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ianrk,
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.
Bill
Can you help answer these questions from other members on NexusFi?
Bill
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.
Ian
The post you are referring to is from about 12 years ago and billr haven't posted on here in almost 4 years. Always a good idea to look at time stamps of posts. Perhaps he is still around, but just set your expectations.
Hi Greg,
Sorry I didn’t see your post until now. I’m still around but don’t check the site that often. As the previous post mentioned, my post regarding Timed Renko was quite a while back, but I would be happy to answer any questions the best I can.
