Watch video here: https://youtu.be/9Qju7LRORvo?si=VDwoh_j2LgnFFkBI
The Bar Close Marker indicator helps traders who use Range or Renko bars (or any fixed range bartype) anticipate the entry location for their trades. Here is the indicator applied to a Range chart:
Let’s say you are trading a scalping strategy where you enter on bar close. Every Range bar starts out small and grows in size until the full size is reached at which point the next bar begins. While we don’t know whether it will be an up bar or a down bar, we still can precisely calculate the up close price and the down close price at any given time.
The image shown above is 10 Range chart of ES futures. The picture was taken shortly after the current bar opened. While the bar is still small, the 2 potential closing prices (up close or down close) are 19 ticks apart. Why? Because at the point in time, price would have to travel farther for the bar to reach 10 ticks in size.
Now look at the image below which was taken a bit later right before the close of that same bar:
Here the 2 potential closing prices are only 11 ticks apart. That is because with the bar being 9 ticks in size, the ultimate bar closing price can only be 1 tick in either direction. In this way, the final closing price becomes more precise as the bar matures. Even if it only saves a few seconds, this can really help with trade execution.
Note: This indicator only works with Range bars or Renko bars. If applied to any other bartype, such as Minute or Volume, it simply will not be visible on the chart.
You can download the zip file (see link below) so you can import the software directly into the Tickblaze platform to use in your trading. If you want to access the source code, you can find everything you need here:
https://github.com/Tickblaze/Tickblaze.Scripts.ARC.
Please like, comment and share this post so others can benefit from the free scripts in our community!