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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