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Oooooh. Guess, I blew that one - those comments should have been directed to BM. Anyway, they are still valid.
I code in EL; my partner uses NT. We'll give it a crack in the next month or so but likely with some enhancements. The underlying issue with RENKO or 3LBC are the continuation bars and the headfakes - see attachment. Dynamic stop loss not the hard stops are also important, if not the most important task.
Perhaps we can form a think tank to see, how best to take advantage of the RENKO and 3LBC with the objective of developing a strategy that collects its 2-4 points a day via autotrading and then shuts down. 3-4 persons; a little out of the box thinking; good programming skills; motivation and organization could achieve such a goal.
(Incidently, my partner ZAC elite member managed to produce a version of the 3LBC before NT officially released v7, so we could test our strategy then v7 arrived, so we're close.)
RANGER
Can you help answer these questions from other members on NexusFi?
The renko bars in MC have the same issues as NT used to have (and may still have), namely they do not track and maintain the wick data when the bars are built. By definition, the renko bars are really high/low bars, and MC builds and draws them in this fashion. If you look in the data window, you will see that only two values are maintained vs OHLC. Tradestation does the same thing btw.
This lack of wick data, is why backtested strategies never pan out with renko.
I have been playing around with MC demo for two weeks now, and thought I would highlight a few things. As background, I was originally a tradestation guy (and still have it running) who made the jump to Ninja to work around tradestation issues and take advantage of the advanced C# functionality.
Lets start with the good:
* rock solid stable
* good perf
* handles multi monitor pretty well
* deals with multiple data sources great!
* supports easy language
* supports dll interface for more complex items
* has all the standard drawing tools and chart types
* good optimizer / backtest / perf report
* decent easy language editor
* good at multi time frame / multi symbol charts
* was able to load all my ind from tradestation
* was able to port most of my Ninja ind
* did I mention it has not ever crashed
Now for the needs improvement areas (no particular order):
* no DOM / Level 2 (yet)
* does not support all easy language (i.e. no const keyword)
* can not do custom plotting (low level c#)
* renko bars don't maintain/show wicks
* can not program custom bar types like Ninja
* only one toolbar, causing issues for multi-monitor
* no hot keys for drawing functions, multi-monitor again
* can not interact with drawing objects from ind (tough, but possible in NT)
* can not natively handle complex data structures (can use tradestation add ons or dll to do so)
* no good searching in power editor help
* can not customize toolbars, other than turning buttons on/off
* missing the distribution graph from Ninja perf report
* not easy to deal with low level order details in strategies
Now, I have only been using this for two weeks, so some of the above may be addressed as I move continue to explore.
So, what is the verdict? Well, I think this falls in the same category as most platforms, namely it is really good at most things, but has some warts. You have to decide what you are willing to live with. It is not the single platform that does it all, but if they get the DOM right when it is added and add some polish here and there it would be close.
For me personally, the way it deals with data feeds, backtesting, and stability is a huge win that out weighs the lack of low level control that c# gets you.
aslan, thanks for following up. I conducted some tests this past week myself, and also found that strategies in MultiCharts do in fact (as you stated) have the same deficiency as NinjaTrader with Renko bars. So we agree.
The same is true (it would seem) of Kagi, Point and Figure, and Line Break charts.
If I recall, you are a Neoticker user as well, yes? Does Neoticker have these same limitations?
Also I learned that the Bar Magnifier only works on "Regular" chart types, which are tick, volume, range, and all time based settings. The magnifier will not work on Renko for instance to offer up any additional accuracy for backtest purposes.
Although disappointing, I still find MultiCharts to be far superior for my own purposes than NinjaTrader and am so far still very much enjoying it. I'm also enjoying learning EasyLanguage, but that is more the geek/hobbyist in me than the trader.
When TradeStation 9 is released, it will be interesting to see what advancements they've made and how everything stacks up again.
As far as Neo is concerned, very powerful platform, but rather difficult to use imo, especially with the smaller user community it has. I am not heading in that direction.
With regards to EasyLanguage not being able to interact with the chart/indicators, I don't think that is the case.
This thread on MC forum discusses something called "binary search" where you can have an indicator interact with the chart for positioning, etc: TS SUPPORT :: View topic - Binary Searchs
Also, there is an EasyLanguage add-on chart trader below in this thread. Clearly no where near as advanced as NinjaTrader, but it was a work around created in EasyLanguage until MC7 is released. TS SUPPORT :: View topic - ChartTrader by gregorio
But, there are a bunch of knowledgeable users and so far each post I've made has received an answer very promptly, it's a good community and very, very bright community.
I also had to use the on-line instant help for MultiCharts directly (paid employees) and was real impressed by it, got someone in under 5 minutes and fixed the problem 5 minutes later, was a senior person at MC so no screwing around, no "we can't duplicate that" stuff, etc.
You can take outputs from RENKO; 3 Line Break Chart etc and pass those outputs to a Regular Tick Chart, where you can use the full features of backtesting. See my other post, where I provided a demonstration and code samples of same. ;o)
I would caution you on accepting trade results based on RENKO OR 3 LINE BREAK charts without detailed review.
When my partner and I configured a strategy based on the 3 LINE BREAK Chart(Breakout Strategy) and performed backtesting the results …
I couldn't find any post where you provided code... ??
I am still very new to EasyLanguage. I've not tried a global variable yet. If you have a working code example on how to take signals from a Renko chart and send them to a different chart, can you please post it in the Programmers Paradise -> EasyLanguage section? I would really appreciate it.
