Support Board
Date/Time: Fri, 07 Feb 2025 04:39:54 +0000
Post From: Study Percent Change Sice Open Zero Line
| [2020-05-20 00:25:08] |
| CMG - Posts: 179 |
|
Hello, I was making a comment in regards of the result provided by the study and what its name and description intent to provide. I understand how the study is calculated. The study returns different results for the same period of time if it is observed in different timeframes. The percent change since open at a certain point should not be different if observed in different time frames. The study plots the graph only to begin at 0% if the input data for opening bar and current bar are the same (e.g. open, last, etc) thus creating the following problem: In an 1 minute intraday chart for a regular stock session (9:30 to 16:00), if you want to get the exact % change since open during the session (as the study name suggests it is intended to do) you would need the open (open = fist price in the first bar) and the last of the current bar for the correct calculation. With these settings the chart does not begin at 0% (but returns the correct % change since open). The only way to have the chart begin at 0% is to either set opening bar to last and current bar to last, which would return an incorrect result as the calculation would be performed with the 9:30:59 price instead of the 9:30:00 price, or to set the opening bar to open and current price to open which would also return and incorrect calculation as the last price used would be the opening price of the last bar and not the last. The discrepancies are even larger when a longer time frame is set. So the study actually changes results for "% change since open" with different time frames when the underlying stock has the same opening price and last price! For a more precise description, the study is really "% change since last price of opening bar" (or “% change since open to open of last bar”) |