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UniRenko, Universal Renko Bar Type
Started:November 18th, 2012 (11:12 AM) by monpere Views / Replies:105,793 / 458
Last Reply:July 17th, 2015 (04:16 PM) Attachments:81

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UniRenko, Universal Renko Bar Type

Old November 26th, 2012, 07:59 AM   #21 (permalink)
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@monpere, Thank you again for sharing this bar type. I made a couple changes to it that fits my needs and like it very much. I find myself custom bar type development challenged. So, your work made it much easier for me to make those changes. As a result, I built another automated strategy that starts forward testing today and this one looks better in back testing than the one I am trading live. Thanks again.

Mike

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Old November 26th, 2012, 02:54 PM   #22 (permalink)
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hi
unirenko very similar with momentumbartype from eman

* If investing gets too difficult for a seventh grader to understand, the system is needlessly complex
* Markets produce an enormous volume of information, much of which is redundant
* In every game and con there's always an opponent, and there's always a victim. The trick is to know when you're the latter, so you can become the former
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Old November 27th, 2012, 05:55 PM   #23 (permalink)
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@monpere thanks for the Uni its a great bar type for me..... I tried back testing and the bars are very very small and they dont plot correctly(I deleted all other indi;s off in checking for problem),before I start market replay the bars plot correctly but as soon as I start, speed doesnt matter issue occurs, is this bar type able to be back tested? as soon as I switch back to live trading bars are normal again, I ve tried testing default 2/2/4 setting and others nothing helps@MWinfrey I saw where you said that you back tested, suggestions

Thx in Advance
R


Last edited by Rad4633; November 27th, 2012 at 06:01 PM.
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Old November 27th, 2012, 08:35 PM   #24 (permalink)
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Rad4633 View Post
@monpere thanks for the Uni its a great bar type for me..... I tried back testing and the bars are very very small and they dont plot correctly(I deleted all other indi;s off in checking for problem),before I start market replay the bars plot correctly but as soon as I start, speed doesnt matter issue occurs, is this bar type able to be back tested? as soon as I switch back to live trading bars are normal again, I ve tried testing default 2/2/4 setting and others nothing helps@MWinfrey I saw where you said that you back tested, suggestions

Thx in Advance
R

yes I backtested but only with strategy analyzer. i don't use market replay.

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Old November 27th, 2012, 08:40 PM   #25 (permalink)
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Current BMT User Poll

Should Germany (not Greece) leave the Euro?

 
Here's a pretty cool thing you can do with the unirenko, linebreak charts based on renko. How cool is that? I wanted that ability when I was test driving BetterLineBreak.

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Old November 27th, 2012, 09:03 PM   #26 (permalink)
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Here's a pretty cool thing you can do with the unirenko, linebreak charts based on renko. How cool is that? I wanted that ability when I was test driving BetterLineBreak.

Please register to view the post attachment(s), image(s), or screenshot(s) - it's simple and free.

Cool difference indeed. Thx.

Attached Thumbnails
UniRenko, Universal Renko Bar Type-unirenko1.gif   UniRenko, Universal Renko Bar Type-unirenko2.gif  
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Old November 27th, 2012, 09:27 PM   #27 (permalink)
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Cool difference indeed. Thx.

yeah...ain't life great...

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Old November 28th, 2012, 03:55 AM   #28 (permalink)
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MWinfrey View Post
Here's a pretty cool thing you can do with the unirenko, linebreak charts based on renko. How cool is that? I wanted that ability when I was test driving BetterLineBreak.

Please register to view the post attachment(s), image(s), or screenshot(s) - it's simple and free.

@MWinfrey,

Could you please suggest/classify settings for SCALPing, SWINGing, LONG-TERM or LARGE FRAME (equivalence of, say, Daily/Weekly chart setup) ?

Lolu

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Old November 28th, 2012, 07:24 AM   #29 (permalink)
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lolu View Post
@MWinfrey,

Could you please suggest/classify settings for SCALPing, SWINGing, LONG-TERM or LARGE FRAME (equivalence of, say, Daily/Weekly chart setup) ?

Lolu

I think it's interesting that you would ask me that question especially considering all the experience you have. Regardless, the answer to your question is it depends on the market. Because the size of renko bricks are based on the vertical movement of price or range, different markets will present completely different when using the same settings across markets. If your issue is understanding how a renko brick is built, read this Renko Chart Definition | Investopedia. What that definition does not explain clearly is that the maximum range of a brick is (n * 3) -1, where n is the size of the body. So, if you are using a 4 tick renko brick, the maximum size that it can be is (4 * 3) - 1 = 11. Now in the case of the UniRenko it's a bit different. @monpere built them to comply with 4 * 3 = 12, which means the UniRenko requires 12 ticks in order to start a new bar.

So, now that I've assumed a few things as to why you're asking the question, I may be way off. But, I really can't give you a direct answer because of what I said. What I suggest is that you experiment with the settings for the markets you trade and come up with the ones that suit your desire. One thing to remember is that a renko brick is truncated at the session boundary. So, if you are trying to come up with some sort of daily brick or larger, you will have a bit of a problem doing this. In my opinion, renko bricks aren't suited to daily and larger unless you have an implementation of the renko that does not honor the session boundary.

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Old November 28th, 2012, 12:01 PM   #30 (permalink)
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MWinfrey View Post
I think it's interesting that you would ask me that question especially considering all the experience you have. Regardless, the answer to your question is it depends on the market. Because the size of renko bricks are based on the vertical movement of price or range, different markets will present completely different when using the same settings across markets. If your issue is understanding how a renko brick is built, read this Renko Chart Definition | Investopedia. What that definition does not explain clearly is that the maximum range of a brick is (n * 3) -1, where n is the size of the body. So, if you are using a 4 tick renko brick, the maximum size that it can be is (4 * 3) - 1 = 11. Now in the case of the UniRenko it's a bit different. @monpere built them to comply with 4 * 3 = 12, which means the UniRenko requires 12 ticks in order to start a new bar.

So, now that I've assumed a few things as to why you're asking the question, I may be way off. But, I really can't give you a direct answer because of what I said. What I suggest is that you experiment with the settings for the markets you trade and come up with the ones that suit your desire. One thing to remember is that a renko brick is truncated at the session boundary. So, if you are trying to come up with some sort of daily brick or larger, you will have a bit of a problem doing this. In my opinion, renko bricks aren't suited to daily and larger unless you have an implementation of the renko that does not honor the session boundary.

@MWinfrey,

There are always new things to learn ... such as the "linebreak charts based on renko" idea in your post #25 and @plethora's screenshot in post #26 ... it just turns the UniRenko to something different. Thanks for the notes on Renko size derivation.

I'll surely experiment with some settings on the Euro (6E) instrument and see how they come up and behave.

Lolu

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