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UniRenko, Universal Renko Bar Type
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UniRenko, Universal Renko Bar Type

  #291 (permalink)
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bricks are a real nice way to filter the price action. I prefer to weight reversals to require more tick movement to make the change in flow more smoothly displayed.

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  #292 (permalink)
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There is nothing to agree or disagree here, the size or existence of a wick on a UniRenko bar is just as fictitious as the Offset. All that really matters is the size of the bar.

It is more like a personal preference of using a Box chart style or simply a HiLo bar style or a candle style, whaevever pleases the eye and useful in trading the UniRenko bars.

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  #293 (permalink)
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sands View Post
I prefer to weight reversals to require more tick movement to make the change in flow more smoothly displayed.

Sorry. But could you please explain what you mean "by weight reversals to require more tick movement"? And maybe show a chart as an example?

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  #294 (permalink)
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Kelsey View Post
Sorry. But could you please explain what you mean "by weight reversals to require more tick movement"? And maybe show a chart as an example?

Sure. My bad I meant I weight a trend continuation with say 4 ticks (so the market must continue to move up 4 ticks to create a new brick) and for a reversal it must move 150 % in the opposite direction so 6 ticks. This filters / smooths things a little more. Then once it's reversed it only has to move 100% eg 4 ticks.

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  #295 (permalink)
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uniRenko wicks


aligator View Post
... the size or existence of a wick on a UniRenko bar is just as fictitious as the Offset. All that really matters is the size of the bar.

I must respectfully disagree. The wicks you see on uniRenko bars represent real price action in the direction opposite to the current bar's trend.

Whether or not they're meaningful is subject to debate, but the are real.

dwt51

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  #296 (permalink)
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dwt51 View Post
I must respectfully disagree. The wicks you see on uniRenko bars represent real price action in the direction opposite to the current bar's trend.

Whether or not they're meaningful is subject to debate, but the are real.

dwt51

Agree or not, there is nothing here to debate (quite respectfully). The wicks on uniRenko bars does NOT represent real price action in the direction opposite to the current bar's trend. While the wick size can be an indication of the market psychology and price action for Minute bars, that is not the case for UniRenko Bars.

A fair understanding of the construct of UniRenko bars would help to see the point. The wick for a UniRenko bar is man made and a product of how one chooses the size of the fictitious Offset. One can make the wick size smaller or larger based on the size chosen for the Offset, resulting in a fictitious wick that has no relevance to the psychology behind the bar formation and price action like a 5 minutes or 30 minutes bar does.

What matters here is only the high and low of the bar which make up the range of the bar, which is the range of the volatility assumed when the bar size was chosen. A bar range that shows larger than a trend bar implies either a reversal bar or an indication of a retracement inside the trend totally man made within the volatility range assumed, and that is not price action.

An Offset of "O = R " is real and will create a wick on only reversal which is the same size of a trend bar. See the screenshot. Can we argue there is no price action inside the trend (1-10-10) because there are no wicks? Or, too much price action inside the trend because there are wicks(1-10-1)?

Cheers!

Attached Thumbnails
UniRenko, Universal Renko Bar Type-cl-04-14-1-unirenko-t1r10o1-2_21_2014.png   UniRenko, Universal Renko Bar Type-cl-04-14-1-unirenko-t1r10o10-2_21_2014-2.png  
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UniRenko update

I add to UniRenko bar type an option of offset = 0 ticks (previous close = current open)
To enable it, "Tick Open Offset" property must be 98, I guess no one is using such value
Technically it was easier to use value other than zero.

It can be imported and is using the same Custom5.

Attached Files
Register to download File Type: zip UniRenkoBarsTypeV2.20.zip (2.7 KB, 499 views)
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  #298 (permalink)
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Erez View Post
I add to UniRenko bar type an option of offset = 0 ticks (previous close = current open)
To enable it, "Tick Open Offset" property must be 98, I guess no one is using such value
Technically it was easier to use value other than zero.

It can be imported and is using the same Custom5.

Curious to know, am i the only one who noticed a bug in this bar type? see this clickme

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  #299 (permalink)
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trendisyourfriend View Post
Curious to know, am i the only one who noticed a bug in this bar type? see this clickme

You are right, I also notice that, it doesn't occurs much and when it does, its only one tick deviation(at least what I found till now)

I have spent some limited time to try to find the cause without success.
It's not one of my major TF.

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  #300 (permalink)
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Does the Unirenko wicks represent real price action?



aligator View Post
Agree or not, there is nothing here to debate (quite respectfully). The wicks on uniRenko bars does NOT represent real price action in the direction opposite to the current bar's trend. While the wick size can be an indication of the market psychology and price action for Minute bars, that is not the case for UniRenko Bars.

Cheers!

Hi @aligator

Are you sure that price did not retrace back to those price points of the wicks as you have illustrated on your first screenshot? I did a quick analysis of GC, using the same setting of 1:10:1 and then drew a line across the wicks, setting the property of the line to display on all charts.

I then opened a small range chart and a 30 second chart, and lo and behold, price did retrace back to where it was showing on the Unirenko chart. So unless I am missing something, I would have to agree with the DTW51, that the wicks of the Unirenko was real price action.

However, as you understand the construction of these bars far better than I will ever do, then you are probably right, and I have just wasted 30 minutes with my analysis. Nb, is this the same for the Better Renko bars also, as I use the wicks in my analysis when taking a trade with the Better Renko chart?

Here are the screenshots

Regards,


Dudley

Attached Thumbnails
UniRenko, Universal Renko Bar Type-test1.png   UniRenko, Universal Renko Bar Type-test2.png   UniRenko, Universal Renko Bar Type-test3.png  

Last edited by mrmuggins; February 21st, 2014 at 08:44 PM.
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