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Tutorial 189 | Find most recent bar with low greater than current high

t189-EXPLANATION

The shapes and explanatory text in the above image were added manually

Tutorial 189 takes the high of the last completed bar and searches back in time for the most recent bar where the low of that bar is greater than the high of the last completed bar.

Examples of bars highlighted using the legacy trendline function

The bar that meets this criteria is then plotted over using PlotPB or alternatively is highlighted by drawing trendlines between its high and low and open and close (see example image on the right). The trendlines are set to cyan.

The program then searches again for the next completed bar.

The problem with the PlotPB approach is that it changes the MaxBarsBack setting (see a note about maximum number of bars a study will reference or MaxBarsBack below). As older bars are found the MaxBarsBack setting is increased. This can be problematic for two reasons:

  1. When the MaxBarsBack is recalculated the whole program is run again and bars previously highlighted will now no longer be highlighted.
  2. MaxBarsBack bars at the start of the chart are not available for analysis.

The first issue could be solved by keeping a record of when the highlighted bars occurred and then replotting them if necessary, however the second issue remains. Overall the drawing tool approach is a simpler one. 

Using the legacy trend line tool does not alter the MaxBarsBack setting. It does require the user to approximate the size of the wick and the body of the bar found using TL_SetSize.

EasyLanguage studies that refer to historic bars wait a certain number of bars before they can start performing calculations. This waiting period value, called maximum number of bars a study will reference, is set on the General tab of the Properties dialog of this PaintBar study. The MaxBarsBack reserved word returns the value of this setting in your EasyLanguage code.
This tutorial is created for TradeStation 10 and minute, daily, weekly or monthly bars. If the program is refreshed or reloaded, all the bars plotted or drawn will disappear and the analysis will begin again.
Maximum number of bars study will reference’ should be set to auto-detect and ‘Update value intra-bar’ should not be clicked

‘Maximum number of bars study will reference’ should be set to auto-detect and ‘Update value intra-bar’ should not be clicked

Inputs

Col( Red ), // Color of plot or drawn line
PBorDraw( 0 ); // 0 = PlotPB, 1 = draw

Tutorial 189
Tutorial 189

The chart on the left is using the legacy drawing tool. The chart on the right is using PlotPB. Notice that the displayed bars are different due to the problems caused when the program recalculates when the MaxBarsBack setting is increased.

Explanation of tutorial 189

Free Gold Pass download of the tutorial 189 code

If you are a Gold Pass member you can download the tutorial 189 programs for free. (Make sure that you are logged into Gold Pass): This content is for members only.

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