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Been trying to find the same thing for MNQ. I have tried 8/10/20 and have had no real response from anyone. what can we do? Maybe we are the only ones using unirenko this way.
I don't think anybody has replied to you because your question was ambiguous.
Optimized settings for one trader are likely not optimized settings for the next trader and so on. Why don't you test all of the different available combinations on your own and record the results?
That way, you can find the settings optimised for you.
If you subsequently posted the results, perhaps people could then jump in and give guidance.
PS - I would only forward test on live data because the unirenko bars do not back test correctly.
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- Trade what you see. Invest in what you believe -
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As I remember correctly we have Trend bar, Reversal bar and Open offset.
Keep Trend bar and Open offset 1 tick and keep incrasing Reversal bar by tick till you have " clean " chart.
Many thanks to @aligator for the following tips on setting up UniRenko.
There is not really an optimum size UniRenko. However, it is a good idea to consider the size of your stop and targets when setting the UniRenko Trend and Reversal. Open has no analytical significance.
For example, if I trade ES with a target of 5 ticks then I may chose a reversal close to 5. You need to use different sets of TRO for different time frames and products, as fits you trading size, time frame, and instrument
However, for the best and visually the most appealing charts, it is a good idea to size candles according to my formula: T+O = (R+T)/2.
This is the same as Fibonacci sequence. 1,2,3,5,8,13,21,etc. But you can use any numbers if the above formula is satisfied. So, different TROs are as follows:
1,5,2 ; 2,8,3 ; 3,13,5 ; 5,21,8 ; etc. Just use any combinations of first 2 fib numbers and the 4th number from a sequence of 4 fib numbers (T = 1, O = 2, 3, R = 5).
The best closest to your case (TRO = 2-12-4) would be set ups of 2-8-3 or 3-13-5. In your case, T and R are the most important. Then, according to my formula your TRO would be 2-12-7. This combination will produce the same chart but visually better (O has no impact other than the looks).
This will give candles with bodies half size of the range, similar to MedianRenko charts, easier chart to read and work with.
Also build unirenkos based on "looks". Works on any market. Use one or two for offset. Trend and reversal are whatever looks right to you. I keep two settings for each market. One for markets that are moving slow and fast.
