Supported chart-types
Charts are divided into two groups TradersYard X:
Time-based charts:
- Candle chart
- Line chart
- Mountain chart
- Bar chart
Time-Volume based Charts:
- EquiVolume chart
- EquiVolume Shadow chart
- Candle Volume chart
- Volume Heikin Ashi
Nontime based (NTB) charts:
- Renko
- Ticks
- Range
- Simple Heikin Ashi
- Line Break
- Kagi
- Point & Figure
- Volume
- Reversal Bars
All TX++ functions can be used for these data series. Create conditions in the Signal Builder based on, for example, Heikin Ashi, but also on all others. Have your indicators displayed by means of the Range chart, and you will see the difference to a normal time-based chart. A further milestone is the combinations in the Condition Escort, with which you can, for example, mix Line Break conditions with regular timeframes. Finally, the multi-timeframe as well as the multi-data series scanner now also scans for these conditions and signals.
You can access the price styles (i.e. chart types) options in one of the following two ways:
- 1.
- 2.Right-click in the charting area to bring up the chart context menu, then select Settings followed by the Price Style menu item.
Candle charts display the following information within the selected interval:
- 'open' price
- 'highest' price
- 'lowest' price
- 'close' price
You can recognize the 'open' and 'close' prices by the candle body and color (see color settings).
The 'highs' and 'lows' of prices can be recognized by observing the candle wicks (tails), which are located above and below the candlestick body.
The line chart connects closing prices with each other for the specified time frame.
The mountain chart connects closing prices from a certain time period with each other. It is similar to the line chart, except that the entire area below this line is filled with color.
The bar chart plots prices similarly to the candle chart. The difference is that the opening price is indicated by a small horizontal stroke on the left side of a bar and the closing price by a small horizontal stroke on the right side of a bar.
The EquiVolume chart plots price movements, taking into consideration the volume, time and price components.
Thus, the EquiVolume chart consists only of the 'high' and 'low' prices of a period. The thickness of the candle lets you estimate the volume associated with a specific period.
In principle, this chart represents the same information as the EquiVolume chart.
The main difference is that the candle body is displayed, showing upward trends from the lowest price to the closing price and downward trends from the highest price to the closing price. The remaining price changes, which went against the candle, will be shown as shadows. These shadows enable you to see how strong the trend is.
The candle volume chart looks similar to the candle chart, yet it analyses not only price movements but also the corresponding trading volume. You can observe on this chart as well as the high and low price for the period, along with the opening and closing price. The thicker the candlestick the higher the volume.
Within the daily time frame, each Heikin Ashi candlestick represents an interval of exactly one day. Days on which prices moved down (on average) are plotted as red candles, whereas an average upward pace of prices is plotted as a green candle.
Heikin Ashi charts are suitable for all markets but are mostly used in the stock and commodities markets.
There are five important signals which will help you to identify trends:
- Green candles indicate an upward trend - a favorable time to expand long positions or get rid of short positions.
- Green candles without a long shadow indicate a strong upwards trend (it is recommended to continue running long positions until the market changes direction)
- A short candle with shadows on the bottom and top (lines above and below the candle body) indicates a trend reversal. Risk-loving traders can make decisions on whether to buy or sell, whereas risk-averse traders should await confirmation of the trend before opening a short or long position.
- Red candles indicate a downtrend - time to expand short positions or get rid of long positions to limit losses.
- Red candles without long shadows indicate a strong downtrend (it is recommended to continue running short positions until the market changes direction).
The following settings can be adjusted within the Time Frame:
The settings for the NTB (Nontime-based) charts can be found under timeframes. To add a preset for NTB charts to the list of the timeframes, go to Tools -> Settings -> Configuration -> Action Bar. Under Timeframes you can now enter your desired chart settings:
Advantages:
- time intervals with less activity are compressed (fewer candles)
- time intervals with more activity are expanded (more candles)
- price movement cycles are more continuous and smooth
Disadvantages:
- strong and weak market cycles are less visible since there are no long/short candles in the chart.
Example:
In the example, a Renko chart based on daily data with a box size of 25 points is set. This NTB chart can now be found in the Timeframes dropdown; with a click, the Renko chart is loaded.
Since the NTB charts are available as an individual data series, you can calculate every available indicator based on, for example, Renko charts. You can see the result in the screenshot below. With this, you now have an unprecedented selection of calculation methods and areas of application for indicators. You can already see in the screenshot below just how strongly the display of the RSI in the Renko chart differs from the normal daily chart.
In addition, you can also have conditions and signals calculated with these indicators. To do so in the Signal Builder, you have to select the Renko chart as the timeframe again. Here, all NTB charts that have been added in the ActionBar -> Time Frames menu are available, as described further above. The generated signal is outputted when the RSI – calculated with the Renko data – cuts upwards through the 30 signal line. This condition could have also been implemented with a “cr-a” order.
The Renko chart is another chart type that plots prices with no regard to time.
The Renko chart was invented in Japan. Its name is translated from the Japanese “renga”, meaning “brick”. The Renko chart is similar to the P&F chart developed by Charles Dow, in that the time axis is also missing in this chart.
This chart consists of black and white bricks. Black bricks are plotted when the price falls, and white bricks, when the price rises. When constructing the Renko chart, only the closing prices of an instrument are considered. New bricks are created when the current closing price exceeds the minimum brick size. If price volatility during a specific period is minimal or the brick size is too large, it can take several days before a new brick is plotted.
The fundamental characteristic of the Renko chart (much like the P&F chart) is a clear representation of existing trends and trend reversals. This is why it is important to assign the correct brick size. A brick size that is too small increases chart sensitivity, leading to too many trend changes (and also bad signals) being plotted. A brick size that is too large results in significantly late detection of trend changes.
The following settings can be adjusted within the Time Frame:
- 1.Box Size: shows the box size (in fixed/points/etc.) that defines when a new X or O is drawn. The smaller the box size, the more sensitive the chart.
- 2.Use ATR (20): shows the ATR multiplier that defines box size/reversal based on the average size of the last 20 candles.
Time-based charts plot a new candle after a certain time interval (for example every 5 minutes).
Tick-based charts plot a new candle only after a specified number of trades (for example 150 ticks/trades) have been executed.
Considering the trader's need to display more historical data on a chart, we set the maximum amount of tick data to 10 000 bars (or 20 working days).
Range bars take only price into consideration; therefore, each bar represents a specified movement of price. Range Bars, on the other hand, can have any number of bars printing during a trading session: during times of higher volatility, more bars will print; conversely, during periods of lower volatility, fewer bars will print. The number of range bars created during a trading session will also depend on the instrument being charted and the specified price movement of the range bar.
Three rules of range bars:
Each range bar must have a high/low range that equals the specified range.
Each range bar must open outside the high/low range of the previous bar.
Each range bar must close at either its high or its low.
The following settings can be adjusted within the Time Frame:
Ranges Chart settings
The three-line break chart responds to the dynamic of price changes (without regard to time) and is considered to be able to show changes in the trend. The bars on this chart have different heights. White bars indicate rising prices and red bars indicate falling prices.
When the current closing price exceeds the high of the previous day, the next white bar is plotted.
The next red bar is plotted when the current closing price falls below the low of the previous day.
If the price does not exceed the high or low of the previous day, no new bar will be plotted.
If there is a strong trend in which three white bars have been plotted following each other in direct succession, then a trend reversal will be only initiated when the low of these three bars is broken by the current price.
The following settings can be adjusted within the Time Frame:
Kagi charts can be useful for trend analysis and make buy or sell decisions. Thick (yang) lines are drawn when demand exceeds supply, indicating an upward trend and consequent bull market. Thin (yin) lines are drawn when supply exceeds demand, indicating a downward trend and consequent bear market. When the Kagi line goes from thin to thick then buy signals are generated, and when it goes from thick to thin then sell signals are generated.
The following settings can be adjusted within the Time Frame:
- 1.Reversal Size: shows the multiplier for the box size that defines after how many reversal boxes a new column with X or O symbols will be plotted.
- 2.Use ATR (20): shows the ATR multiplier that defines reversal size based on the average size of the last 20 candles.
The Point & Figure (P&F) chart was developed by Charles Dow and first described in his book in 1898, making this chart the oldest Western chart type.
The interesting aspect of this price representation is the absence of a time axis. The aim is to highlight the changes in the direction of existing trends.
The P&F chart plots an 'X' when the price rises and an 'O' when the price falls. The height of a column depends upon the so-called 'box size' - the price range for X's or O's.
As soon as the price has exceeded the current box size, a new X is displayed in an upward trend (and consequently, O is displayed in a downward trend).
Example. Let's assume that Daimler's current price is 35.10€. If the box size is set to 1€, a new X will only be plotted if the price reaches a minimum of 36€.
All values between 35€ and 36€ will not initiate a change.
Along with the box size, another important element of the P&F chart is the reversal setting. The reversal setting determines whether a change between the X and O columns occurs.
The trader determines the reversal setting as a multiple of “box sizes” that creates a reversal signal after the last high or low in a price.
Example. Let's assume that Daimler's last 'low' price is 15€. If the reversal is set as 5x the box size (1€ x 5), a change from O to X columns will occur at a price level of 20€. Should the price only reach 19€, a reversal signal will not be generated and the O column will continue to be plotted
The following settings can be adjusted within the Time Frame:
- 1.Box Size: shows the box size (in fixed/points/etc.) that defines when a new X or O is drawn. The smaller the box size, the more sensitive the chart. ATR (20): shows the ATR multiplier that defines box size/reversal based on the average size of the last 20 candles.
- 2.Reversal Size: shows the multiplier for the box size that defines after how many reversal boxes a new column with X or O symbols will be plotted.
With the volume bar chart, each bar will be drawn when a certain amount of volume was reached. With a setting of 1.000.000 volume for e.g. shares the chart will draw a bar whenever this volume is reached and move on to the next bar. A small amount of ticks of the 1.000.000 bar indicates high volatility and movement while a high amount of ticks of the 1.000.000 indicates low volatility and movement.
The following settings can be adjusted within the Time Frame:
A reversal is a change in the price direction of an asset. A reversal can occur to the upside or downside. Following an uptrend, a reversal would be to the downside. Following a downtrend, a reversal would be to the upside. Reversals are based on overall price direction and are not typically based on one or two periods/bars on a chart.
Read more about this special ChartType at Investopedia
Last modified 1yr ago