Adjustable Renko Bars

Transcription

1 Adjustable Renko Bars Description There is a new way of looking at the market that many have discovered which uses Renko bars to determine market turns and trends. However, this new addition includes extreme price data used as 'tails' on standard Renko bars. Furthermore, Adjustable Renko bars allow you to customize the conditions under which a reversal or trend continuation is plotted. This bar type not been included as a chart type native to TradeStation up to now, and it is now presented here for you. These bars have been called Spectrum Renko bars by other developers, and can be adapted to display the newest Woodie bars as well. They are are the same as used by Nexgen and other companies, too. This package of indicators goes one step further, though. Included is a way to see and analyze intrabar price activity. There can be a lot of opportunities to optimize trade entries by looking at the tick data which occurs WITHIN the Renko bars. Furthermore, because the bars are synthesized and are actually an indicator, multiple range settings can be applied to the same chart. There are four indicators included with this package: Adjustable Renko (contains sub-indicators) Adjustable Renko Intrabar Adjustable Renko MACD T3 Adaptive Smooth TickPrice Indicator

2 Chart Indicator Identification Indicator: Adjustable Renko

3 Adjustable Renko Inputs: RenkoBodyTicks: Ticks in the bar body RenkoReversalTicks: Determines ticks required for new bar generation (See Document How They Work ) ShowEMA: Toggles display of 55-period EMA ShowBands: Toggles display of trend bands around the EMA BandATR: Controls the width of the trend bands. Number of ATR (average true range) from the midband Show LSMA20: Toggles display of 20-period LSMA and its 5-period average Show LSMA80: Toggles display of 80-period LSMA and its 20-period average ShowT3: Toggles display of the T3 Adaptive Smooth indicator. (5 period, 1.7 amplitude) LongTrigColor: Bar color when long signal is triggered ShortTrigColor: Bar color when short signal is triggered LongContinuationColor: Bar color when a long trend continuation bar is triggered ShortContinuationColor: Bar color when a short trend continuation bar is triggered Offset: Used if needed to match two separate chart trigger levels, even if on different platforms BarsToDisplay: Set to display the number of Renko Bars to show on the chart. (Use only as many as you need to fill the chart.)

4 Indicator: Renko Adjustable MACD Inputs: IMPORTANT: Be sure the Body Ticks and Reversal Ticks inputs match the inputs of the range for which you want to display the MACD!

5 Indicator: Adjustable Renko Intrabar

6 Inputs: RenkoBodyTicks: Ticks in the bar body RenkoReversalTicks: Determines ticks required for new bar generation (See Document How They Work ) ShowRenkoBars: Toggles display of big Renko Bar ShowEMA: Toggles display of 55-period EMA ShowT3: Toggles display of T3 Adaptive Smooth Indicator LongTriggerColor: Bar color when long signal is triggered ShortTriggerColor: Bar color when short signal is triggered LongContinuationColor: Bar color when a long trend continuation bar is triggered ShortContinuationColor: Bar color when a short trend continuation bar is triggered Offset: Used if needed to match two separate chart trigger levels, even if on different platforms Try using various combinations for use with the particular markets you are trading! Limitations Time stamps are to be ignored. They represent the time of the underlying invisible tick chart time stamps, and not the actual Renko Bar time. Trend lines cannot be drawn on these synthesized charts. Standard indicators cannot be added as they can be for typical charts. See contact information below if you have a request for a particular indicator to be displayed on these charts or any questions regarding their use. Contact information For questions or enhancement requests: Robert Graff rob9@comcast.net