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Open Feature request MC-1649

Allow Renko bricks to have consistent starting values

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Description

I suggest the addition of a setting for Renko charts that forces the first brick of each session to start from multiples of 5 or 10 ticks.
Currently Renko bars start from the first value on the chart. Example: Using tick data, and 10-tick Renko bricks, if the first tick is 91.43 then all subsequent renko bars will close/open at .43, .53, .63, .73, etc. It would be much better of they started at .50, .60, .70, etc, because then the charts would be more reliable for backtesting. Right now, the bricks for a given date will be drawn differently each time if the starting point of the chart is a different date and thus starts from a different tick.
This is problematic because it means that it is possible to backtest the same day with the same signals but get different trades depending on the chart's start date. For example, the shape of a chart becomes different in cases where starting point of .43 would produce an extra high bar at a certain peak, but starting point of .48 produces one less brick (for example) and thus does not trigger a certain trade in one case but does trigger it in another case.
By the way, Sierra chart seems to start all Renko charts from .0, .10 etc by default.

Steps to reproduce this issue

Create a Renko chart and note that the first price of the chart determines the starting point of subsequent Renko bricks.

Comments (2)
#0
user-offline.png  jese514 (jese514)
May 08, 2014 - 09:22

Here is a discussion thread about this issue: http://www.multicharts.com/discussion/viewtopic.php?f=1&t=46530

#0
user-offline.png  MAtricks (MAtricks)
Nov 09, 2014 - 03:13

This feature is a must have. 
I also suggest that we have an input for the starting value. I'd like to have control over that rather than having a hard coded round number.
Maybe a full price? We input a full price where we want the blocks to break from and the blocks form forwards and backwards from that price?

History
Issue basics
  • Type of issue
    Feature request
  • Category
    Usability
  • Targeted for
    MultiCharts Future Releases
  • Status
    Confirmed
User pain
  • Type of bug
    Not triaged
  • Likelihood
    Not triaged
  • Effect
    Not triaged
Affected by this issue (2)
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Issue details
  • Resolution
    Not determined
  • Severity
    Normal
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