same minimum 3:1 ratio) and the current bar surpass the lows of the 7 bars before it that would include the previous bar.
That solves the problem and still allows the chart to "turn over" every 5 minutes for better accuracy than with using 10-minute bars. You effectively trade on a 10-minute time-frame using 5-minute bars here.
Also we must consider that if the previous bar engulfs said range on its own and the current bar is inside it, we have a better ratio that would loosely be double that of the 2 bars engulfing the previous 6 or more bars basis this indicator without provision for that possibility.
This seems the way to go for best accuracy, if the time-alert method outlined above is not feasible.
What say y'all?
For example, with a 3-bar minimum (reflecting an overall minimum ratio of 3:1 for bars vs prior bars engulfed), the high of a 5-minute bar surpasses the 3 previous bars' highs at 11:30:36 AM. Then at 11:32:03 the low of that same 5-minute bar surpasses the 3 previous bars' lows. Upon comparing the two times, you know which came first. Saying the open must be higher than the close works most of the time but not always.
A possible answer would be to use the two most recent bars and have the previous one surpass the highs of the minimum 6 previous bars (same minimum 3:1 ratio) and the current bar surpass the lows of the 7 bars before it that would include the previous bar.
That solves the problem and still allows the chart to "turn over" every 5 minutes for better accuracy than with using 10-minute bars. You effectively trade on a 10-minute time-frame using 5-minute bars here.
Also we must consider that if the previous bar engulfs said range on its own and the current bar is inside it, we have a better ratio that would loosely be double that of the 2 bars engulfing the previous 6 or more bars basis this indicator without provision for that possibility.
This seems the way to go for best accuracy, if the time-alert method outlined above is not feasible.
What say y'all?
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