Renko Chart Strategy

[urosv4]

Hello,

i am having trouble with EnterShortLimit() on Renko charts (or any chart maybe).

I used this line of code
//when something happens
{
EnterShortLimit(Close[0] - 2 * 2 * TickSize, "Short1");
SetStopLoss("Short1",CalculationMode.Price, Close[0] + 1 * 2 * TickSize, false);
SetProfitTarget("Short1", CalculationMode.Price, Close[0] - 6 * 2 * TickSize);
}
and EnterShortLimit() enters before it even came to correct price and then of course my stoploss is already triggered, because of price moving back. (see attachment)

The thing is, that Short is already triggered when condition happens, but it should enter when price is "Close[0] - 2 * 2 * TickSize".

Please tell me what i am doing wrong,

Thank you and
BR Uros

[NinjaTrader_ChelseaB]

Hi urosv4,

From the code supplied, it appears that you are trying to place a sell limit order below the market price. If this is the case, a sell order below market will fill instantly as the market price will be a better price than the limit price.

Typically, sell limit orders are placed above the market price. Once the market reaches the sell limit the limit will fill.

Buy limit orders are typically placed below the market price. Once the market comes down to the buy limit the limit will fill.

Let me know if this does not resolve your inquiry.

[urosv4]

Hello ChelseaB,

first thank you for very quick reply.

Yes, i know what you mean, but this only solves a part of my problem.

If i change EnterShortLimit(Close[0] - 2 * 2 * TickSize, "Short1"); with
EnterLongLimit(Close[0] - 2 * 2 * TickSize, "Short1"); then the code at the third yellow dot doesn't
execute the order (becuase the price goes down) (in attachment,"Renko1"). But if i put after the third dot EnterShortLimit(Close[0] - 2 * 2 * TickSize, "Short1"); than it is OK(in attachment "Renko2").

So in this case there was two pulback on a price and after third yellow dot price went down. There will be different numbers of pullbacks every time.

So how should i tell my strategy to know when to use EnterShortLimit or EnterLongLimit?

Thank you and
BR Uroš

[NinjaTrader_ChelseaB]

Hi urosv4,

This depends on what you are trying to do.

In your first post, you mention that you are placing an order that is filling immediately and this was incorrect behavior.

I let you know this was a sell limit order placed below market and would fill immediately because of the type of order it is.

In your next post, you let us know that you place the order under the market and it doesn't fill because the price did not come down to it.

It sounds like you are wanting a Stop Market or Stop Limit Order sell order that placed below the market.

Below is a link to investopedia on Buy Limit Orders, Buy Stop Order, and Stop-Limit Orders.

http://www.investopedia.com/terms/b/buy-limit-order.asp

http://www.investopedia.com/terms/b/buystoporder.asp

http://www.investopedia.com/terms/s/stop-limitorder.asp

[urosv4]

Hi,

i tried with other order types, but still dont get what i want.

As you can se on picture in attachment, when price moves below grey line, i calculate entry point, stoploss and profit target. If price pulls back up on next brick (orangedot) i recalculate entrypoint,stoploss and profit target on next brick when price comes below grey line again.
If price doesnt pull back, i need to enter with the middle yellow dot(that would happen at the end of graph on picture in the attachment.

Hope i clarified it.

[NinjaTrader_ChelseaB]

Hi urosv4,

Try writing your logic out in pseudo code.

For example:

if close price is less than grey line place sell stop market order at lower blue line

if close price is greater than grey line on current bar and is less than grey line on previous bar cancel sell stop market order

etc

Looking at the chart, it looks as if the EntryPoint would be a sell stop market placed below the market price at the EntryPoint.

This would be placed below the market and then would fill once the price comes down to it. You will not be able to fill an order without the price coming down to it.

[robing123]

adding renko charts

how do i add renko charts to ninja trader?

[arbuthnot]

how do i add renko charts to ninja trader

Once you're in any chart, and you want, say, a 4 Renko chart, just type on the chart 4RE.

Or, if you're bringing up a new chart, just select 'Renko' from the drop-down, second from the top on the right, in the 'New Chart' box.

Hope this helps.

[urosv4]

Hi ChelseaB,

looks like i found the issue,but not the solution.

When i use EnterShortStop and use EnterShortStop(GetCurrentBid() - 0.0002, "Short1");
it works.
But when i use EnterShortStop(GetCurrentBid() - 0.0003, "Short1"); it doesn't because the price came there the next day(or next Renko brick).

I think that StopOrder should execute when the price hits wanted level (even if it is hit in one week), not only the next day, correct?

I this Ninja backtester problem or is it something else?

@robing123, as arbuthnot sad, you should use dropdown menu in New chart. But if you maybe do not have the data, you should choose one data provider (for example Kinetick)

Thank you and
BR U

[robing123]

thanks, i only have end of day data (free) can i still view renko charts?

[NinjaTrader_Bertrand]

thanks, i only have end of day data (free) can i still view renko charts?

EOD / daily data would not be enough to build those charts, you would need tick data access - a provider such as Kinetick could provide that in a economic and high performing manner.

[NinjaTrader_Bertrand]

Hi ChelseaB,

looks like i found the issue,but not the solution.

When i use EnterShortStop and use EnterShortStop(GetCurrentBid() - 0.0002, "Short1");
it works.
But when i use EnterShortStop(GetCurrentBid() - 0.0003, "Short1"); it doesn't because the price came there the next day(or next Renko brick).

I think that StopOrder should execute when the price hits wanted level (even if it is hit in one week), not only the next day, correct?

I this Ninja backtester problem or is it something else?

@robing123, as arbuthnot sad, you should use dropdown menu in New chart. But if you maybe do not have the data, you should choose one data provider (for example Kinetick)

Thank you and
BR U

The order would be placed always for the next bar, if you don't resubmit the order will expire if not filled on the bar you submitted it to. You persist the order longer by using the liveUntilCancelled option in the advanced overload of the Enter methods, i.e. -

EnterLongStop(int barsInProgressIndex, bool liveUntilCancelled, int quantity, double stopPrice, string signalName)

Using TraceOrders would be a helpful tool, since you would directly see order expirations in your NT output debug window.

https://www.ninjatrader.com/support/helpGuides/nt7/traceorders.htm

[arbuthnot]

As Bertrand has said, you need tick data and Kinetick is a superb data feed.

As I have such a feed, I've just pulled up a daily chart of (spot) EUR/USD (though this would work on any chart).

The important thing is to try to find the most appropriate Renko number. If you choose one which is 100 times greater or smaller than ideal (as I've done a few times) the system can take ages making the calculations and NT can even crash.

The best way to work this out, in my opinion, is to add the ATR indicator to the chart and choose the most recent setting. You also must be careful about what decimal the Renko is working off.

In my EUR/USD chart, the latest daily price is 1.3647. The ATR(14) reads .000727, which is the equivalent of 7 pips in this instrument. So I chose a 7 Renko and typed in '7RE'.

[robing123]

hi and thanks, any reason why i could not / should not trade off a 1 min Renko chart?
Robin

[urosv4]

Thank you Bertnard, this is what i was looking for, not it works.

Thanks to you also ChelseaB.

BR U