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Best Renko Bar? - better vs median vs sbs vs wicked
yep...you be right fattails...so easily distracted we are...
I noticed something about the BetterRenko the other day and brought it to the attention of aslan but he is no longer supporting it on NT. The BR uses the modulus function to round the close of the bar to the same divisor as the number of ticks. So, in other words, I use a 10 tick BR brick and the BR makes the close in multiples of 10 ticks. I think this occurs on the first bar of each session and as long as you get 10 ticks movement your bricks will close on multiples of 10 ticks. I hope I've described this well enough. Also, the last bar of the session is truncated so the first bar of the session is a complete bar. Both of these attributes attempt to ensure your price patterns for each day remain consistent from day to day. That way, when you look at your live chart today and see a pattern, it will be there in the same place exactly the same way when loading historic data. As a backtester, this is very nice to be able to reproduce a days results each and every time I bring up a chart.
However, I noticed differences at times that puzzled me. The brick on historic data does not at times break at the multiples of 10. I've never seen this happen on the current day but scrolling back I see this occur. I've never encountered this when using a session template of Default 24/7. I trade CL and use Nymex Metals / Energy ETH session template. I spent a bit of time trying to figure this out but did not come up with a fix. So, thought I'd mention it in case it's of interest to anyone else. BTW, I'm not talking about the occasional missing of the multiple but an every bar occurence that finally fixes itself.
Take a look at the attached chart and you'll see what I mean. Those horizontal gridlines are spaced 10 ticks apart and the bricks should open and close on those gridlines the vast majority of the time. But as you see, they don't.
After NT 7 came out, I noticed that, as well. I contacted Rjay and he was kind enough to convert the old MedianRenko from NT6.5 to NT7 for me. I have attached it for you and anyone else who has an interest in it.
You need to MANUALLY move the MedianRenko_NT7.cs file into your TYPE folder (Documents>NinjaTrader7>Bin>Custom>Type), then shutdown NinjaTrader and Restart NinjaTrader.
After that, it will appear in your DataSeries list of bar types, along with Tick, Minute, Range, etc.
Enjoy!
P.S. I forgot to mention, after Rjay introduced RenkoHybrid, this year, I switched from MedianRenko in favor of his new bar type, which is far superior to the old MedianRenko.
After all, it's what you learn AFTER you know it all, that counts!
Hey Wiz,
I'm new in this forum and futures.io (formerly BMT). Have just finished reading this thread, thank you for your relentless sharing and contribution.
I could not figure out how the renko bars are built, as it is the same number of ticks on each bar, but not all bars are of same range or height. Can you please advice?
Thank you.
TW
