Option to align Renko bars open/close to integer price levels

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Description

Renko chart with box size of 1 handle (eg 4 ticks for ES cotnract) would best to align to integer price level so that every bar opens and closes at on a handle (eg 1671.00 - 1672.00 instead of eg 1671.25 - 1672.25). This is the standard behaviour for some other tools (like MarketDelta) and it causes different number (usually less) number of bars to be printed so it's quite important for strategy performance and backtesting.
From trading perspective the reason for using the integer price rather than fraction for the bars is the psychological aspect of these price levels; the expectation of what happens say between 1650 and 1651 could be different from the one for 1650.25 and 1651.25.

Steps to reproduce this issue

Create a Renko chart for @ES contract with box size of 1 (4 ticks), that opens at a fraction price level (eg. 1650.25) at the beginning of the Data Range so that each bar opens and closes at a fraction level (eg. 1650.25 - 1651.25)

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MultiCharts Support

MultiCharts Support
Last seen online at Jul 26, 2024 - 13:58
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May 30, 2013 - 08:10

This issue's type has been changed to 'Feature Request'.

Xyzzy

Robert Jacobson
Last seen online at Jul 01, 2019 - 21:35
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Jul 01, 2019 - 21:34

I'd like to second this request. I've attached my own chart of the @ES#C with a block-size of five points. My expectation is that the "main body" of the blocks would be aligned to round prices like:

2962 - 2964
2964 - 2966
2966 - 2968

Instead the blocks are aligned to random price increments like:

2961.25 - 2963.25
2963.25 - 2965.25
2965.25 - 2967.25

This is not helpful at all.

I've discovered a workaround. The prices seem to be "locked" to the first tick on the chart. With enough trial-and-error, I can usually change the "start date" for my chart so that it aligns to even numbers. But this is a hack.

I'd like to propose that each Renko chart starts with a "baby bar" that is smaller than a regular bar. E.g., if the opening tick is 2961.25, and I've specified a box size of 2 points, then the first bar should be a short bar like 2961.25 - 2962.00. Then every bar that comes after the initial bar would be locked to even price multiples of two.

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'''Xyzzy wrote:'''
>I'd like to second this request.  I've attached my own chart of the @ES#C
> with a block-size of five points.  My expectation is that the "main body"
> of the blocks would be aligned to round prices like:
> 
> 2962 - 2964
> 2964 - 2966
> 2966 - 2968
> 
> Instead the blocks are aligned to random price increments like:
> 
> 2961.25 - 2963.25
> 2963.25 - 2965.25
> 2965.25 - 2967.25
> 
> This is not helpful at all.  
> 
> I've discovered a workaround.   The prices seem to be "locked" to the first
> tick on the chart.  With enough trial-and-error, I can usually change the
> "start date" for my chart so that it aligns to even numbers.  But this is a
> hack.
> 
> I'd like to propose that each Renko chart starts with a "baby bar" that is
> smaller than a regular bar.  E.g., if the opening tick is 2961.25, and I've
> specified a box size of 2 points, then the first bar should be a short bar
> like 2961.25 - 2962.00.  Then every bar that comes after the initial bar
> would be locked to even price multiples of two.

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