your chart type unirenko incorrectly displays extremes
here the comparison betterrenko vs unirenko
* If investing gets too difficult for a seventh grader to understand, the system is needlessly complex
* Markets produce an enormous volume of information, much of which is redundant
* In every game and con there's always an opponent, and there's always a victim. The trick is to know when you're the latter, so you can become the former
Thanks much for sharing this Renko bar type. Couple of quick questions - If I wanted to add this bartype (Custom5) inside a multi-timeframe script, how would I call the function Add(...) ?
Also, is there a way to create a NoGap version of this chart type ?
thanks again for your contribution....
Thanks for sharing your new bar. For months I have been looking at various hybrid Renko bars and when I saw your they were basically what I had been considering using. I do have one question that you could help with. I have been trading Better Renko bars for the last 6 months and before finding yours really liked them. You do have the option of choosing a brick size with them such as 2/3/4 etc. Is there a way to make the brick on your new bar a little smaller so that the largest bar is not 6 ticks even when set to 2/2/4 your standard settings. I am sure that I have just missed something in the way you have them setup but first wanted to again thank you for sharing and then ask the question. Your help would be greatly appreciated.
The following user says Thank You to davidepalmer01 for this post:
With these new advanced renko bar types, remember that brick sizes are an illusion, since the open of the bars are artificially drawn, and especially with this bar type given the open can be placed where ever the user wants thereby affecting how large the bricks visually look. I guess the smallest brick you can get will be with the values T1R1O1. You can experiment with different values for the parameters to see what the resulting bars look like. Each value represent the number of ticks from the previous bar close for the particular parameter. In general the smaller the values used for each parameter the smaller the bars will be, and the more bars will be produced for each trading session. You can get some very weird looking bars depending on how creative you get with the values.
Last edited by monpere; December 5th, 2012 at 05:27 PM.
The following 5 users say Thank You to monpere for this post:
Correct. That is where the current bar close will be, that price must be exceeded in order for the bar to close, so that price may be touched several times before the bar closes. The open of the next bar will be 1 tick beyond that. I you want the marker to be where the next bar will open, then use TickOffset=1 in the UniRenkoBarCloses indicator.
Last edited by monpere; December 6th, 2012 at 08:27 AM.
The following 12 users say Thank You to monpere for this post: