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Strategies & Market Trends : RealTick III
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To: davealex who started this subject5/11/2001 4:28:06 PM
From: David_I  Read Replies (1) of 311
 
How to get better 'hourly' charts?

I want to improve upon my 'hourly' chart. Right now my chart shows a full bar for just the first 30 minutes of trading (bar time is from 9am - 9:59am) followed by 6 full hour bars of trading and then one final bar with a start time of 16:00 which I believe really is a bar representing about 1 minute of trading (this last one baffles me but it's there.)

I figured there must be a way for me to setup the chart for 65 minute bars, start it at 9:30 am and end up with 6 bars representing the 6 full hours of trading and no extra bars that represent only a part of that time. But I have had difficulty achieving this.

I have found that I can indeed specify 65 min bars. However the first bar for the day starts at 8:40 for some reason.

So next I select "Start Bars at Open". This is getting better. The first bar starts at 9:30 now and it appears I have 6 bars that represent 65 minutes each of activity. HOWEVER - there is a 7th bar with the start time of 16:00 representing I don't know what - 1 minute or less of activity???

The interesting thing is that the closing price for the symbol being charted is in that last little bar. The 65 minute bar before it doesn't have the EOD closing price.

So how to get rid of the tiny 7th bar and have it folded in with the last full 65 minute bar???

So I try using "Exclude Data After" and set it to 16:00. Almost there but not quite! We now only have 6 full bars representing a full 65 minutes of activity each and no 7th or 8th partial bars. HOWEVER ... that last bit of closing activity is also gone and not included in the last bar.

How do you figure that out? Before you make the "Exclude data" change check the closing price on the symbol for the day in a daily and for the 14:55 bar and the 16:00 bar. If you're lucky you'll have picked a stock that has two different closes for those two bars and the last bar will contain the closing price for the day. Once you implement the "Exlude data after" 16:00 check the closing price of the 14:55 bar. It's no surprise that the closing price hasn't changed for what is now the last bar but the fact is that now the closing price for the day on this stock isn't represented at all on the chart (assuming that it was different that last minute).

Excluding data after 16:01 will get you the closing price for the day on the chart but it does so by returning that 7th bar representing only a minute or so of activity vs. all the others representing 65 minutes.

Granted going with the set up that looses the last 1 minute bar for 6 equal bars with the downside of loosing the actual closing price for the day probably isn't going to matter much when looking at the grand scheme of things. When looking at many periods of a 65 minute chart it probably isn't going to matter much. But still. I would like to know if someone has this figured out better than I (or perhaps it's a bug) that gets me all this including the last bit of activity for the day included in that last bar such that the last bar represents close to the same amount of time as all the other bars.

I've tried using "Exclude data before" 9:30 and "Exclude data after" 16:00 or 16:01 in combination without the "Start bars at open" feature but that produces strange results. The first bar starts at 8:40 which I have no clue why!

Please share your settings or ideas if you have this working better than I.

Thanks,

- David
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