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Hi
Im new here so not sure where to start.
I have a question about Renco bars
Does Ninja Trader support renco bars ?
I am currently on fxpro and reasonably happy with it but to use renco I have to reload a script every time I turn off which is a pain.
Also can I trade forex live with NT
Hope someone out there can answer these queries.
I am UK based
cheers
Something I came across on the net:
The range bar measures a set range of price movements and when that range is met the bar prints.
A renko bar also measures the same set range of price movements except the range has to be all in one direction for the bar to print. So with a 10 tick renko bar the range has to be all up or all down for it to print.
So renko bars eliminate even more noise than range.
Renko Bars offered by TradingStudies are for Ninja V 6.5 only. That's a problem.I don't think, that many users still use V 6.5.
What anybody can do is : Load a Renko chart, for daily trading the Ninja - preinstalled one. 3 Renko is useful - for overview 6 Renko. Brick -size and scaling are in the best relation then. As indicator load BM's HeikenAshi2. The result will be a really smooth chart.
Renko generally is displaying a longer chart-period compared to a range-based chart. This is, what I have checked out last week and I enjoy Renko more than any other before.
A good indicator-add in combination with 3- Renko and Heiken is TradingStudie's SqueezeCollection and esp. the PBF - Version.
Usually before prices change direction to move down or rise finally, a smaller retrace appears before direction takes the new trend. The advantage of the PBF-version is, that PBF eliminates this retrace, giving the first true signals just when the situation is clear.
The image below shows exactly a situation like this. At the same time, the BBS indicates green bars already ( 14:24 ), the PBF does not, gives a first clear signal at 14:33 instead. This behaviour prevents you from starting into the market to early.
For the first time you watch Squeeze, it is a good idea, to display both versions of Squeeze in your chart to see and understand, what the difference is between them and what exactly they do and when.
Enjoy.
Klaus
The attached screenshot shows this issue in Sierra Chart (SC). It happens that in this instance I have used Aslan's Better Renko on a Renko bar that SC has added to their bar styles. But if I remove the Better Renko study, the Renko bars update with each tick. I am not sure how that will ultimately impact autotrading, especially autotrading from my spreadsheet (not applicable here), just an observation.
