TJ. You misunderstood me. This is my mistake.Sorry,I was not precise enough. I should have asked for the incomplete LAST bar inclusion into the time compression (as an option) rather than including current values.
The post is NOT about elimination time compression from timeframes, quite opposite. The post is about the ability to re-create any higher timeframes charts on a lower timeframe chart. For the sake of simplicity just assume that we have weekly and daily charts in a layout, one indicator RSI(14) on both charts, and today is Wednesday. If we look on a weekly chart AB displays RSI(14) value on Y axis of the indicator window AS OF WEDNESDAY (13 closes as of previous Fridays and the close of today's Wednesday are used to calculate it). Now imagine that I wont to get rid of the layout and reproduce RSI(14)from the weekly chart on the daily chart. How to do it ? I CANNOT use: TimeFrameSet(inWeekly); RSI_Weekly = RSI(14); TimeFrameRestore; RSI_Weekly_on_Daily_chart = TimeFrameExpand(RSI_Weekly, inWeekly); because I will get weekly RSI(14)value as of last Friday and not as of today - Wednesday. What I am asking for is to add an option (it should NOT be a default) to all timeframe functions to include values of the incomplete last BAR (highest high, lowest low, last value)into time compression. This would require slight modification to the compression processes on higher timeframes, but that is already in place (best example is a weekly chart in the mentioned layout). Taking values from an incomplete bar has nothing to do with going into the future. The value of the RSI could be below threshold on Friday, above threshold on Wednesday, and back below threshold following Friday. The fact that RSI was above threshold on Wednesday will never be shown on a weekly chart unless someone replays bar by bar (assuming a daily chart is present), but that's how majority of reversals happen (during small fraction of the bar span). I know what I am doing as long as the functionality is available. If people are not sure what they should be doing, they better do nothing. Waiting for bar completion when price changes rapidly means missing majority of reversal reflected in indicators values. Discretionary trading requires watching charts all the time, so elimination of extreme conditions by design does not make much sense. It is the first step to all failures. I know that some people would like to see continuous changes to higher timeframe indicators based on daily values, but I think this would be too much. Obviously, both methods (traditional and daily values for the current weekly bar)will produce exactly the same result on every Friday (end of weekly time boundary, days beyond boundary are part of the incomplete bar). If nothing is done, transposing weekly values to the daily level (the same values for every 5 days), eliminating redundancy and adding daily values for the incomplete bar to create a new combined weekly / daily array to calculate weekly indicators at the daily level is NOT a lot of fun. I hope this time the post is a little bit more clear. AF
