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JLS

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Alias Born 12/14/2004

JLS

Re: rich ruscio post# 3075

Friday, 05/15/2009 4:05:01 AM

Friday, May 15, 2009 4:05:01 AM

Post# of 17387
rich,

time is not a factor in an intraday H/L P&F chart.

The only factors are:

1) trade execution prices -- I don't think any software uses Bid and Ask prices.
2) brick size
3) number of bricks for reversal
4) to a very small degree, the manner in which data is supplied (which may make a one-brick difference once in a while between two people comparing charts)
5) the number of significant digits used in calculations may also produce a on-brick difference once in a while
6) some software may finish a brick when price is equal to brick size, whereas other software may finish a brick only when brick size is exceeded, and that would make an occasional one-brick difference.

The last three, 4 and 5 and 6 above, don't compound, as they are similar things related to accuracy (and construction rules related to = vs =>).

Otherwise, time does not matter to an intraday H/L P&F chart. It would only make a difference if the charting software allowed P&F charts using closing data, in which case a time interval would have to be specified. I don't know eSignal, so maybe it does look for Highs and Lows within 1-minute intervals; but I doubt it, and that would still only make a relatively rare 1-brick difference between software that used raw data.

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