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@DavidHP, I believe you are able to reply my query, pls reply if you know or suggest me the code which works on 1min OHLCV (better on non-elite place somewhere).
Can you help answer these questions from other members on NexusFi?
Since (Uni)Renko bars have nothing to do with time but are based on price/trades regardless of time and volume,
the answer to your question is no - not in NT7 nor in NT8 nor on any other platform.
@choke35 I an already using some versions of Renko on my broker's platforms which works on timeframe's last Close levels ('C' out of OHLCV), means they discards other data and treats Close as a tick (like ticks are happening every 1,5,15 or 60 minutes or even every 1day instead of random 10's of market ticks in a second).
It is quite simple to implement in a code to consider timeframe Close levels. Renko filters kind of "noise" visible on other types of charts and using timeframe Close levels as ticks also add additional filtering to Renko.
I also agree that Renko dont have anything to do with volume (so do other charts, such as line, candles, heiken ashi etc, they can also be plotted without but still volumes are often rendered with them, isnt it an additional intel ?). There are few platforms that gives volumes with Renko too.
Renko is a type of range bar -- it measures whether a given number of points or price ticks has been exceeded, and prints a bar when it has (using "ticks" not in a time sense or the number of trades, but simply as the smallest price increment for that instrument -- e.g., a quarter point is a price "tick" in ES).
So if the futures contract you are charting is not moving much during a given span of time, a Renko bar can just sit there, showing no change at all, with no other bars being printed, for minutes or hours. They can also suddenly show a spurt of many bars in a few seconds if price takes a big jump.
But the Renko bar, and all the Renko type bars, only responds to price change and not to time. There is no set number of bars per unit of time -- so a 1 minute chart, which shows one bar every minute, cannot also show Renko bars, which can take a minute or an hour to complete, depending on price movement.
This is what @choke35 is trying to tell you. In asking for a bar that in some way combines range and time, you are talking about something other than Renko. If that's what you have in mind, you'll need to specify how you want that bar to act, and perhaps someone can help you. If you know of an example that is "on my broker's platforms" -- as you said -- and that is what you want, then it would be helpful if you attached a screen shot with an explanation of what we are seeing, so we can understand the logic.
Sorry, but I love how I am told by non-programmers how simple something is to code. If you are a programmer, I apologize, but somehow I don't think you write code for a living (I do.) In any case, it is not possible to code something where what is needed is not clearly specified, which gets us back to needing chart examples and an explanation.
No, that is not any type of Renko. You have something else in mind, and if you have examples and can show chart images, that would be helpful. If you simply want somehow to have Renko bars doing something that Renko bars don't do, that is not going to be possible.
I don't mean to dismiss your request. It just needs to be more clear what you are looking for.
Also, even though it may seem simple to you, coding a bar type is really not. If there is no existing bar type for NT that meets your needs, it is unlikely that someone will undertake the fairly major task of coding it.
Sorry to be a wet blanket. I hope you do find what you are looking for.
I understand what trader15 is getting at. He's asking if anyone has modified UniRenko to generate using 1 minute bar closes.
This type of thing has been done before with PnF bar types, using 1 minute closes instead of ticks. I believe SodyTexas coded it.
Obviously, it would not be as accurate as the normal tick-based UniRenko, but would be able to show a longer history since most historical data providers have minute data going much further back.
@bobwest, I know how Renko bars are created on charts and it doesnot have anything to do with time. But as I have explained in my pev reply, is to use price Close levels at the end of timeframes as a "tick" instead of actual ticks which happen randomly as the trades are taking place. So if price doesnot move more/less than brick levels, then obviously chart stays at last brick irrespective of duration (and not the way you misunderstood my prev reply that I want Renko bricks at every 1min or so)
When I started observing Renko on my broker's platform, I was also surprised to see timeframe setting on chart. What I got explained by them is mentioned in above para. If you read again, my explanation in prev post is clear enough, anyway it is clarified above and I am attaching snaps here showing Renko charts from my broker's platform with same brick levels and diff timeframe settings.
There is one more chart (not from my platform) which shows Volumes with Renko, I didnt ask for this but attaching as I have replied to @choke35 that there are platforms available with Renko and Volumes together.
Initially, I didnt liked timeframe based Renko but when I observed charts with diff timeframes then realized this can be useful if someone wants to filter (whatever remaining) noise in Renko then he can do so as per his investing duration, such as 1min Close Renko is useful for intraday/scalping, 1H Close is good for a week or so and 1D setting for positional (2-4weeks) trading (just examples of my understanding based on attached charts, pls do not stick to words and I also like to highlight that I agree that this is not accurate Renko presentation and not not recommending this).
I would also like to clarify my intent of query so that this discussion dont get distracted in basics,
1) I donot want anyone to code for me, if UniRenko is working as I explained then will try to use or will look for something else
2) I am trying Amibroker presently and occasionally coding in it as required (nothing pro yet) but they dont have proper Renko support (there are couple of codes that gives 1min Close based Renko as above but is poorly rendered)
3) if you see my first post, my query was simple that does the UniRenko (from first post) work with 1min OHLCV data bcos as @ShatteredX have explained, most vendors give historical data based on 1min ohlcv
4) I also do not much want Renko by timeframe but as I am not full-time trader so mostly I have to backfill my data which is available by 1min ohlcv only
Ah, a chart image makes a huge difference. Now I get it. Sorry I misunderstood what you were driving at before.
Since you included a chart from stockcharts.com, I went over there and read their explanations of Renko charts. In their version, you can select close-only prices for a certain timeframe and then use those prices to form the Renko bars:
Basically, this means you take the series of closing prices as your price data, rather than the actual full price fluctuations, and then apply the Renko logic to that series. Using the Renko bricks wipes out the time-based character of the data, because you are only using the range of the closes, so a close must be above/below a given range in order to register, and you can get bars that just sit there without changing as time goes by, until a close exceeds the range parameter. Using the closes pre-filters the price action, and then the Renko bricks filters it further.
Since stockcharts has a nice example of the difference, I'm putting it in here to help make it clear to others:
Bottom line, we are talking about what happens when Renko logic is applied to different input data. If the input data is pre-selected to have only 1-minute closes, for instance, then the bars will only show the ranges of the 1-minute closes.
I admit that I never thought or heard of that (but obviously I don't get out enough .) I also have only a passing familiarity with Renko, so it may be common for all I know....
As to the UniRenko implementation on NinjaTrader, it doesn't have the option to select any input data other than unfiltered price, so this is not available in the same way as in stockcharts, or other Renko implementations that do.
I also understand now this part of your question:
First of all, I'm puzzled that you have to work with 1 minute-only historical data. Maybe this is just another example of my not getting out enough, but I have not run into data that is only available at that level of resolution. You ought to be able to get much finer resolution, as far as I know.
If you are using NT (the only platform where UniRenko is available), then unless you subscribe to a separate data vendor, I believe you will get your historical data from the NT servers, not your broker, and it is supplied in NT's specified format and resolution. (As I recall, it's a fraction of a second in NT7, and a millisecond or so in NT 8. I may not remember this correctly, but it's way better than 1 minute.) But it is certainly possible that, for a given broker or data feed, you would be stuck with their data for historical data. You would probably need to talk to NT support to find out in your particular case. However, I assume that if you only had 1-minute historical data, then the bricks would be formed from it.
(You don't have the option in NT or in the present version of UniRenko to make that selection as an option, rather than using all the data available. It might be worthwhile for someone to modify the UniRenko logic to allow that option, but it's not there now. Speaking for myself, I would have a problem with deliberately throwing away some of the price data, but that's just my preference.)
Thanks for the clarification, it completely changed my understanding of your question.
correct, except the wiping thing. In Amibroker code I am testing (worst at Renko rendering), the code just considers price Close levels and rest data stays there in database, I can view candles and Renko, both charts in different chart tabs.
What happens is that we can (kind of) "filter" Renko noise for diff duration of trading by rendering Renko on longer timeframe price Close. Its my feeling, may not b same for all
Yes I can get tick data backfill for 2days max when I am trading intraday during job "gaps", but that is not the case for everyday. During job, I do swing or positional trading during break hours and the data needs to be backfilled in weekend if I am running busy (other data options are there for longer duration tick backfill but are costly, I was just thinking if I can save something with 1min historical data). I also know that NT8 have Renko but that does not have flexibility of settings like UniRenko does.
Means, I have to prioritize learning NT coding to modify UniRenko ...
Right. I don't mean that the data is gone from the database, just that it is not displayed in the Renko chart.
I think that UniRenko has been implemented in NT8 as well. You'd have to do a search, and I'm afraid you'd need to be Elite. UniRenko, like many (or most) of the more interesting things available in NT was created by a user, and all user code on FIO is in the Downloads section, or otherwise only available to Elite members. I don't keep up with Renko/UniRenko changes, but I think I see people using it on NT8. Maybe someone else can help with that.
Anyone who finds this forum worthwhile would be wise to spend the 100 bucks (two points in ES) and get the lifetime Elite membership anyway. Most of the content is done by Elite members, and a lot of it is in threads in the Elite section. Not just indicators and such stuff.
Probably so.
There is a big difference between NT7 and NT8 programming, so any major changes to anything should always be to NT8 code, which will be the future (unfortunately, NT8 still seems to have issues, although they are gradually being addressed. There's no point at this time in learning NT7 coding, because you will just have to shift gears again for 8.)
.) I also have only a passing familiarity with Renko, so it may be common for all I know....