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I'm using MultiCharts, and exploring using renko charts with an automated strategy. They have an intuitive appeal for me.
I stumbled across this strategy, which uses renko charts in combination with other indicators (like MACD and parabolic SARs) to time entries and exits. I banged out some code in EasyLanguage, and it has some promising results. Breakpoint Trades
However, one problem with MultiCharts is that although it supports renko charts, it only builds renko charts based on tick data. My goal is to trade on more of a swing-trading basis (i.e., holding securities for days or weeks, not minutes or hours). For something like that, using tick data is counterproductive -- I don't need that fine-grained of a resolution, and it's hard to get tick data going back more than a month for backtesting purposes.
Although I like MultiCharts quite a bit, I'm not wedded to it. Do any of the other major trading platforms (e.g., NinjaTrader, MetaTrader, eSignal, TradeStation, etc.) allow for true renko charts based on other time data, like minute or second data?
However, this has disadvantages, in that's just overlaying renko lines on an existing time-based chart, rather that constructing a true renko chart in a time-independent manner. I'd prefer to find a solution that allows for true renko charts, but without using tick data. Are there any suggestions? Many thanks in advance.
Can you help answer these questions from other members on NexusFi?
Sierra Chart has a new "Renko Chart Enhanced" study that builds bars on any underlying data period. Of course, you can lose a little accuracy, but for swing trading it is not an issue.
Ninjatrader does and there are programmers here that has made wicked renko/better renko chart templates to trade on as well. However, I have had problems with Ninjatrader and it frequent crashes.
