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How to alert of a wick Unirenko bar?


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How to alert of a wick Unirenko bar?

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  #1 (permalink)
Tel-Aviv Israel
 
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Any idea how to add an audio alert to unirenk0 bars with wicks?

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DoubleUCapital View Post
Any idea how to add an audio alert to unirenk0 bars with wicks?

For what platform?

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Tel-Aviv Israel
 
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Forgot to say in original post, sorry.
NT7

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DoubleUCapital View Post
Forgot to say in original post, sorry.
NT7

OK, I've moved this thread from the "Platforms and Indicators," sub-forum, a pretty general topic, to the "NinjaTrader" sub-forum.

It may get more attention there from NT traders.

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Tel-Aviv Israel
 
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thx, yes it should be here.
Hope some1 can find a way to solve it.

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Market Wizard
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DoubleUCapital View Post
Any idea how to add an audio alert to unirenk0 bars with wicks?

You did not even mention what type of alert you are looking for.
Any alerts can be coded via an indicator which is added to the chart.

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Tel-Aviv Israel
 
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@FatTails

Thx for your reply,
I did say Audio alert in my first post. (after a bar closed with a wick)

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Market Wizard
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DoubleUCapital View Post
@FatTails

Thx for your reply,
I did say Audio alert in my first post. (after a bar closed with a wick)

There are two typs of bars with a wick

- reversal bars (all reversal bars have wicks)
- continuation bars, for which price moved against the trend for an amount higher than the bar overlap

If you want to get alerted to the bar types, you would need to create a specific indicator which is added to the chart and which triggers the alerts.

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Tel-Aviv Israel
 
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I am looking for the audio alert for the reversal bars. (I guess it will be bars with a wick above first red bar in a trend up and wick that is below the fist green bar on a trend down)
Any help how to create it appreciated.

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Market Wizard
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DoubleUCapital View Post
I am looking for the audio alert for the reversal bars. (I guess it will be bars with a wick above first red bar in a trend up and wick that is below the fist green bar on a trend down)
Any help how to create it appreciated.

For a reversal up, look for an upclose bar preceded by a downclose bar. For a reversal down, look for a downclose bar preceded by an upclose bar.
This can be coded as an indicator. The chart attached shows the reversal signals that can be linked to sound alerts.

However, I do not have this available for UniRenko bars. Although UniRenko bars are more versatile than standard renko bars, they have some unwanted properties:
Backtesting strategies with UniRenko bars leads to false results, because they show fake open prices which do not represent real prices. HAlf of all bar highs and lows are fake. Also the bar close may print at a price where no transaction took place. In fact, gaps are bridged with artificial bars that carry fake volume - just to avoid zero volume. The bar volume never represents the real volume. If you add up the UniRenko volume over a day you won't get daily volume but more, as some of the volume is being double counted. Furthermore the UniRenko bars do not identify the correct reversal high or reversal low in case that only a single transaction printed at the high or low. Furthermore, the bars cannot be properly synchronized as they do not show the correct timestamps. Also they cannot be used for calculating all indicators. As an example, think of the ATR: As high and low prices are false, range, true range and average true range are also false, In fact they are artificially gonflated.

There are a lots of reasons to avoid UniRenko bars. However, you may still use them for discretionary trading, if you do not apply indicators that use other input series than the closes, if you do not apply volume indicators on fast UniRenko charts, if you do not use the bars with multi bar series scripts, and if you do not mind occasional false swing highs and lows.

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Market Wizard
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Forgot to add the chart to the previous post. Here it comes:

ES 03-21 (Modified Renko T3R18) 2021_02_22 (22_46_10)

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