Trader Set - Uni Renko Bars

Before we start, to Trading View Developers :

1- Give us a command to get projection bar's current value, close gives the last bar's closed value not the real time market price
2- Why indicators and Oscillators can't update themselves on the projection values? It doesn't make sense, YOU are drawing the projection but won't let indicators / Oscillators update during that time?
3- Give us a damn section in category list for things like this, there was not category for a custom chart type !


Ufff, now that I took those words out of my system,

Here is the story,

few months ago (read it 10 months) I found about Woodie's indicators in Ninja Trader. At the time I didn't know the exact name for the type of charting he was using, all I knew was one sentence he said, it's based on a median renko chart (well, he told different things in different places, but this one was accurate). So? I started a huge R&D, lots of nights with head aches and not sleeping. Finding the exact formula HE was using was a nightmare. When I was close to the end of road in developing this chart type, I found in futures.io forum that Woodie got the IDEA from another member of futures.io, at least now I new that these charts are called Uni Renko Charts. But the image in the forum was not what you would see in ninja trader, also, they ask for 100$ for elite membership, I was so close in solving the equation myself that it was not worth paying it.

At the end I was successful thanks to another script I found in trading view! The formula for drawing the bar was not what the guy was using, but the heart of this system, the smoother price per bar... It was there.

At the end of the road, that few lines of code was the only thing I could find, the dynamic trend ( Purple Crosses in picture ) for example, was a nightmare to make. What woodie had made no sense to be used as trailing stop, the stop would be hit by market so late that you would loose most of the profit, at the same time, during the retraces is the trend, it would be easily hunted !!! That was the clue for me to look for something by myself.

At the end of the road, after 10 months of R&D, without a solid source of information, I got it working.

To use this, you should set your chart on Renko, Traditional with box size of 3.

Please, don't ask for access, only my students from my classes will have access to this indicator, at least for time being. If at any time in future I wish to sell, you will find the price and how to buy in the comments bellow.

Phát hành các Ghi chú:

Small little fix, had typing mistake caused by copy paste on a title, also changed the default shape for reversal signal to cross instead of circles

Phát hành các Ghi chú:

Turned buy/sell signal off until a better complex signalling by combining strategies that are under development. changed the way tick value and resolution multiplier is being calculated, no more need for user input, they are calculated automatically.

Phát hành các Ghi chú:

- Added the ability to switch bar drawing to ATR mode, used when traditional renko chart don't get data stream and user is forced to work with ATR mode
- Added two zones for price markets, these are zones that if price hit them, you would have RSI with period of 55 bars sitting on 70 or 30 (Don't call them over bought / over sold, THAT is wrong and only fools believe it)
- Added the setting to use dark colors vs bright colors (good for taking pictures for presentation pictures only)

Phát hành các Ghi chú:

Added Blue Color Set, and made it default.
Who said that charts should be red and green when "RED" is meant to give stress and "GREEN" is a happy color? YES, the market, even their tools are made to play with your psychology ! Why blue? Do you know any better color for relaxing and ease of eyes for long periods of time?

If any one interested in any special color set, just put it in the comment with the color codes (HEX codes, you can get them from photoshop or gimp!)

Phát hành các Ghi chú:

- Removed Buy Sell Signalling, it has it's own indicator now
- Changed the default Renko calculation from ATR to Traditional, visually, you may not notice big difference, but fundamentally, it's the correct way of calculating bars
- Now will use ATR for Renko calculations only if you check marked Use ATR in input
- Changed the formula for next bar up and down again, visually, no BIG difference but much better formula
- Moved the Renko Close / Open dots to another space and changed it's usage, now they have totally different usage
- Added two dots between next bar up/down and RSI helper, they can be used for few different reasons and are good helpers there.

Phát hành các Ghi chú:

fixed a small little typo that would cause getting the close value as the bar low, the effect on charting is really small but needed to be fixed.

Phát hành các Ghi chú:

- Added "inside" bars; these are bars that are considered noise in the market, they can show up during a trend when someone takes profit, but seeing many of them in a side way move, is a good indication of price consolidation.

Phát hành các Ghi chú:

Changed the formula for drawing the bar height, now, in 15 minutes and bellow time frames, the bar height is different from above 15 minute, this will eliminate noise in higher time frames better but still in lower time frames draw the bars with more accurate numbers to use for different strategies.

Phát hành các Ghi chú:

Lots of code cleaning and sanity checks for fixing NAN values.

Phát hành các Ghi chú:

-Changed the Bar type default value to be ATR
-Changed the default box size to 5 (fits with Bitmex that me and my students are working for default)
-Turned off Weighted Center by default
-Added option to either continue the trend reversal signal forward or not when it's being drawn
-Changed back the default shape of trend reversal signal to circles

Phát hành các Ghi chú:

Code cleanup, Final Version.

Phát hành các Ghi chú:

Added two very useful moving averages that behave as short and long time support resistances.

Phát hành các Ghi chú:

- Removed the need for user to put the box size, now it calculates automatically.
- Added box height multiplier, setting it to one, would behave like you are looking at normal renko bars.
- Removed drawing of extra features (on the right side of the bars) from this script to put it on their own new script.
- Changed the reversal signal indicator back to cross shape by default
- Changed the formula internally (nothing visible on front end)
- Turned on weighted center drawing by default.
- Famous last words, should be final version now !

Phát hành các Ghi chú:

FINALLY, a real, true solution for bar calculation. TOTALLY removed the bar height multiplier, no matter what market you choose now, the data will be drawn properly, the chart will take the correct tick size from the pair's data, and the box height will be calculated automatically. Also, added more filters for signalling, this reduced at least one false signal per wave up down cycle ! at the same time, added a new color code that will help Identify what is going on in the market.

Phát hành các Ghi chú:

a little fix on fractals, removed the option to draw fractals continuously.

Phát hành các Ghi chú:

Final product.

Phát hành các Ghi chú:

Minor tweak in color coding the dynamic trend

Phát hành các Ghi chú:

Finally had time to sit back and play with reversal signal conditions. Now it's perfected. At anytime if we have a false signal, in less than two bars the system fixes itself for the correct direction. Note that, when the price is consolidating, you would get reversal signals one after another but that is not a problem because my students know how to handle consolidations ;)

Phát hành các Ghi chú:

Minor adjustment for the reversal signal size when it's cross to better fit with it's comparison (circles now are default)

Phát hành các Ghi chú:

Added color blind mode for bars and signals, it works best when you set the background color to total black.