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UniRenko, Universal Renko Bar Type


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UniRenko, Universal Renko Bar Type

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  #1 (permalink)
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In this thread, I am posting my Universal Renko bar type implementation. I have been using it exclusively in my trading for a while now, and have had many requests for it. I wanted a more flexible Renko bar that could be customized in a particular way to fit my trading style, so I decided to make a bar type that allows the user to configure it more liberally to better suit their particular needs.

Basically the UniRenko bar, allows the user to choose when the bar closes in the direction of the previous bar (Trend), and when it closes in the direction against the previous bar (Reversal). So, you may choose for a new bar to form when the price has moved 5 ticks up from the previous close, or 10 ticks down from the previous close.
This allows you to tailor the bar in ways that hopefully may enhance your particular trading style. For instance, I am a reversal trader, entering on reversal bars, and putting my stop behind the entry bar. So, I have tested and chosen trend and reversal settings that minimize the size of reversal bars, and therefore minimize my stop loss sizes, while still producing clean sharp indicator patterns my trading method is based on.

Like most of the other advanced Renko bar types, the UniRenko bar open is artificial, so I consider it aesthetic only, and I do not use it in the bar size calculation. The bar calculations are based on the previous bar close. I personally like to place the open half way up the previous bar as I like the way the bars look with that setting. The tails on the bar show real prices. The bar should be backtestable if stops/targets are placed outside of the bar.

Because all the parameters are user selectable, and no aspect of the bar is derived from an arithmetic calculation, there should be no restriction on any bar parameter having to be odd or even, etc. Internally uses NT PeriodType.Custom5

I have hesitated to post this bar type before, as it can be configured to mimic some commercially available Renko bar types. I purchased some of those commercial bars myself, but they did not fully meet my needs. The purpose of this implementation is to provide traders with more flexibility, that hopefully with some experimentation may ultimately enhance their trading like it did mine.

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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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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"

I don't know of any other way. You can go to that folder and use the following command to find all the files that contain the string 'custom5': find /I "custom5" *

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@monpere, I just noticed something that seems to differ from the definition of a renko brick. take a look at the blue circles in the picture. The wicks and sticks on those 3 examples are 2 ticks which by my understanding of a renko brick that a new brick should have been there instead of the wick or stick. Don't know if this is intended behavior or not but thought I'd mention it.



Thanks for sharing this with us all.

Mike

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MWinfrey View Post
@monpere, I just noticed something that seems to differ from the definition of a renko brick. take a look at the blue circles in the picture. The wicks and sticks on those 3 examples are 2 ticks which by my understanding of a renko brick that a new brick should have been there instead of the wick or stick. Don't know if this is intended behavior or not but thought I'd mention it.

...

Thanks for sharing this with us all.

Mike

I can't really count the ticks in the picture, but it looks like price moved 2 ticks from the previous close on these bars, failed to move one more tick to create a new bar, then turned around and breached the 4 ticks from the previous close in the opposite direction creating a new bar in the opposite direction, which is what is suppose to happen.

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monpere View Post
I can't really count the ticks in the picture, but it looks like price moved 2 ticks from the previous close on these bars, failed to move one more tick to create a new bar, then turned around and breached the 4 ticks range in the opposite direction creating a new bar in the opposite direction, which is what is suppose to happen.

Yes that's exactly correct that price went 2 ticks which by the definition I've been using causes a new bar to be printed. By my understanding of Renko, if using a 2 tick renko brick, price only has to go 2 ticks to paint a new bar, not 3.

I've used the following link as the definition of renko...
Renko Chart Definition | Investopedia

The phrase providing the actual definition is "A renko chart is constructed by placing a brick in the next column once the price surpasses the top or bottom of the previous brick by a predefined amount." I've always interpreted predefined amount to be the brick size. So, in our example, every price change of 2 ticks causes a new brick to be printed. Also, I've evaluated a number of variations of the renko brick and believe all that I've seen to comply with that. However, this could be one of those situation where I wake up and find out that I've been operating all this time under a false interpretation but I don't think so.

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@monpere,

Thanks a bunch for your great invention. My first trade this morning using UniR was good trade.

My question, if I may please, is whether it is possible to write a little indicator for projection of the next bar open (something similar to the one one range bars). I am not quite familiar with the construct of UniR bars.

Much appreciated for sharing.

Cheers!

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MWinfrey View Post
Yes that's exactly correct that price went 2 ticks which by the definition I've been using causes a new bar to be printed. By my understanding of Renko, if using a 2 tick renko brick, price only has to go 2 ticks to paint a new bar, not 3.

I've used the following link as the definition of renko...
Renko Chart Definition | Investopedia

The phrase providing the actual definition is "A renko chart is constructed by placing a brick in the next column once the price surpasses the top or bottom of the previous brick by a predefined amount." I've always interpreted predefined amount to be the brick size. So, in our example, every price change of 2 ticks causes a new brick to be printed. Also, I've evaluated a number of variations of the renko brick and believe all that I've seen to comply with that. However, this could be one of those situation where I wake up and find out that I've been operating all this time under a false interpretation but I don't think so.

Given that this is not a standard Renko bar, I am not using the strict Renko definition that you provide. The rules are different. Maybe I should have used a different name for the bar type.

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monpere View Post
Given that this is not a standard Renko bar, I am not using the strict Renko definition that you provide. The rules are different. Maybe I should have used a different name for the bar type.

Quite alright. Now that I have clarification I can adjust.

Thank you...you always do such great work.

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aligator View Post
@monpere,

Thanks a bunch for your great invention. My first trade this morning using UniR was good trade.

My question, if I may please, is whether it is possible to write a little indicator for projection of the next bar open (something similar to the one one range bars). I am not quite familiar with the construct of UniR bars.

Much appreciated for sharing.

Cheers!

I thought about including a function call to get these values, but I thought it was simpler to include them in the bar displayed name. If you call Bars.ToString() you can get the trend and Reversal tick amount from the 'T2R4O2' part of the string. 'T2' is Trend 2 Ticks, 'R4' is Reversal 4 Ticks, 'O2' is Open offset 2 ticks, all measured from the previous close.

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aligator View Post
@monpere,

Thanks a bunch for your great invention. My first trade this morning using UniR was good trade.

My question, if I may please, is whether it is possible to write a little indicator for projection of the next bar open (something similar to the one one range bars). I am not quite familiar with the construct of UniR bars.

Much appreciated for sharing.

Cheers!


IMO the "AligatorRenkoRangeTargetByThatManFromTexas"- Indicator works to show the projected close of the current bar. The next bar will open when price goes up/down 1 tick above/below these values.

Edit: I just noticed the "AligatorRenkoRangeTargetByThatManFromTexas" doesn´t show the correct values for all settings. I think I was lucky it worked with the settings (T2R6O2) I tried the last days. With (T2R4O2) it seems not to work. Perhaps a programmer can look into this.



@monpere
When you enter on reversal bars, do you enter 1 tick above/ below the reversal bar (stop market order)?
Or do you use Stop Limit Orders with an offset of -1, so when price ticks 1 tick above/below the reversal bar (new candle is printed) a limit order is entered with the value of the close of the reversal bar?
But in fast markets you won´t get a fill sometimes.

Thanks for sharing this indicator!

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MWinfrey View Post
Yes that's exactly correct that price went 2 ticks which by the definition I've been using causes a new bar to be printed. By my understanding of Renko, if using a 2 tick renko brick, price only has to go 2 ticks to paint a new bar, not 3.

I've used the following link as the definition of renko...
Renko Chart Definition | Investopedia

The phrase providing the actual definition is "A renko chart is constructed by placing a brick in the next column once the price surpasses the top or bottom of the previous brick by a predefined amount." I've always interpreted predefined amount to be the brick size. So, in our example, every price change of 2 ticks causes a new brick to be printed. Also, I've evaluated a number of variations of the renko brick and believe all that I've seen to comply with that. However, this could be one of those situation where I wake up and find out that I've been operating all this time under a false interpretation but I don't think so.

Depending what do you need it for but the way unirenko calculates new bar is my preferred way for automated strategies - it does a better job at denoising (it creates a new bar once the move in the direction is confirmed)

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If anyone still wants to have the behavior of creating new bar on "touch" as opposed to on "exceed" the change in the code should be quite straightforward. Just replace the following lines (54,55):

 
Code
                            
maxExceeded  bars.Instrument.MasterInstrument.Compare(closebarMax) > true false;

minExceeded  bars.Instrument.MasterInstrument.Compare(closebarMin) < true false

With:
 
Code
                            
maxExceeded  bars.Instrument.MasterInstrument.Compare(closebarMax) >= true false;

minExceeded  bars.Instrument.MasterInstrument.Compare(closebarMin) <= true false
Can't test it right now but that should be it.

BTW Thanks @monpere for the bar type - I used similar implementation of my own but I like yours even better

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Could you expose this property to the user so that it can be set in the user interface?
New bar on touch: True/False


gregid View Post
If anyone still wants to have the behavior of creating new bar on "touch" as opposed to on "exceed" the change in the code should be quite straightforward. Just replace the following lines (54,55):

 
Code
                            
maxExceeded  bars.Instrument.MasterInstrument.Compare(closebarMax) > true false;

minExceeded  bars.Instrument.MasterInstrument.Compare(closebarMin) < true false

With:
 
Code
                            
maxExceeded  bars.Instrument.MasterInstrument.Compare(closebarMax) >= true false;

minExceeded  bars.Instrument.MasterInstrument.Compare(closebarMin) <= true false
Can't test it right now but that should be it.

BTW Thanks @monpere for the bar type - I used similar implementation of my own but I like yours even better


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trendisyourfriend View Post
Could you expose this property to the user so that it can be set in the user interface?
New bar on touch: True/False

It could be done but I don't remember how many parameters are exposed by NinjaTrader for bar types.
UniRenko already uses: Value, Value2, BasePeriodValue so the complication may be there are no other fields that could store/expose this information

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trendisyourfriend View Post
Could you expose this property to the user so that it can be set in the user interface?
New bar on touch: True/False


gregid View Post
It could be done but I don't remember how many parameters are exposed by NinjaTrader for bar types.
UniRenko already uses: Value, Value2, BasePeriodValue so the complication may be there are no other fields that could store/expose this information

It can be done. I experimented and evaluated with this idea, and even as a scalper I concluded that it is of little value overall. I don't believe that on-touch, or exceeding the defined range by 1 tick should really make or break a trader's trading method. If it does, I would look at the merit of that trading approach itself. But if there's enough demand for this feature, I can include it.

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Woah! I sweated and stomped, and huffed and puffed my way to the top of the mountain, and I guess I should've planted my flag when I had the chance

Or waited a month or so to save the effort...

Thanks for posting this, @monpere, I'm psyched to download it and check out the code.

best,
RK

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is there some way I can get this ?
I am not an elite member and I exclusively use renko bars.
This looks very interesting.

thanks
shane

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shanemcdonald28 View Post
is there some way I can get this ?
I am not an elite member and I exclusively use renko bars.
This looks very interesting.

thanks
shane

I think you got 2 choices.

- become an elite member
- go to ninjatrader forum Links and Downloads Manager - NinjaTrader Support Forum

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i found it on ninjatrader.com
thanks so much !
it looks very promising for my automated strategies so far !

shane

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@monpere, Thank you again for sharing this bar type. I made a couple changes to it that fits my needs and like it very much. I find myself custom bar type development challenged. So, your work made it much easier for me to make those changes. As a result, I built another automated strategy that starts forward testing today and this one looks better in back testing than the one I am trading live. Thanks again.

Mike

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hi
unirenko very similar with momentumbartype from eman

* 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
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@monpere thanks for the Uni its a great bar type for me..... I tried back testing and the bars are very very small and they dont plot correctly(I deleted all other indi;s off in checking for problem),before I start market replay the bars plot correctly but as soon as I start, speed doesnt matter issue occurs, is this bar type able to be back tested? as soon as I switch back to live trading bars are normal again, I ve tried testing default 2/2/4 setting and others nothing helps@MWinfrey I saw where you said that you back tested, suggestions

Thx in Advance
R

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Rad4633 View Post
@monpere thanks for the Uni its a great bar type for me..... I tried back testing and the bars are very very small and they dont plot correctly(I deleted all other indi;s off in checking for problem),before I start market replay the bars plot correctly but as soon as I start, speed doesnt matter issue occurs, is this bar type able to be back tested? as soon as I switch back to live trading bars are normal again, I ve tried testing default 2/2/4 setting and others nothing helps@MWinfrey I saw where you said that you back tested, suggestions

Thx in Advance
R

yes I backtested but only with strategy analyzer. i don't use market replay.

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Here's a pretty cool thing you can do with the unirenko, linebreak charts based on renko. How cool is that? I wanted that ability when I was test driving BetterLineBreak.


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MWinfrey View Post
Here's a pretty cool thing you can do with the unirenko, linebreak charts based on renko. How cool is that? I wanted that ability when I was test driving BetterLineBreak.


Cool difference indeed. Thx.

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plethora View Post
Cool difference indeed. Thx.

yeah...ain't life great...

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MWinfrey View Post
Here's a pretty cool thing you can do with the unirenko, linebreak charts based on renko. How cool is that? I wanted that ability when I was test driving BetterLineBreak.


@MWinfrey,

Could you please suggest/classify settings for SCALPing, SWINGing, LONG-TERM or LARGE FRAME (equivalence of, say, Daily/Weekly chart setup) ?

Lolu

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lolu View Post
@MWinfrey,

Could you please suggest/classify settings for SCALPing, SWINGing, LONG-TERM or LARGE FRAME (equivalence of, say, Daily/Weekly chart setup) ?

Lolu

I think it's interesting that you would ask me that question especially considering all the experience you have. Regardless, the answer to your question is it depends on the market. Because the size of renko bricks are based on the vertical movement of price or range, different markets will present completely different when using the same settings across markets. If your issue is understanding how a renko brick is built, read this Renko Chart Definition | Investopedia. What that definition does not explain clearly is that the maximum range of a brick is (n * 3) -1, where n is the size of the body. So, if you are using a 4 tick renko brick, the maximum size that it can be is (4 * 3) - 1 = 11. Now in the case of the UniRenko it's a bit different. @monpere built them to comply with 4 * 3 = 12, which means the UniRenko requires 12 ticks in order to start a new bar.

So, now that I've assumed a few things as to why you're asking the question, I may be way off. But, I really can't give you a direct answer because of what I said. What I suggest is that you experiment with the settings for the markets you trade and come up with the ones that suit your desire. One thing to remember is that a renko brick is truncated at the session boundary. So, if you are trying to come up with some sort of daily brick or larger, you will have a bit of a problem doing this. In my opinion, renko bricks aren't suited to daily and larger unless you have an implementation of the renko that does not honor the session boundary.

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MWinfrey View Post
I think it's interesting that you would ask me that question especially considering all the experience you have. Regardless, the answer to your question is it depends on the market. Because the size of renko bricks are based on the vertical movement of price or range, different markets will present completely different when using the same settings across markets. If your issue is understanding how a renko brick is built, read this Renko Chart Definition | Investopedia. What that definition does not explain clearly is that the maximum range of a brick is (n * 3) -1, where n is the size of the body. So, if you are using a 4 tick renko brick, the maximum size that it can be is (4 * 3) - 1 = 11. Now in the case of the UniRenko it's a bit different. @monpere built them to comply with 4 * 3 = 12, which means the UniRenko requires 12 ticks in order to start a new bar.

So, now that I've assumed a few things as to why you're asking the question, I may be way off. But, I really can't give you a direct answer because of what I said. What I suggest is that you experiment with the settings for the markets you trade and come up with the ones that suit your desire. One thing to remember is that a renko brick is truncated at the session boundary. So, if you are trying to come up with some sort of daily brick or larger, you will have a bit of a problem doing this. In my opinion, renko bricks aren't suited to daily and larger unless you have an implementation of the renko that does not honor the session boundary.

@MWinfrey,

There are always new things to learn ... such as the "linebreak charts based on renko" idea in your post #25 and @plethora's screenshot in post #26 ... it just turns the UniRenko to something different. Thanks for the notes on Renko size derivation.

I'll surely experiment with some settings on the Euro (6E) instrument and see how they come up and behave.

Lolu

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MWinfrey View Post
yes I backtested but only with strategy analyzer. i don't use market replay.

Ok is there a easy way for me to get a strategy analyzer for testing, honestly I understand what it means but have never asked anyone how it works. Pm me if you want so it doesnt clutter thread..

Many thx
R

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Rad4633 View Post
Ok is there a easy way for me to get a strategy analyzer for testing, honestly I understand what it means but have never asked anyone how it works. Pm me if you want so it doesnt clutter thread..

Many thx
R

It comes with NT...go to the Control Center and click on File-->New-->Strategy Analyzer

the NT documentation covers the use of the strategy analyzer.

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aligator View Post
@monpere,

Thanks a bunch for your great invention. My first trade this morning using UniR was good trade.

My question, if I may please, is whether it is possible to write a little indicator for projection of the next bar open (something similar to the one one range bars). I am not quite familiar with the construct of UniR bars.

Much appreciated for sharing.

Cheers!

A number of people have asked for this, so I wrote an indicator to mark the projected bar closes:


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hi monpere
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
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Jonson View Post
hi monpere
your chart type unirenko incorrectly displays extremes
here the comparison betterrenko vs unirenko

@monpere already covered that...

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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....

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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.

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davidepalmer01 View Post
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.

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.

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monpere View Post
A number of people have asked for this, so I wrote an indicator to mark the projected bar closes:


When I run this indicator live, the bar does not close on these values, it only closes if prices goes 1 tick outside this range. Is this correct?

"insanity is doing the same thing over and over again and expecting different results." - Albert Einstein
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prisonbreaker82 View Post
When I run this indicator live, the bar does not close on these values, it only closes if prices goes 1 tick outside this range. Is this correct?

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.

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  #41 (permalink)
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Monpere,
thanks for the unirenko's! ... i was wondering is there a relatively easy way to take the UniRenkoBarCloses indicator and tweek it so it reads any bar type like Range bars Renko etc... i was trying to get it to work on a few of the different bar types like Rjays RangeNoGap bar but wasnt having much luck... thought this might be a good place to see if it has already been done.
thanks

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ValLiant View Post
Monpere,
thanks for the unirenko's! ... i was wondering is there a relatively easy way to take the UniRenkoBarCloses indicator and tweek it so it reads any bar type like Range bars Renko etc... i was trying to get it to work on a few of the different bar types like Rjays RangeNoGap bar but wasnt having much luck... thought this might be a good place to see if it has already been done.
thanks

This was written specifically for UniRenko bars. There are other indicators out there that work for range bars and perhaps other bar types. Here's one that I know about:

Range Bar Predictor

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Hi,

Can some one tell me how to access/open the script for UniRenko to review the code.

Thank you,
Sudhirc

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sudhirc View Post
Hi,

Can some one tell me how to access/open the script for UniRenko to review the code.

Thank you,
Sudhirc

Notepad or similar text editor. NT7 script editor will not open files outside the Indicator/Scripts folders.

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thanks
I am having great fun testing strategies.

Plethora,
I like those indicators you have on the chart images you posted.
What are they ?

thanks

shane

I am having great testing results live with uni set to 8/8/16 on crude oil
It shows reversals very well.
Working great on trendline reversal and also on a rising ADX strategy. Both automated.
It shows the ADX lines very cleanly and smooth; perfect for autotrading.
Just have to figure out the profit targets and stop losses.

thanks

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also
what slippage settings are best for backtesting ?
Live testing will show your slippage without the need for adding slippage settings, correct ?

thanks
shane

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shanemcdonald28 View Post
thanks
I am having great fun testing strategies.

Plethora,
I like those indicators you have on the chart images you posted.
What are they ?

thanks


I've been testing, too, Shane -- and no indicators are necessary.
Here are your settings!

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I just have to say I love this bar type, thanks so much....

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monpere View Post
A number of people have asked for this, so I wrote an indicator to mark the projected bar closes:


hi monpere,

would it be possible to add an option to select the colour and the font size of the letters?

or could you please tell me where to change the code for having the letters in white and a bit larger?

thanks in advance

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Hi monpere

Looks like you can only open the current futures contract using this bar type. I rolled over to CL 02-13. If I try to open a CL 01-03 chart, I get a blank chart. Is this a fixable problem?

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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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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.

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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

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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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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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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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mannya -- anaMACDBB and RSI3

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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):



- Stephen

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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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This bar type is absolutely phenomenal and deserves an award from the forum. Thank You!

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  #62 (permalink)
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I agree that the UniRenko Bar is fantastic. We have started using it to scalp with the settings of 1/1/4 instead of the std settings with great results. Very clear reversals, trend change and clarity. I think that it deserves a BM Award as well. Thx for sharing it with us.
David Palmer

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davidepalmer01 View Post
I agree that the UniRenko Bar is fantastic. We have started using it to scalp with the settings of 1/1/4 instead of the std settings with great results. Very clear reversals, trend change and clarity. I think that it deserves a BM Award as well. Thx for sharing it with us.
David Palmer

@davidepalmer01

Just started looking at this bar type. Curious about what market(s) your scalping with those settings and if your using indicators or just price action.


Thank you,

Rick

"If you're going to panic during a trade............. panic early."
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davidepalmer01 View Post
I agree that the UniRenko Bar is fantastic. We have started using it to scalp with the settings of 1/1/4 instead of the std settings with great results. Very clear reversals, trend change and clarity. I think that it deserves a BM Award as well. Thx for sharing it with us.
David Palmer

hi
I also find that ratio works very well on unirenko
I am using 4/4/8 and 4/4/16 with great success on swing trades. Momentum oscillators like MACD work well on that setting for oil.
For gold, 2/2/8 is nice too.

I agree about the 1/1/4 ratio for clarity.

shane

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monpere View Post
A number of people have asked for this, so I wrote an indicator to mark the projected bar closes:


@monpere,

Would it be possible to add an audio alert to this indy ? When ever a new bar forms it would Ping ?

You bar type has really made a difference in my bottom line . . . thx for your contribution . . .

rickr
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Ive imported the indicator but cant seem to find it. Any ideas?

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rickr View Post
@monpere,

Would it be possible to add an audio alert to this indy ? When ever a new bar forms it would Ping ?

You bar type has really made a difference in my bottom line . . . thx for your contribution . . .

may this is what youre looking for

Attached Files
Register to download File Type: cs NewBarAlert.cs (5.6 KB, 182 views)
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kman View Post
Ive imported the indicator but cant seem to find it. Any ideas?

It is a bar type, it won't show up on indicator list but rather the dataseries type. You might need to exit and restart Ninja.

Mike

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Thanks Mike. I thought of that and its not there either, Going to try and import again

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shanemcdonald28 View Post
hi
I also find that ratio works very well on unirenko
I am using 4/4/8 and 4/4/16 with great success on swing trades. Momentum oscillators like MACD work well on that setting for oil.
For gold, 2/2/8 is nice too.

I agree about the 1/1/4 ratio for clarity.

shane

am I correct in saying the open of the next bar isn't the real open?

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tellytub View Post
am I correct in saying the open of the next bar isn't the real open?

yes that is correct

shane

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  #72 (permalink)
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Why don't you guys describe how you're using this bar in trading...

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  #73 (permalink)
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This is something I've noticed. Have no idea if it is viable or not but seems to have potential. It is by no means a mechanical system. Need to make an assessment of the market to determine if it's moving well. Otherwise, as with most rule sets, consolidation areas can cause real issues.

You can see the market and UniRenko definition at the top of the chart.


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I think my description was little more complicated that it needed to be.

For a LONG: The price proxy must form a SWING LOW, to start the trend. A higher SWING LOW with entry on CYAN. Exit is on NAVY.

For a SHORT: The price proxy must form a SWING HIGH, to start the trend. A lower SWING HIGH with entry on NAVY. Exit is on CYAN.

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MWinfrey View Post
This is something I've noticed. Have no idea if it is viable or not but seems to have potential. It is by no means a mechanical system. Need to make an assessment of the market to determine if it's moving well. Otherwise, as with most rule sets, consolidation areas can cause real issues.

You can see the market and UniRenko definition at the top of the chart.


@MWinfrey

Hello Mike. Hope all is well with you. I was wondering if you would post the moving average your using with the UniRenko bars. I've just starting looking at these UniRenko bars and I like what your doing here.

Thank you,

Rick

"If you're going to panic during a trade............. panic early."
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@MWinfrey

Hello Mike. Hope all is well with you. I was wondering if you would post the moving average your using with the UniRenko bars. I've just starting looking at these UniRenko bars and I like what your doing here.

Thank you,

Rick

Added it to the original post.

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MWinfrey View Post
Added it to the original post.

Thank you Mike. I appreciate you sharing this with us.

Rick

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@MWinfrey

One more question Mike. Is you chart background color 123,154,123?

Thank you,

Rick

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trs3042 View Post
@MWinfrey

One more question Mike. Is you chart background color 123,154,123?

Thank you,

Rick

yes

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MWinfrey View Post
This is something I've noticed. Have no idea if it is viable or not but seems to have potential. It is by no means a mechanical system. Need to make an assessment of the market to determine if it's moving well. Otherwise, as with most rule sets, consolidation areas can cause real issues.

You can see the market and UniRenko definition at the top of the chart.


@MWinfrey, a reminder this thread is not Elite, your attachment says "futures.io (formerly BMT) Elite" so wasn't sure if you realized this.

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Big Mike View Post
@MWinfrey, a reminder this thread is not Elite, your attachment says "futures.io (formerly BMT) Elite" so wasn't sure if you realized this.

Mike

No I did not...never even occurred to me to check. Big Duh...I'll rename it in the morning and repost...

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I renamed the SMA indicator that I posted yesterday. No change in content, just a rename.


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Fixed a bug in the indicator...


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monpere View Post
In this thread, I am posting my Universal Renko bar type implementation.

Like most of the other advanced Renko bar types, the UniRenko bar open is artificial, so I consider it aesthetic only, and I do not use it in the bar size calculation. The bar calculations are based on the previous bar close. The tails on the bar show real prices.


Just checking out this bar type a little more. I think everyone here already realizes how it works.
It seems that having the Open Offset set at 1 gives the most accurate chart.

- Stephen

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  #85 (permalink)
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Is it possible to program for Tradestation -->>

Programmed UniRenko bars into easy language?

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@monpere Really like you bar type and I am trying to use it an indicator that is multi timframe indicator. Can this bar type be used in a BarsArray style. I am running into an issue added it to the MTF indicator and am seeking some help

That bar type is Custom6 in my configuration

I have tried some of the following combinations

Add(PeriodType.Custom6, 4,2,12 );
or
Add(PeriodType.Custom6, T2R12O4 );

Thanks in advance.

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revtrader View Post
@monpere Really like you bar type and I am trying to use it an indicator that is multi timframe indicator. Can this bar type be used in a BarsArray style. I am running into an issue added it to the MTF indicator and am seeking some help

That bar type is Custom6 in my configuration

I have tried some of the following combinations

Add(PeriodType.Custom6, 4,2,12 );
or
Add(PeriodType.Custom6, T2R12O4 );

Thanks in advance.

Because the NT Add() method accepts one integer argument for the bar period, the additional user parameters necessary to customize the bar cannot be specified. Currently you can specify the Trend parameter as the 2nd argument in the Add() method, but the Reversal and Open parameters will be defaulted.

If/When I get some time this week, I will add some code to allow specifying all the bar parameters in one argument, so that the bar data can be fully specified in the Add() method.

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There is a post in NinjaTrader forum to add custom bar type to MTF indicator/strategy

Select/Add renko/custom time frame to strategy - NinjaTrader Support Forum


revtrader View Post
@monpere Really like you bar type and I am trying to use it an indicator that is multi timframe indicator. Can this bar type be used in a BarsArray style. I am running into an issue added it to the MTF indicator and am seeking some help

That bar type is Custom6 in my configuration

I have tried some of the following combinations

Add(PeriodType.Custom6, 4,2,12 );
or
Add(PeriodType.Custom6, T2R12O4 );

Thanks in advance.


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revtrader View Post
@monpere Really like you bar type and I am trying to use it an indicator that is multi timframe indicator. Can this bar type be used in a BarsArray style. I am running into an issue added it to the MTF indicator and am seeking some help

That bar type is Custom6 in my configuration

I have tried some of the following combinations

Add(PeriodType.Custom6, 4,2,12 );
or
Add(PeriodType.Custom6, T2R12O4 );

Thanks in advance.



monpere View Post
Because the NT Add() method accepts one integer argument for the bar period, the additional user parameters necessary to customize the bar cannot be specified. Currently you can specify the Trend parameter as the 2nd argument in the Add() method, but the Reversal and Open parameters will be defaulted.

If/When I get some time this week, I will add some code to allow specifying all the bar parameters in one argument, so that the bar data can be fully specified in the Add() method.


To support Muti TimeFrame indicators/strategies using the Add() method, added an alternative way to specify all bar specs in the 'Tick Trend' parameter. You can now alternatively specify each parameter as 3 digits in the Data Series window 'Tick Trend' parameter or Add() method 'Period' parameter. For example to specify TickTrend=4 , TickReversal=8, OpenOffset=2 or (T4R8O2) then specify: 'Tick Trend'=004008002 in Data Series window, or Add(PeriodType.custom5, 004008002);' in your MTF code. The normal way of specifying the parameters will still work as well.


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  #90 (permalink)
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I saw eailier an indicator that would allow you to be notified when the unirenko goes from red to green or green to red and can not find it now thanks alot for your help I like the way your unirenko bars look so far thanks alot

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My first post is here on this thread. Am liking what I see - thanks to all all contributors. Now the painful part - how to I install the unirenko, I've imported it as a ninja script but don't see it anywhere when right clicking on a chart. I am a complete noobie with NinjaT so sorry to clutter the thread - but can someone point me in the right direction.

many thanks,

Steve

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right click on chart
hit data series
check under "type" and you should see it there

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stevejm View Post
My first post is here on this thread. Am liking what I see - thanks to all all contributors. Now the painful part - how to I install the unirenko, I've imported it as a ninja script but don't see it anywhere when right clicking on a chart. I am a complete noobie with NinjaT so sorry to clutter the thread - but can someone point me in the right direction.

many thanks,

Steve

Seem to recall reading somewhere that Ninja requires a restart after loading a new data series type before it shows up, but don't quote me as I don't use any so have no proof.

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ecuador, quito
 
 
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Ratfink and DJoyce - many thanks - yep now I have it. I need to run myself through some ninjatrader tutorials.

Anybody else have a methodology/market they have used successfully?

Steve

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stevejm View Post
Ratfink and DJoyce - many thanks - yep now I have it. I need to run myself through some ninjatrader tutorials.

Anybody else have a methodology/market they have used successfully?

Steve

hi
crude oil unirenko set to 6/18/6 and macd set to 10/22 and smoothing set to 5 or 7.
use croosover for entry and discretionary exit, or use crossover for exit.

this can be automated easily in Ninja Trader and works well

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Platform: Ninja Trader
Trading: CL GC FDAX
 
Posts: 120 since Jul 2012
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shanemcdonald28 View Post
hi
crude oil unirenko set to 6/18/6 and macd set to 10/22 and smoothing set to 5 or 7.
use croosover for entry and discretionary exit, or use crossover for exit.

this can be automated easily in Ninja Trader and works well

Hi,

could you clarify which setting is which as the the uni renko does not list these settings in the same order when you go from the data series to the tab on the top left of the chart.

This is a great bar to take out the noise and it would be fab if members posted their preferred settings (along with their favorite associated indicators and settings) here for us all to try out.

Thanks for your post Shane.

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  #97 (permalink)
Lubbock TX
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Stage 5 Trading
Trading: CL
 
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shanemcdonald28 View Post
hi
crude oil unirenko set to 6/18/6 and macd set to 10/22 and smoothing set to 5 or 7.
use croosover for entry and discretionary exit, or use crossover for exit.

this can be automated easily in Ninja Trader and works well

Those settings are pretty interesting. They show consolidation pretty well.

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  #98 (permalink)
new york
 
 
Posts: 355 since Mar 2012
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hi
sorry about that

open offset 6
tick trend 6
tick reversal 18, or 24


open 8
tick trend 8
tick reversal 24

open 12
tick trend 12
tick reversal 24

the adx becomes clear and smooth with these settings also. The adxvma works great also.

the 6 and 8 are too fast for gold
the 12 works if you want to swing trade instead at a slower pace.

shane

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MWinfrey View Post
Those settings are pretty interesting. They show consolidation pretty well.

yes they show consolidation quite well. Consequently, breakouts show very well also.

shane

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  #100 (permalink)
Ireland
 
Experience: Intermediate
Platform: Ninja Trader
Trading: CL GC FDAX
 
Posts: 120 since Jul 2012
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Shane try these for fit.

T 4
R 28
O 14

I have found these to work very well without anything else. For instance these setting have totally eliminated the CL chop over the last couple of hours. How bad..?!

the combinations are endless so it would be great if people would gel a bit more and start posting their better settings and details.


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futures io Trading Community Platforms and Indicators NinjaTrader > UniRenko, Universal Renko Bar Type


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