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Time Based Renko Bars for ninja 7?
Started:February 11th, 2011 (11:21 AM) by ianrk Views / Replies:5,240 / 12
Last Reply:November 17th, 2011 (11:53 PM) Attachments:0

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Time Based Renko Bars for ninja 7?

Old July 15th, 2011, 06:07 PM   #11 (permalink)
Elite Member
San Antonio, Texas USA
Futures Experience: Intermediate
Platform: NinjaTrader, Tradestation
Favorite Futures: Futures
Posts: 44 since Aug 2010
Thanks: 35 given, 33 received

You are very welcome. I do use the logikRenko vs. NT's renko, expecially if I am backtesting. It provides two advantages, the wicks prevent the strategy analyzer from deleting the price moves in between forming a new brick, and the matching of the close/open so the strategy will record an entry at the correct point at reversal bar conditions. There are some other more esoteric advantages of the logikrenko that I wont go into here. From what little I know about the specifics of Better Renko, Better may solve the two main problems I described above...not sure.

Regarding any advantage, they fact that they work correctly as opposed to NT's renko is certainly the elimination of a disadvantage. Any advantage would be the inherent use of Renko price movement. The break of a time chart is arbitrary, the same can be said for tick charts but to a lesser degree. As far as my trading goes, I do look at range charts occasionally, but my longer term trading is all Renko. My day trading/scalping is mostly tick charts and 5/15min. charts. I try to keep the number of charts I am using to trade to a minimum as well.

I have had Anthony over at purelogik (vs. logitek?) do some custom programming for me, but have only used his logikRenko as far as his off-the-self products. I have thought about looking into a couple of his others but havent' done so yet. I have found him to be a good resource for custom programming.

I trade based on price and have tried to keep my charts very clean, so like you I use almost no indicators. One thing I find very helpful with renko is how the pure price movement provides pretty clear indicators if you are using them. For instance, I would use moving averages much more with a renko than I would with a tick or time chart. They tend to assist me in seeing what is already on the chart, but helpful. If I were to generalize how I use renko, I would say that they tend to perform well when trading medium to longer term price swings. Since there is a marginal trade-off in accuracy by reducing noise levels, anything less than a 10 tick (or pip) accuracy in entries is a potential problem with renko. If your trading is not reliant on spot-on entries, trade and risk management is not as problematic as entry signals, and can perform with little disadvantage to other charts. So other than scalping, I would suggest renko is a good tool to keep at hand.

I would be happy to expand or comment on any specifics you might have in mind.

Hope I answered your question.


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Old July 19th, 2011, 06:34 PM   #12 (permalink)
Elite Member
birmingham, staffordshire, uk
Futures Experience: Intermediate
Platform: ninjatrader
Broker/Data: fxcm
Favorite Futures: forex
Posts: 4 since Feb 2010
Thanks: 2 given, 0 received

Time based Renko / logitek

Thanks again. I agree with you about bar size, if its too small its easy to get chopped around and you can miss the big picture. I tend to trade a bit discretionary so not really been into backtesting on ninja, especially when I've not learnt the language. I use 15 pip better renko for basic S/R levels and 5 pip for entries. On 5pip better renko you get anything from a 10 to 15 pip reversal bar for some reason. From what I can see I think better renko bars solve some of the basic renko issues but do not appear to be as technically adept as logik renko bars. I was wondering if the adaptive brick size was helpful, and what the different brick colours meant.I also agree MA's most likely perform better with priced based bars, although I don't use them when I'm scapling.
Whilst I like ninja trader it is problematic finding a good ecn broker with low forex spreads, this is area where MT4 has an advantage, but no proper range or renko on MT4 as far as I can see. Perhaps e-mini futures are a good option.

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