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

  #51 (permalink)
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PeriodTypeInfo

I uploaded indicator to check which PeriodTypes are used
Downloads - The Elite Circle - Big Mike's Trading Forum


trendisyourfriend View Post
Hi @monpere

Thanks for sharing this bar type. I have a question regarding the NT PeriodType.Custom5 property. Is there an easy way to check if there is a potential of conflict before installing this bar type? Do we need to open every file in this folder: "...NinjaTrader 7\bin\Custom\Type"


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  #52 (permalink)
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Just checking out your new bar type monpere. Very nice.
I'd also say it's great of you to post the download of this for others, even
though you could have kept it to yourself.

Three charts are enclosed.

I've used a RangeNoGap and a UniRenko that have the same number of
bars, plus or minus a couple. I think that doing that gives a decent comparison.
Recent activity of the YM is shown, much more clearly with UniRenko I think.

A moving average of one is overlaid to show S/R and general trend, as is my custom.

It seems that if the Tick Trend and Tick Reversal are made equal to one another it is
much easier to see what's going on from a discretionary stand point. It appears this is
not generally done however.

Making the Open Offset to anything other than 1 doesn't seem useful to me.

Last chart shows UniRenko with Tick Reversal about twice the size as Tick Trend.
It seems to distort what's going on. That is, from an aesthetic standpoint. I realize you
have your own system with your own UniRenko parameters of course.

Attached Thumbnails
UniRenko, Universal Renko Bar Type-rangenogap.png   UniRenko, Universal Renko Bar Type-unirenko.png   UniRenko, Universal Renko Bar Type-unirenko-unbalanced.png  
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  #53 (permalink)
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Balanced UniRenko chart (Tick Trend and Tick Reversal are equal)
and Unbalanced UniRenko chart (Tick Trend and Tick Reversal are not equal).

('balanced' and 'unbalanced' are just made up at this point)

Basically one wants to compare the oval of a given color on the left,
with the oval of a similar color on the right.

Maybe this one short time frame of the YM isn't enough to go by, but it
does seem that S/R is more clearly shown more often with the Balanced
Renko chart.


- Stephen

Attached Thumbnails
UniRenko, Universal Renko Bar Type-balanced-unirenko-chart.png   UniRenko, Universal Renko Bar Type-unbalanced-unirenko.png  
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  #54 (permalink)
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stephenszpak View Post
Maybe this one short time frame of the YM isn't enough to go by, but it
does seem that S/R is more clearly shown more often with the Balanced
Renko chart.


- Stephen

In this case, what would you consider to be a Long Time Frame for UniRenko bar type.

Lolu

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  #55 (permalink)
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lolu View Post
In this case, what would you consider to be a Long Time Frame for UniRenko bar type.

Lolu

Hi Lolu

I should have phrased this more clearly. I was just wondering if this single example, of
just a single trading day, is enough to draw a solid conclusion. It seems that keeping
the Tick Trend and Tick Reversal equal is the way to go for generic visual discretionary trading.
But more checking on that might be best.

Those that have a well developed system with Tick Trend and Tick Reversal unequal should
obviously keep doing what they're doing, since it's working.

- Stephen

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  #56 (permalink)
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More accurate UniRenko backtesting results

Like many other NinjaTraders I am maddened by the often huge discrepancy between my backtest results and actual live result using NinjaTrader (due to the inter-dimensional, time warp, tick shift whatever that no one seems to be able to compensate for). At any rate, to work around this I am now programming my strategy’s using tick data along with GetCurrentBid()/GetCurrentAsk() so that I can get consistent results between backtesting and live. A problem I have using Renko bars is that in backtest my trade opens/closes on the specified renko bar open/close, while in live trading you can get significant differences due to the spread (Renko bar closes on the last Bid price but your live market order is placed at the Ask). I trade intra-day times with moderately high frequency and the difference between backtest and reality is large.

The question I have regarding your flexible UniRenko is this. Rather than your bars using the Close (last traded tick) would it be possible to re-program so that on each tick the bar could be built based upon the CurrentBid/CurrentAsk (user specifiable which to use for either an up bar or down bar). In this way the results I get when backtesting (provided I have historical Ask/Bid along with Last) should match precisely what I would have gotten when trading live.

I'm new to using Renko bars and so I might be way off base here, am I overlooking something inhererent with Renko? Does this idea have merit?

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  #57 (permalink)
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plethora View Post
Cool difference indeed. Thx.

Plethora, can you share the two indicators at the bottom of your charts?

thanks

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  #58 (permalink)
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mannya -- anaMACDBB and RSI3

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  #59 (permalink)
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Hi All

I was just playing around with UniRenko. I haven't found a way, as yet, to alter
the parameters of Open offset, Tick Trend and Tick Reversal to make price action
forecasting any easier. I'm keeping Open offset=1 TickTrend=4 and Tick Reversal=4
in the charts below.

I've got a total of 6 charts below. The charts that have the color coding of two colors
are just higher/lower closes. The charts that have the three colors, are bullish/neutral/bearish
closes, based on extremely short term moving averages. WMA=2 and SMA=2. The longer term
moving averages will, of course, add more delay. Which we try to avoid.
(This was done with PaintbarDoubleMA.Those moving averages are NOT displayed.)


It seems that using this basic color coding helps to see what's going on. Maybe I
just want it to be that way. So...anyone can comment on that. Especially those that want
to check out PaintbarDoubleMA or those that are already using it.

Post contains link to indicator (near the bottom):

https://futures.io/elite-circle/1261-want-your-ninjatrader-indicator-created-free-717.html#post286760

- Stephen

Attached Thumbnails
UniRenko, Universal Renko Bar Type-balanced-generic-unirenko.png   UniRenko, Universal Renko Bar Type-balanced-unirenko-color-coding.png   UniRenko, Universal Renko Bar Type-chart-3.png   UniRenko, Universal Renko Bar Type-chart-4.png   UniRenko, Universal Renko Bar Type-chart-5.png   UniRenko, Universal Renko Bar Type-chart-6.png  
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  #60 (permalink)
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@monpere,

I love your UniRenko Bars. I am just attending a NinjaTrader seminar by Robert Cherry of MicroTrends.UK.Co and they are using your UniRenko Bars for their demos. They are in the business of selling indicators.

I was surprised to see that they were offering your bar type to their customers through NinjaTrader Indicators & Strategies MicroTrends Store.

Cheers!

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