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Open Feature request MC-501

BetterRenko charts for MultiCharts

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I have tried to use the Renko bars wich are with MC now, but to my opinion they are kind of obsolete when comparing with the BetterRenko which is available with NinjaTrader and Sierra Charts.
The thing that separates the BetterRenko from the classic bricks is that it only plots real data without plotting any extra in order to fill gaps. Second, it shows the data above or below the BetterRenko bricks as wicks. Third, because the OHLCV of each bar is correct, it is possible to use with different bar styles like OHLC and CandleSticks.
As explained by "Aslan" over at Big Mike Trading: "BetterRenko differs from classic Renko in two main fashions. First, it only uses/plots real data. So it does not split or insert dummy data in order to fill gaps. Second, it tracks and displays all data outside of the Renko bricks, which are displayed as wicks. With these changes, BetterRenko can be used in the classic sense of removing noise to better see price action, while also still maintaining back-testing integrity."
Link to original article by "Aslan" with more details: http://www.bigmiketrading.com/sierra-chart-programming/7913-betterrenko-sierra-charts.html

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Comments (1)
user-offline.png  Michael (Id2)
Dec 15, 2011 - 20:57

Addition to this we can calculate a percentage of blocks rather than points, it is very important because it put in points is not always easy, because at different price movement of different example, at a cost of 1000 points sp500 brick in the 10-point is 1% and at a cost of 1300 is 0.76%, I think the big difference. and also exposing the brick as a percentage of can be viewed in one window a lot of tools without changing the parameters of the size of the brick.

Issue basics
  • Type of issue
    Feature request
  • Category
  • Targeted for
    MultiCharts 8.0 (RELEASED)
  • Status
User pain
  • Type of bug
    Not triaged
  • Likelihood
    Not triaged
  • Effect
    Not triaged
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