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Ability to replicate MT4 Renko with NT7
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Ability to replicate MT4 Renko with NT7

  #1 (permalink)
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Ability to replicate MT4 Renko with NT7

Hello, I have built out a trading strategy in Meta Trader 4 however with its limitations for back-testing, I am attempting to replicate that strategy onto NT7.

The problem that I have come across is being able replicate the Renko chart function on MT4 onto NT7 using their Renko, UniRenko or Better Renko.

MT4 is easy and makes sense, the period is set for 10 pips, when it reaches 10 in either direction, it creates a new block with tails indicating ranges that didn't break 10. This allows me to see a very smoothed out chart that captures price action clearly and when tied with a Henkin Ashi, it becomes very clear.

NT7's built in Renko functions properly and similar to MT4 however they don't indicate tails. The UniRenko custom type does not make any sense to me as the blocks range in size and dont appear to be uniform. The BetterRenko type allows for a brick size however when charted, it appears to not keep a unified size and is inconsistent with overlapping blocks.

The syle I am trying to replicate is http://oasistrader.com/renko_example.jpg as shown on MT4.

So my question is how can I replicate that Renko chart type to NT7?

Thank you!

Phil

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Rjay may have renko bars that may work for you.

https://futures.io/vendors-product-reviews/12224-innovative-trading-solutions-online-com-review.html#post136172

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Thank you, Cloudy, I do like that type of bar, but it still feels a little off.

I do however notice that the example between RJays Renko and Better Renko as shown in this image https://futures.io/attachments/43534d1310849982 is that Better Renko shows EXACTLY what I am looking for. The problem is that mine looks nothing like that and I cannot figure out why.

http://oi44.tinypic.com/2euiy4y.jpg - That is what my Better Renko chart looks like, which is a total mess! Any idea as to what I'm doing wrong? As far as I am concerned, the only real setting that you can change on the Better Renko is brick size.

Thanks,

Phil


Last edited by CaptainFill; May 27th, 2013 at 09:18 PM.
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CaptainFill View Post
Thank you, Cloudy, I do like that type of bar, but it still feels a little off.

I do however notice that the example between RJays Renko and Better Renko as shown in this image https://futures.io/attachments/43534d1310849982 is that Better Renko shows EXACTLY what I am looking for. The problem is that mine looks nothing like that and I cannot figure out why.

http://oi44.tinypic.com/2euiy4y.jpg - That is what my Better Renko chart looks like, which is a total mess! Any idea as to what I'm doing wrong? As far as I am concerned, the only real setting that you can change on the Better Renko is brick size.

Thanks,

Phil

you also need better brick, bar style, to make bar bodies look uniform
https://futures.io/elite-circle/12813-blueline-delight-intraday-trading-strategy-guide-28.html#post146959
https://futures.io/local_links_search.php?action=show&userid=2630&sort=d


Last edited by cory; May 27th, 2013 at 11:47 PM.
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Thank you Cory, this indeed helped make the chart a lot more uniform.

There are still several anomalies within the chart, mainly it seems to happen when there is a break in the day. The chart will then create "mini blocks" which skew things slightly it seems.

The NT7 10 pip block chart is still VERY different given the same data feed to assemble the same 10 pip renkos on MT4. Not sure where the differences lie, but it is getting closer.

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