IT_FatBars

The IT_FatBars indicator is a candlestick overlay with variable widths based on relative volume. The indicator allows the setting for volume lookback for the relative volume calculation and the bars have ten width steps. This indicator will work on all bars except volume type bars. This can be particularly interesting on the various Renko variants to show the smooth movement without resorting to the Heiken-Ashi version, the IT_HA_FatBars.

Since all Renkos have false openings the overlay will also use the same. In the case of RJay's newer v2.0 Renko variants there are additional settings. The Default mode shows the regular style bar body with the false open. The XRay mode will truncate the body to the 'inside the bar movement' you would see with his RJay XRay Candles Chart style setting. This shows the open, high, low, close values that would be detected by a strategy. The StandardOpen mode shows the open of the bar using the price at the first tick, like regular bars. These settings only have an effect on RJay's bars.

Additionally there are now five bar styles to choose from: Candlestick, OHLC, HLC, HiLo, Open/Close and Box. Because of possible overlapping bars, an opacity setting will allow visibility of covered candle/bar sections.

As with the IT_HA_FatBars overlay, the IT_FatBars uses the engine from the IT_VolZoom indicator to detect the high volume levels at any time of day and any trading volume conditions.

Above charts shows the FatBars with different RJay settings comparing to the bare RenkoSpectrum2.0.

Above charts show additional selectable bar styles.

Here you see the various settings.

How about P&F charts too?

• Bar width variations (10 width steps) coincide with the steps found in IT_VolZoom.
• Works in low volume as well as high volume situations.
• Works on must bars including the Renko variants.
• Special options if using newer RJay renko bars
• Six standard bar styles selectable.

5/22/15 - Added Open/Close bar style.

5/19/15 - Added additional bar styles (now includes Candlesticks, OHLC, HLC, HiLo, Open/Close, Box).

12/2/14 - Added product.