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Best Renko Bar? - better vs median vs sbs vs wicked
BetterRenko bars for Ninja Trader.
Just import into NT, and restart NT. You should then have a "BetterRenko" type available in the intervals in the data series window. The brick size is specified in number of ticks.
New twist on Renko to fix some …
That's true with the MedianRenko bars. The creator never worked out the bug that caused them to be unequal. Not that they don't give good signals, IMO, it's just "cosmetic". The reason I liked them (and especially the RenkoHybrid) is because they smooth out all the "noise" on the price panel and the sub-indicator panels. They just make it easier for me to read and understand.
Rjays RenkoHybrid bars ARE all the same size (body-wise, not counting tails). The thing about RenkoHybrid is: say you have your chart set to 4 tick RenkoHybrid. The bar will have to travel 8 ticks before it exhausts it's "range" so that a new bar is created. The new bar will be created at the "median" or middle of the prior bar & then continue its journey up & down for 8 ticks total traveling distance, before another new 4 tick bar is begun. The bodies of the bars, however, willall be a uniform 4 ticks in size. Hope that explains, somewhat. I've attached a screenshot of Rjays RenkoHybrid.
Keep in mind: ALL the bar types tell the same story. It just depends on which "language" (bar type) you're most comfortable reading. I began with minute bars and struggled trying to read them. I don't like the idea of "compressing" data (price-action) into a human-created concept (time) and then trying to "decipher" it's secret message, so to speak. The plainer, the better. And Renko type bars (all of them) smooth out the "noise", as I said earlier. Pull up a 5 minute chart & put all you indicators that you use on it, then pull up a 2nd chart of MedianRenko, BetterRenko, SBSRenko, etc. & see what I mean.
After all, it's what you learn AFTER you know it all, that counts!
I don't use these but one of them apparently conflicts with one of the other custom bar types you have loaded.
The bar 'space' is reserved in the code under the name:
The XXX in your bar types will have one of the following Custom0 - Custom9 or Final0 - Final4
There can only be ONE bar type with each Custom or Final name.
Check each bar type and see which one is duplicated and change it to one not used.
Then Compile something and restart NT.
Rejoice in the Thunderstorms of Life . . .
Knowing it's not about Clouds or Wind. . .
But Learning to Dance in the Rain ! ! !
Can it come from somewhere else ?!