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I was just looking at the charts and thought it would be nice to manipulate how the bars are forming or come close enough. For example... a green bar has to hit at least 5ticks before reversing or provide a signal to an upcoming move. I want to start a discussion and have users share their thoughts and ideas on how they have achieved a similar design to this. What bar types one would use and how they would configure them or ideas of even creating such custom bars. Lets all win together! Is it even possible? Share links to different bar types, custom bars. Everyone's input and ideas are welcome. I'll start it off with sharing all the custom bars I have found so far for NT8.
I shared a screenshot of UniRenko settings of T1 R99 O1. These settings remind me of a vendor online who sells custom bars that look like this. I'm a believer that we can come together and make this possible! Share your ideas to encourage others.
As a newbie I wont be able to contribute much to the discussion, but I'd like to ask... what the heck is going on with those custom bars? Can you elaborate on their unique representation?
These bar types come standard in Sierra Charts but they call them Flex Renko. Flex renko, Unirenko, Medium renko are all pretty much the same. They smooth out indicators really well, you just need to find the right settings for the right market. There's a new type of renko available as an added plugin for Ninja trader called Optimal Renko which changes size on it's own to adapt to different market conditions but I've never used them.
Legendary / Stochastic Calculus is not your friend
Experience: None
Platform: Ninjatrader, Python API
Broker: CQG
Trading: S&P, Crude, Gold
Posts: 859 since Oct 2009
Thanks Given: 3,454
Thanks Received: 1,546
@Abusamjad91 have a look at Hekin Ashi type bars. I find them more tradeable than Renkos for day trading all things considered. Also Heikin Ashi can be used for backtesting, which you will run into problems with using Renkos unless you buy a 3rd party vendors ninja add on.
