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Hello Anil,
No 'right' answer to this, I suspect. It depends upon your personal preference.
In my opinion, the Sharescope version makes the most 'logical' sense, i.e.
what the market did in, say, the last hour starting from the beginning of
the first minute in that hour and finishing at the end of the last minute
of that hour. On an intraday chart, a delay of one second on a tick can
determine within which hour a trade falls and could just make the
difference to whether the volume bar is red or green if using a
close-to-close calculation. Then again, on an intraday chart, you would
expect both methods to produce similar looking pictures.
However, the issue is more relevant on a daily chart where opening gaps are
more likely to occur. So, the question here is whether a gap constitutes
market action. If it does (and Wilder's ATR calculation implies that it
does), then an up bar should strictly speaking be calculated using the
previous bar as the point of reference. In this case, the Metastock method
is the more correct.
Only a Christmas holiday allows time for this kind of discussion ;-).
Regards,
Kevin
At 19:22 27/12/2003 +0000, you wrote:
>
>Hmmm...Interesting Kevin and thanks for the comments....I am in
>Christmas holiday TA reading/research mode and hence the question...
>
>I use Sharescope as well and it shows the green bar when 'open' is
>lower than 'close' on the 'same bar'...
>
>MS shows up bar as 'green' when the 'close' is higher than previous
>days close 'close'...
>
>A small difference between two packages that threw me...
>
>However which is the correct way of showing green bar I wonder...???
>I presume the MS one is more correct????
>
>regards
>
>anil
>
>
>--- In Metastockusers@xxxxxxxxxxxxxxx, Kevin <kevin_barry@xxxx>
>wrote:
> > Hello Anil,
> >
> > This is a comment rather than an observation so it may not help
>with your
> > particular issue.
> >
> > What is the definition of an 'up' bar? Is it when the close of the
>bar is
> > higher than the open of the same bar or is it when the close of of
>the bar
> > is higher than the close of the previous bar? Does that explain
>the
> > discrepancy?
> >
> > Regards,
> > Kevin
> >
> > At 13:44 27/12/2003 +0000, you wrote:
> > >
> > >Hi all
> > >
> > >I used these volume colour formulae that was posted on this
> > >site...and many thanks for that...
> > >
> > >I use default bar colours as provided by MS...so up bars are green
> > >and doen bars are red....In correaponding bar and volume colour
>and
> > >I found that MS shows bar chart colour as 'red' when it should
> > >be 'green'..!!!
> > >
> > >Has anyone else noticed that?...I presume that when close is
>higher
> > >than open then bar colour should be green...Am I the only one with
> > >this problem or is MS correct in it's bar colour setting.
> > >
> > >Any comments, observations appreciated..!!
> > >
> > >regards
> > >
> > >anil
> > >
> > >--- In Metastockusers@xxxxxxxxxxxxxxx, "Dave" <d-ittner@xxxx>
>wrote:
> > > > --- In Metastockusers@xxxxxxxxxxxxxxx, "Roy Larsen"
><rlarsen@xxxx>
> > > > wrote:
> > > > > Dave
> > > > >
> > > > > > I thought I read somewhere that it is possible to have the
> > >Volume
> > > > > > bars be multicolored (Green for up days and Red for down
> > >days).
> > > > Is
> > > > > > this true? No matter where I search I can't seem to find
>any
> > >way
> > > > how
> > > > > > to achieve this.
> > > > > >
> > > > > > Any help would be appreciated.
> > > > >
> > > > > Create this indicator, drop it into the appropriate chart
>window
> > > > then change the colour and style of
> > > > > each plot. Save as your new default template once you're
>happy
> > >with
> > > > the result.
> > > > >
> > > > > Roy
> > > > >
> > > > > {Coloured Volume}
> > > > > Red:=(C<Ref(C,-1))*V;
> > > > > Green:=(C>Ref(C,-1))*V;
> > > > > Yellow:=(C=Ref(C,-1))*V;
> > > > > Red;
> > > > > Green;
> > > > > Yellow;
> > > >
> > > >
> > > > Hi Roy,
> > > >
> > > > Thanks for the quick response. It worked and was exactly was I
> > >was
> > > > looking for.
> > > >
> > > > Best wishes for 2004,
> > > >
> > > > Dave
> > >
> > >
> > >To unsubscribe from this group, send an email to:
> > >Metastockusers-unsubscribe@xxxxxxxxxxx
> > >
> > >
> > >
> > >Yahoo! Groups Links
> > >
> > >To visit your group on the web, go to:
> > > http://groups.yahoo.com/group/Metastockusers/
> > >
> > >To unsubscribe from this group, send an email to:
> > > Metastockusers-unsubscribe@xxxxxxxxxxxxxxx
> > >
> > >Your use of Yahoo! Groups is subject to:
> > > http://docs.yahoo.com/info/terms/
>
>
>To unsubscribe from this group, send an email to:
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>
>
>
>
>Yahoo! Groups Links
>
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> http://groups.yahoo.com/group/Metastockusers/
>
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>
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