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Time Bars - computes virtual higher time frame bars on a lower time frame chart. For example, on a 2 minute chart you can display a virtual 10 minute version of the high that updates every 2 minutes, rather than every 10 minutes. This version of the indicator computes all of the data streams described in the Display parameter (see below), but only the data stream selected in the Display parameter is graphed on the chart.
When you place any TimeBar indicator on a chart, it must be for a time frame that is a multiple of the base chart frequency.
After much study, we have discovered that the highest and lowest values of a 10 minute bar often occur before the end of the 10 minute bar. You can trade these "early" highs and lows and send in your trades prior to traders waiting for the close the of the 10 minute bar.
Parameters:
Bar Minutes - size of the computed bars in minutes (must be a multiple of the chart frequency bars)
Display - controls the output of the TimeBars command that will be graphed on the chart. Available settings include the following:
(1) Close
(2) (High+Low)/2
(3) (High+Low+Close)/3
(4) (Open+High+Low+Close)/4
(5) Open
(6) High
(7) Low
open,high,low,close,volume,date - these are required parameters which are not to be changed
Optimize Data Stream
If you don't know which data stream you want to use in your Trading Strategy or Prediction, you can use the TimeBars indicator and let the optimizer select one of the display parameters described above. For example, if the optimization chooses 2 as the Display parameter in a Trading Strategy rule, value of the (High+Low) / 2 will be used to compute the rule.
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