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UniRenko - Universal Renko BarType

This is my implementation of a Universal Renko bar type. It allows the user to choose when the bar closes in the direction of the previous bar (Trend), and when it closes in the direction against the previous bar (Reversal).

This allows you to tailor the bar to behave specifically how you want it in ways that hopefully may enhance your particular trading style. As an example, if I am a reversal trader, entering on reversal bars, and putting my stop behind the entry bar, I can choose trend and reversal settings that minimize the size of reversal bars, and therefore optimize my stop sizes, etc.

Parameters are:

'Tick Trend' - Number of ticks to close the bar in the Trend direction
'Tick Reversal' - Number of ticks to close the bar in the Reversal direction
'Open Offset' - Number of ticks offset to draw the artificial open

Like most Renko bars, the bar open is artificial, and is placed by default halfway up the previous bar. The open is aesthetic only, it is not used in the bar size calculation. The tails on the bar show real prices. The artificial Open may affect your backtesting depending on the coding of your strategy. Internally uses NT PeriodType.Custom5

V2:
To support Muti TimeFrame indicators/strategies using the Add() method, added an alternative way to specify all bar specs in the 'Tick Trend' parameter. You can now alternatively specify each parameter as 3 digits in the Data Series window 'Tick Trend' parameter or Add() method 'Period' parameter. For example to specify TickTrend=4 , TickReversal=8, OpenOffset=2 or (T4R8O2) then specify: 'Tick Trend'=004008002 in Data Series window, or Add(PeriodType.custom5, 004008002);' in your MTF code. The normal way of specifying the parameters will continue to work as well.

IMPORTANT UPDATE JULY 11 2013, "VERSION 3" -- FROM BIG MIKE:
July 11 2013: Please note, user "dstrader" has uploaded a crucial bug fix for this bartype. You can find the download link here: https://nexusfi.com/download/ninjatrader-7/indicators/1430-download.html?view

Note you must use that link to download V3.

You can find the discussion thread here: https://nexusfi.com/ninjatrader/24408-unirenko-universal-renko-bar-type-20.html

Category NinjaTrader 7 Indicators

Details: UniRenko - Universal Renko BarType
Category: NinjaTrader 7 Indicators

July 11th, 2013
Size: 2.08 KB
Downloaded: 4850 times

Keywords: bar unirenko trend renko bartype universal type reversal monpere

Comments/ratings

jupikseliga November 15th, 2012 12:33 AM

Thanks!

Hermo November 15th, 2012 04:16 AM

Thanks!

wavey November 15th, 2012 06:14 AM

Nice work, thanks for the share!

prisonbreaker82 November 15th, 2012 09:01 AM

No Comment

wavey November 15th, 2012 12:38 PM

You might want to consider changing the Custom5 > Custom6 = I think RJays Channel Trend type uses that per default...

jta3 November 15th, 2012 02:20 PM

That whas a NICE one.

lolu November 15th, 2012 03:26 PM

Mon, this is GREAT !!! I've admired this Renko bar type whenever you show screenshots of it in some of your posts. Now, we have it ... Thanks.

ronner November 16th, 2012 09:00 AM

My first thanks on BM for this great development.

Shivaya November 17th, 2012 05:11 PM

Well done! Love it. Nice to have a good Renko bar that won't expire. Thanks.

wilson619 November 17th, 2012 07:59 PM

Thanks

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