Can I Create a Renko chart using daily data?

[raysinred]

Hi All,

Is it possible to create a Renko chart using only daily data? If so, what would be the easiest way to do this?

Thanks,
Ray

[NinjaTrader_Jesse]

Hello raysinred,

Renko bars are built from tick data, you would need tick data to build renko bars.

https://ninjatrader.com/support/helpGuides/nt8/index.html?how_bars_are_built.htm#UnderstandingTheUnderlyingBaseDataTypeRequiredForConstructingVariousChartBars

[raysinred]

Hi Jesse,

Yes I understand that they are built from Tick data, but if I wanted to modify it to use daily data, could I do that? It won't technically be a Renko chart, but is it possible to modify it to use daily data?

Thanks,
Ray

[NinjaTrader_Jesse]

Hello raysinred,

You can create your own custom bars types in NinjaScript. Renko uses tick data to perform its logic so I am unsure how that could be translated to using daily data which is not granular. You could do research to see if there is any way that type of data can be used for a calculation you create and then develop a bars type if so.