Renko Chart question

[chrismayerinmarket]

Hello

I have a question about renko bar... From what I understand about them is that a 3 renko bar chart should print when prices moves by 3 ticks in one direction. Now I loaded the a 3 renko chart in real time to watch it. I noticed that when a new brick opens sometimes the ticks go to one side by more than 3 ticks (about 5 or 6 ticks) from the open price. Other times the price will go 3 ticks to one side then go 3 ticks to the other side WITHOUT the renko brick closing.....

What is it waiting for??? I understand that nor time or volume are involved? yet the brick doesn't always close after exactly the number of ticks required. Hence there are these wicks that modified renko charts display. From my understanding of what renko charts are, there should be NO possibilites of wicks? correct?

Is there anyway to get a chart where it would print a bar or a brick after 3 ticks that go in one direction..?



On a different note, Because of the wicks that are not shown in renko bars, backtesting on historical data is not accurate.... My question is; does this also apply on range bars... Can I back test range bars accuractely with no hidden data.


Thank you

[NinjaTrader_Brett]

Hello,

Its not ticks theselves its counting. Its refering to ticks as distance traveled on the chart.

Ranko bars would compare to Range bars for example. You must get 3 ticks higher then the open price of the bar either or lower then the open for the next bar to print.

When I say ticks I mean, bar open is at a price of 3 in this simple example. It will not print a new bar until Price is greater then 6 or less then 0.

Let me know if I can be of further assistance.

[chrismayerinmarket]

thanks

actually I would like a bit more explanation if you may.

You say that a renko chart is not co****ing ticks per say but the ticks traveled as a distance on a chart..

--->What determines that distance before the renko brick finally closes...can it be modified


-----> Is there a way (custom code or other) that I can create a chart where a new brick will print after 3 ticks received from the data feed in one direction from the open.. PERIOD.. that is it counts the actual ticks as a basis of its printing not the distance as you mentioned..


You said
Quote "Renko bars would compare to Range bars for example. You must get 3 ticks higher then the open price of the bar either or lower then the open for the next bar to print.

When I say ticks I mean, bar open is at a price of 3 in this simple example. It will not print a new bar until Price is greater then 6 or less then 0. "


---> range bars are the ones that apply the second paragraph while renko charts apply the first... Right?

---> if i look at a range historical data, will there be hidden price movements as in the case of renko



Thank you very much

[NinjaTrader_Brett]

Hello,

Please see my comments below:


--->What determines that distance before the renko brick finally closes...can it be modified
[Brett] This is the value of the renko chart when you create it. a 6 renko chart would be 6 ticks from the open price of the last bar.

-----> Is there a way (custom code or other) that I can create a chart where a new brick will print after 3 ticks received from the data feed in one direction from the open.. PERIOD.. that is it counts the actual ticks as a basis of its printing not the distance as you mentioned..
[Brett] This would be a tick chart. Not a Renko chart. A 3 tick chart would do this.


You said
Quote "Renko bars would compare to Range bars for example. You must get 3 ticks higher then the open price of the bar either or lower then the open for the next bar to print.

When I say ticks I mean, bar open is at a price of 3 in this simple example. It will not print a new bar until Price is greater then 6 or less then 0. "


---> range bars are the ones that apply the second paragraph while renko charts apply the first... Right?
[Brett] - right.

---> if i look at a range historical data, will there be hidden price movements as in the case of renko
[Brett] - Yes, this is what range or renko does, if it hides the noise and simply displays pure price movement up or down.

Let me know if I can be of further assistance.

[chrismayerinmarket]

thanks for your patience with me as the concept of renko charts is new to me..


--> A 3 tick chart would print after 3 ticks develop regardless of whether the 3 ticks are in ONE direction or not.. correct?

I am looking for a chart that would print a bar after 3 ticks in one direction from the open and not wait for anything else.

That is why I looked at a 3 renko chart but found out that even in a 3 renko chart as a new brick opens, it sometimes go 5 or 6 ticks in one direction and it still won't close..........

Is there a way to create a chart that performs as described above.

[NinjaTrader_Brett]

Hello,

I do not know of a standard bar series that will do as you specify.

You can have this coded in by a NinjaScript programmer however.


NinjaScript Consultants:

http://www.ninjatrader.com/partners#NinjaScript-Consultants

Let me know if I can be of further assistance.

[Alinghy]

How to insert two instruments in the same chart

Hi,

I know that it is possible in Ninja Trader 7 to insert 2 different instruments in the mean time in the same chart also with different data series (meant i.e. ticks vs range) but frankly I didn't record how, I saw this feature during the beta 7 presentation if I well remember .

Thanks in advance for the help I am sure will be given to me

Regards
Alinghy

[NinjaTrader_Brett]

Hello,

Please see this video on how to do this.

http://screencast.com/t/sWSb5wZHv

Let me know if I can be of further assistance.

[daytrader50]

Hello,

Please see my comments below:


--->What determines that distance before the renko brick finally closes...can it be modified
[Brett] This is the value of the renko chart when you create it. a 6 renko chart would be 6 ticks from the open price of the last bar.

-----> Is there a way (custom code or other) that I can create a chart where a new brick will print after 3 ticks received from the data feed in one direction from the open.. PERIOD.. that is it counts the actual ticks as a basis of its printing not the distance as you mentioned..
[Brett] This would be a tick chart. Not a Renko chart. A 3 tick chart would do this.


You said
Quote "Renko bars would compare to Range bars for example. You must get 3 ticks higher then the open price of the bar either or lower then the open for the next bar to print.

When I say ticks I mean, bar open is at a price of 3 in this simple example. It will not print a new bar until Price is greater then 6 or less then 0. "


---> range bars are the ones that apply the second paragraph while renko charts apply the first... Right?
[Brett] - right.

---> if i look at a range historical data, will there be hidden price movements as in the case of renko
[Brett] - Yes, this is what range or renko does, if it hides the noise and simply displays pure price movement up or down.

Let me know if I can be of further assistance.

Brett or anyone,

I really would like to have renko bars. I did exactly as you advised the fellow in this thread to put the number for the amount of ticks to equal each renko box. I chose 4 for the NQ futures. When the bars print they are elongated and rectangular and look nothing at all like renko bars. Please advise.

[daytrader50]

Chris, thats what I want also. A renko bar IS by definition a bar that prints after 3 ticks in either direction(long or short) as long as they are in the same direction. Im sure you figured out how to do this as I cant get my renko bars to look square. Can you advise me on how to do this. I know nothing about coding so go easy on me here. -)

thank you.