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Renko charts with wicks for MC
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Renko charts with wicks for MC

  #1 (permalink)
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Renko charts with wicks for MC

Hi,

Currently MC only supports Renko bricks. I'm looking for Renko charts with wicks for MC. Does anyone know of any way to add wicks to the Renko charts?

Thanks,

Xevian

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  #2 (permalink)
 Vendor: www.multicharts.com 
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Currently Renko bars with wicks are not available in MultiCharts. However, we are considering adding more Renko bar types to MC, as was suggested in the PM system. It seems to be a high-demand feature.

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  #3 (permalink)
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Custom bars would be more fun. This can be done synthetically in an indicator to an extent, right?

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  #4 (permalink)
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Baseheadz View Post
Custom bars would be more fun. This can be done synthetically in an indicator to an extent, right?

I read that there is an indicator for tradestation that does precisely what you mention and it can be downloaded from the tradestations forum but I don't have access to the tradestation forums to try it out.

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  #5 (permalink)
Fortitudo et Honor
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xevian View Post
I read that there is an indicator for tradestation that does precisely what you mention and it can be downloaded from the tradestations forum but I don't have access to the tradestation forums to try it out.

I posted it in another thread.

It has limitations. It only forumlates bars and tails with live data going forward.

As such, it's not possible to backtest.

It's used primarly as an "indicator" or signal via a data stream to another chart.

Hopefully, at some point, TS and MC will come up to par with respect to Ninja traders who already enjoy this capability.

In my opinion, renko charts with wicks is the Cadillac of charting.

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  #6 (permalink)
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RM99 View Post
Hopefully, at some point, TS and MC will come up to par with respect to Ninja traders who already enjoy this capability.

In my opinion, renko charts with wicks is the Cadillac of charting.

Make sure @MultiCharts knows how you view the importance, here is one PM issue you can vote for:
MultiCharts Project Management - Issue MC-501 - BetterRenko charts for MultiCharts

Mike

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  #7 (permalink)
Fortitudo et Honor
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Big Mike View Post
Make sure @MultiCharts knows how you view the importance, here is one PM issue you can vote for:
MultiCharts Project Management - Issue MC-501 - BetterRenko charts for MultiCharts

Mike

Thanks Mike,

I've already done this on the TS forums.

TS is pretty lagging at this point. They're so huge and have such a large following that cutting edge concepts like modified Renko charts gets swamped out by the number of people who really aren't sophisticated enough to even realize what they're missing out on.

In essence, there might be 1% of the traders using TS that are advanced and sophisticated enough to even realize the benfits/capabilities of modified Renkos.

So cutting edge developments like MR charts take a long time to precipitate on a platform like TS.

It seems MC is at least more in tune with cutting edge capabilities and not resting on clients that are comfortable using basic or ho hum execution and charting. I think they've differentiated themselves to serve that market (people looking for more out of EL platform execution).

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  #8 (permalink)
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RM99 View Post
Thanks Mike,

I've already done this on the TS forums.

To clarify - there is a Vote button on the MC PM site, for this issue, you should vote for it.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
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  #9 (permalink)
Fortitudo et Honor
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Big Mike View Post
To clarify - there is a Vote button on the MC PM site, for this issue, you should vote for it.

Mike

Thanks Mike.

Done.

I think it would be helpful if someone crafted a screen cap of a classic/perfect example of a traditional time bar chart, compared to a renko chart, compared to a modified renko chart. And post that on the MC PM site to illustrate what's being requested (and why)

Additionally, the major selling point is backtesting functionality, so posting a picture of ghost fills and/or ghost non fills (outside the bar where the strat would have been stopped out) would illustrate the issue.

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I believe the real solution is to allow custom bar types, like NinjaTrader does. But I am uncertain of what core changes that would require, so for sure a 'Better Renko' bar type, with correct "Open" and wicks, would be a good start and should not be difficult at all for them to add directly to the platform.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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