Renko with wicks/tails

[cree125]

Does any one know of a free Renko indicator that accurately shows wicks/tails and doesn't have overlapping bars. I downloaded unirenko from here but it seems I can't set it to have non overlapping bars.

[NinjaTrader_JessicaP]

Hello cree125, and thank you for your question.

The built-in and many custom renko bars should be non-overlapping if your chart's equidistant bar spacing setting is checked. You can visit this setting by right-clicking on your chart and selecting properties. Remember to press OK once this is set.

[Rainbowtrader]

Hello Jessica,

cree125 were asking for a Renko WITH wicks - not the standard, that has no wicks. So your answer makes no one happy.

I am searching for a Renko WITH wicks for NT8, too. The Renko must urgently works without errors (like the original one in NT8) and the bricks must built in same kind "one after the next" and not like a "Heikin Ashi version - one beginns in the middle hight of the brick before". But that is only a separate information, not that, what is the main thing from my post here.

I cant understand, that NT8 has no option for showing the wicks. I had written this a long time before to the boss of Ninjatrader, but this wish Ninjatrader were not willing to develop. Whyever, I dont know. So we Renkotraders needs a foreign tool, that costs CPU/RAM and that can bring the system to break. I am definitly not understanding, why the Company is handle this thing in thsi kind of way...

We need a working Wick-Renko-Indikator. That is, what is missing. Can someone help us to get one, that is working correct and without errors and stable?

Thanks a lot,
Rainbowtrader

[NinjaTrader_RyanL]

Hello Rainbowtrader,

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[Rainbowtrader]

Hello Ryan,

nice try, but that is only a shot in the dark sky. I will not search a professional/company for a product, for that I have to pay. Each one of them want to make profit by selling their products. And in your answer I am missing a statement to the half solution, for that Ninjatrader as company decided for: Renko without wicks.

All others:
does anyone has a normaly Renko WITH wicks, that is working under NT8 without problems? Perhaps a version, in that the pivots are valid, because that feature was not given in the past. If then this Renko has a real very small body under compression (width of 1 instead overlapping a width of 2 or 3), then the Renkotraders by the NT-community would be celebrate a big party in front of their monitors!

Best regards,
Renkotrader

[spooz2]

Renko with Wicks: "Better Renko"

Try the attached NinjaScript Zip

[Rainbowtrader]

Hello @spooz2,

thanks a lot, but please take a look at the screenshot: this BetterRenko is not free of errors. Continuum datafeed real account. One of some parts, in that the NT8 versions ar failing - and my beloved old Wicked Renko for NT7 never failed.

Best regards,
Rainbowtrader

[aog076]

You can use Unirenko charts (CS file attached).

Try setting
Open offset = 1 (not other values, results in false charts)
Tick trend & tick reversal = same tick value

Result is almost identical to wickedRenko in NT7, has wicks

You can also set Tick trend & tick reversal with different values, I usually work with 1/4 or 3/10.

The only issue I find is that tick reversal is not optimizable with strategy analyzer, but for me works fine

Cheers

[spooz2]

Looking at the circled area on your screenshot, I have no idea what you perceive to be in error.

Although I do not currently use Better Renko in my trading, when I did use it, I found it
to be the best of several available variations.

[Rainbowtrader]

Good morning, traders :-)

@aog076
I did, like you described for me. The UniRenko works, yes, and I cant see an error. And its creative and a cool thing. Really a good job.

But: whatever I try by the parameters: its not possible to built a Renko by its original rules: that a new brick is drawing at exact the same level, where the old brick its finished. The UniRenko allows only a kind of Heikin Ashi Renko: a new brick starts between the top and the down of the old candle. This is not, what I am searching. The wicks are great, thhe tool is cool, but its allows not the same optic like the Wicked Renko. Take a look on the screenshot please:

Yellow: the problem I told.
Blue: never 2 bricks as neighbors allowed. Not in same color, not in different color.

@spooz2
This "cloud" of broken or part bricks with fully incorrect drawing of its against all renko rules I mean.

Best regards,
Rainbowtrader

[aog076]

Look at the attached charts:

6E 03-17: Comparison between 6 renko and 6-12 Unirenko with line on close

I agree, it's not exactly the same, but if you use reversal the double value as tick trend you obtain almost the same renko chart with wicks when drawn with OHLC or Candle

You have to double reversal value, renko switches direction when value is high/low -+ tick trend

It would be great to have wickedRenko as NT7. In my opinion for now is the best available option in NT8.

Cheers

[Rainbowtrader]

Hello aog076,

thank you for your feedback. But I really dont know, what to say... The Renko as a Linechart is for me definitly not an option and no thing, with that I can compare different settings or versions. Sorry.

Whatever I try to change - double the reversal or others: I get no normal Renko Style.

Can you post me a parameter set with Renkos in a chartstyle of Bricks?

Thank you.

Best regards,
Rainbowtrader

[aog076]

This chart was only to show price path and compare reversals, obviously not a trade setting

In NT7 Wicked Renko draws the same number of bars as original Renko, but in NT8 I have not found it.

BetterRenko is more aproximate to what you're looking, even as does not draw exactly the same number of bars. Renko draws more reversals

Attached an example: CL02-17 10th January (Candles)
5 Renko - 172 bars
5 BetterRenko - 166 bars

Best Regards

[cree125]

@spooz2

I couldn't get the BetterRenko to install on NT7. Any Ideas why it won't work?

[cree125]

I just found the WickedRenkoBarsType_NT7 that was mentioned in this thread. It is what I was after, thanks for all who posted.