Anyone use anything else than time based charts for day trading?

[aquarian1]

Hi, everyone,

Anyone use anything other than time based charts for trading?

I'm supplementing my time based charts with faster volume charts and find them to offer some additional insights. That is, I can read what's happening inside a 1-minute bar and the pace of printing bars tells me also about the volume transacted which can be useful...

Thanks in advance for any comments.

Howard

Hi Howard,

Thanks for the thread. I've read it through and watched the video on page 3.
(As you know point and figure charts do not use time in their construction.)

Initially, I misread the title, and I was wondering if perhaps someone was experimenting with a variant of a constant time on the x-axis.

I have been trying to think of a way to display time differently. I haven't quite figured out how to do this though. As I don't (yet) know how to program in C# I have not been able to create charts to express these ideas.

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[timdug]

I use 2000constant volume bars, also use a 15000cvb for a larger view and 10000cvb for medium. I have a 15min bar chart up also as sometimes I find the pattern recognition part of my brain can pick up on a lot on that timeframe bar.

 

[murray t turtle]

"Almost EVERYBODY" uses "time" on the X-axis. Your objective as a trader is to "tune in to the market" and do what it's doing. How are you going to do that if you're trying to consider something the market is not? Sheesh!

What if volume is actually irrelevant and you're deceiving youself giving it any weight? Just a thought.

Seems to me that everyone on this thread is spinning their wheels trying to "reinvent the wheel".

KISS baby, as always.

%%
I agree;
with about 80-95% of that.AS far as using charts; not using a time measure makes no sense or too much change for me. On an occasional day trade;use time based charts +[ bid/ ask.] So on an entry/exit, its bid/ ask more than time based, use both.

CANT ignore volume, l have to put a volume on order entry/exit.LOL

 

[Reactive Analytics]

I use bid/ask as well and would love to have an indicator built that would either paint the bars one color for ask bias and another for bid bias. Any suggestions would be welcome.

That being said, saying time charts have more immediate value than CVB charts, without extensively testing them, is like saying you tried fish a few times and it always smelled like rotting flesh so I won't eat it again. Lots of successful traders use a variety of tools and use them differently. I know traders that only use price and are extremely successful. One cannot dismiss a tool simple because they don't fully understand the optimal way to use it as others do.

 

[murray t turtle]

I use bid/ask as well and would love to have an indicator built that would either paint the bars one color for ask bias and another for bid bias. Any suggestions would be welcome.

That being said, saying time charts have more immediate value than CVB charts, without extensively testing them, is like saying you tried fish a few times and it always smelled like rotting flesh so I won't eat it again. Lots of successful traders use a variety of tools and use them differently. I know traders that only use price and are extremely successful. One cannot dismiss a tool simple because they don't fully understand the optimal way to use it as others do.

%%
RA, you may have thought of this, but it looks so cool on charts ,i still use it.
Green or blue candles for up/bull market bias candlecharts; red, or solid black for bear bias/downtrend bias. I call the latter sell volume, if closing price is down/ red. IBD [investors .com uses red bars for sell, blue bars for buy=red, white + blue]

 

[Reactive Analytics]

Murray, is the bar color solely based on the close of the bar? I ask because I've seen the close of an individual bar close down but the overall bias of that market at the time of the close was up and vise versa. Thanks for answering in advance.

 

[cornerstone]

They sure look interesting, cornerstone.

May I ask if it has increased your profitability yet or are you just experimenting with them?

I might want to trial them some day soon myself.

I became more profitable, and mostly more aware to my actions. Even so, I am a new user in this software and have much more to learn about it.

 

[Reactive Analytics]

%%
RA, you may have thought of this, but it looks so cool on charts ,i still use it.
Green or blue candles for up/bull market bias candlecharts; red, or solid black for bear bias/downtrend bias. I call the latter sell volume, if closing price is down/ red. IBD [investors .com uses red bars for sell, blue bars for buy=red, white + blue]

Murray, is the bar color solely based on the close of the bar? I ask because I've seen the close of an individual bar close down but the overall bias of that market at the time of the close was up and vise versa. Thanks for answering in advance.

 

[timdug]

Hi Howard,

Thanks for the thread. I've read it through and watched the video on page 3.
(As you know point and figure charts do not use time in their construction.)

Initially, I misread the title, and I was wondering if perhaps someone was experimenting with a variant of a constant time on the x-axis.

I have been trying to think of a way to display time differently. I haven't quite figured out how to do this though. As I don't (yet) know how to program in C# I have not been able to create charts to express these ideas.

----------

If you use Sierra charts- you can configure a lot of many ways to display. Even down to a volume profile per time bar, footprint, TPO, everything

 

[murray t turtle]

Murray, is the bar color solely based on the close of the bar? I ask because I've seen the close of an individual bar close down but the overall bias of that market at the time of the close was up and vise versa. Thanks for answering in advance.

%%
Yes mostly RA ; but as you maybe noticed/implied , a 5 hour chart can change color/direction several times before final close- of that 5 hour candle /bar LOL