UniRenko, Universal Renko Bar Type - futures io
futures io futures trading



UniRenko, Universal Renko Bar Type


Discussion in NinjaTrader

Updated by WoodyFox
      Top Posters
    1. looks_one MWinfrey with 27 posts (118 thanks)
    2. looks_two Tasker_182 with 27 posts (81 thanks)
    3. looks_3 jmcg618 with 21 posts (2 thanks)
    4. looks_4 Big Mike with 20 posts (54 thanks)
      Best Posters
    1. looks_one monpere with 31.9 thanks per post
    2. looks_two dstrader with 7.8 thanks per post
    3. looks_3 MWinfrey with 4.4 thanks per post
    4. looks_4 Tasker_182 with 3.0 thanks per post
    1. trending_up 293,418 views
    2. thumb_up 1,659 thanks given
    3. group 228 followers
    1. forum 694 replies
    2. attach_file 122 attachments




Welcome to futures io: the largest futures trading community on the planet, with well over 100,000 members
  • Genuine reviews from real traders, not fake reviews from stealth vendors
  • Quality education from leading professional traders
  • We are a friendly, helpful, and positive community
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts
  • We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

(If you already have an account, login at the top of the page)

 
Thread Tools Search this Thread
 

UniRenko, Universal Renko Bar Type

  #1 (permalink)
Bala, PA, USA
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Mirus, IB
Trading: SPY, Oil, Euro
 
monpere's Avatar
 
Posts: 1,858 since Jul 2010
Thanks: 300 given, 3,327 received

UniRenko, Universal Renko Bar Type

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.

futures.io (formerly BMT) Download link:


Reply With Quote
The following 243 users say Thank You to monpere for this post:
1973Hog, 2010, Abde, abourgeois, Affliction, Ahrt, aiti, ajrj, alberto, aligator, amoeba, Anatta, AnoTrader, arbuthnot, Arno66, artmaan, Azrael, Barrosco, bd92154, Beljevina, beske, biegea, Big Mike, billystl, bkool, Blash, bmfan, bmmartin, BobbyJ, bobbywu, bobc635, bongbong, Boomerang, Bosch777, boxi, bppayne, buddy858, buttermilk1939, candy, casey44, cazimi, cbratton, cejstrup, CFuture, Cloudy, Cmaker3, coolfutures, Corman, cory, cunparis, dalebru, danielk, dbarno, deandavis, dee50, devdas, djkiwi, DJTrader, Don Laing, doug, DRock306, dstrader, dwntik5454, dwt51, edepa, eensor, enhancer, ewstox, fasttraxs, Fat Tails, Felix trader, ffxbettor, fibtrader1618, first quant, Flyboy1966, franjah64, fraquo, freedomtrader, Future4, futuretrader, GAP180, gdstuart, gemini42, Gizmosis350k, gomi, gourinair, gregid, GSREDDY, Haim1, Hans B, harry737, Hayles76, Hermo, HighDesertTrader, holythree, jagui, janfilimon, Janne, jceg1110, JDNeeman, jethro, jlwade123, jmeyer10, jmont1, JohnKK, Jonson, Joules360, jta3, jtrade, Juanes, JustinIsHere, jwdixon, jwhtrades, KeithL, KennyK, kingfish88, kingjelly, lax99, learning0101, lemons, lolu, lordia, madLyfe, mailonline38, MarkG, Marthika, master trader, matthoffman, maxr, mebv, meganer, michaelf, mikky182, Mirandus, MissyM, mongoose, MoparCar, mrfxtrade, MrTrader, MrYou, MWinfrey, mxphytlx, Nalu, NeilVee, NGtrader, nillz123, NJAMC, olobay, pacopil, panama, panjm, perryg, philipp, pip29, pipandrun, Pipnatized, plethora, Pocketful, popswatter, profits, RabC, Rachel, Rad4633, rainbowchaser, Raj1, rapid58, resist, rickr, rimartin, rmejia, ronner, rpm123, Ruffcut, sairamss, sammysam, samsin89143, sandptrader, sands, SatchFan, Scalpingtrader, SeaView, seeker, serano, Serger, sgtpark, ShatteredX, Silvester17, skann, Skidboot, sleepy, Srq1, stealth38, stephenkelley, stephenszpak, Steve, steve2222, stoicbuddha, sudhirc, superpete, Taggart, Tasker_182, tbird, tehuff, tellytub, TempletonPeck, texastodd, TheGaryGuy, tinear10, tonimarfil, Trade58, trade65, trader15, traderbaker, tradergary, TraderJ, tradersp, TradingVictor, trendisyourfriend, TropicalRecon, trs3042, trvlntrdr, twism0, twosigma, urghan2, urocktwo, uzzo, ValLiant, VictorBravo, VictorK, wahn, Warren, Wil70, WillC, williamkao, wireford, Wolfgang, WyMak, Xav1029, xtrader111, ycomp, zeller4, zmaj, zmm20

Can you help answer these questions
from other members on futures io?
Convert NinjaTrader NT7 indicator to Tradestation EasyLanguage and RADARSCREEN
Platforms and Indicators
Issue meeting order entry conditions
Elite Automated NinjaTrader Trading
Last 5 minutes Label
ThinkOrSwim
Moving average with Lag reduction
NinjaTrader
Linux?
ThinkOrSwim
 
 
  #2 (permalink)
Quebec
 
Experience: Intermediate
Platform: NinjaTrader wt Rancho Dinero's profiling tools
Broker: AMP/CQG
Trading: ES, NQ, YM
 
trendisyourfriend's Avatar
 
Posts: 3,877 since Oct 2009
Thanks: 3,496 given, 4,948 received

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"

Reply With Quote
The following user says Thank You to trendisyourfriend for this post:
 
  #3 (permalink)
Bala, PA, USA
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Mirus, IB
Trading: SPY, Oil, Euro
 
monpere's Avatar
 
Posts: 1,858 since Jul 2010
Thanks: 300 given, 3,327 received



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" *


Last edited by monpere; November 20th, 2012 at 04:51 PM.
Reply With Quote
The following 3 users say Thank You to monpere for this post:
 
  #4 (permalink)
Lubbock TX
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Stage 5 Trading
Trading: CL
 
MWinfrey's Avatar
 
Posts: 1,880 since Jul 2009
Thanks: 1,450 given, 3,324 received

@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

Reply With Quote
The following 3 users say Thank You to MWinfrey for this post:
 
  #5 (permalink)
Bala, PA, USA
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Mirus, IB
Trading: SPY, Oil, Euro
 
monpere's Avatar
 
Posts: 1,858 since Jul 2010
Thanks: 300 given, 3,327 received


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.


Last edited by monpere; November 21st, 2012 at 09:29 AM.
Reply With Quote
The following 11 users say Thank You to monpere for this post:
 
  #6 (permalink)
Lubbock TX
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Stage 5 Trading
Trading: CL
 
MWinfrey's Avatar
 
Posts: 1,880 since Jul 2009
Thanks: 1,450 given, 3,324 received


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.

Reply With Quote
The following 3 users say Thank You to MWinfrey for this post:
 
  #7 (permalink)
Las Vegas, NV
 
Experience: Advanced
Platform: Abacus, Slide Rule, HP-65, Metastock, TOS, NT
Trading: Futures
 
aligator's Avatar
 
Posts: 3,423 since Aug 2010
Thanks: 1,057 given, 5,836 received

@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!

Visit my futures io Trade Journal Reply With Quote
The following 3 users say Thank You to aligator for this post:
 
  #8 (permalink)
Bala, PA, USA
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Mirus, IB
Trading: SPY, Oil, Euro
 
monpere's Avatar
 
Posts: 1,858 since Jul 2010
Thanks: 300 given, 3,327 received


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.

Reply With Quote
The following 7 users say Thank You to monpere for this post:
 
  #9 (permalink)
Lubbock TX
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Stage 5 Trading
Trading: CL
 
MWinfrey's Avatar
 
Posts: 1,880 since Jul 2009
Thanks: 1,450 given, 3,324 received


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.

Reply With Quote
The following 3 users say Thank You to MWinfrey for this post:
 
  #10 (permalink)
Bala, PA, USA
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Mirus, IB
Trading: SPY, Oil, Euro
 
monpere's Avatar
 
Posts: 1,858 since Jul 2010
Thanks: 300 given, 3,327 received



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.

Reply With Quote



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




Upcoming Webinars and Events
 

Free BloodHound Licenses to everyone!

June
 

Every journal equals ten meals for the hungry

June
     



Copyright © 2020 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts