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Bar Type

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Bar Type

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  #1 (permalink)
Experience: Intermediate
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Just wondering if anyone knows what this bar type is and how I can get it? See attached

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  #2 (permalink)
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bodhiboo View Post
Just wondering if anyone knows what this bar type is and how I can get it? See attached

Looks like Unirenko or could be ninZaRenko

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  #3 (permalink)
 Fat Tails 
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bodhiboo View Post
Just wondering if anyone knows what this bar type is and how I can get it? See attached

Your chart shows a renko bar with a dynamic ratio for tick trend / tick reversal and wicks added. There are about 8 - 10 different implementations of such bars available
Some of them are free downloads, but those are typically flawed to some extent.

One of the best known free implementation for dynamic Renko bars is UniRenko. It is a free download, and there are at least two different versions:

(download section (NinjaTrader EcoSystem)

However, both versions are flawed:

- highs and lows are not always detected
- the cumulated volume is not correct, as gaps are filled with bars that have a fake volume
- the bars cannot be correctly synchronized in multi-bar series scripts because the time stamp is not taken from the last transaction
- the bars cannot be backtested (backtests are totally false when using market orders)

However, you may use them for discretionary trading, as they will well approximate price action. However, you should not use them for systems trading.

You will find other dynamic renko bars from different 3rd party vendors that do work correctly and can be backtested.

Attached are two charts created with two different bar types.

ES 09-20 (UniR T2R14) 2020_08_14 (15_43_06)

ES 09-20 (Lizard T2R14) 2020_08_14 (15_43_12)

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