Using Unirenko in Ninjatrader 8

What are Renko bars and Renko charts?

Renko charts are used in technical analysis to simplify price action and help identify trending and non-trending markets. Compared to traditional candlestick charts, Renko charts are unique in that they are based solely on price movement without regard to time. Renko bars, created in Japan, are believed to have gotten their name from the Japanese word for bricks, renga . Each new Renko bar, or “Renko block,” is formed only after the price has moved a specific amount, known as the block size. This differs from traditional candlesticks that form after a specific period of time has elapsed.In addition, Renko bricks are always placed at a 45-degree angle up or down from the previous brick and never side by side, as seen in the chart below.

How to create a Renko chart in 4 easy steps

  1. From the Control Center, click New > Chart
  2. Select an instrument in the upper left corner
  3. In the right side panel, set the Type to Renko
  4. Configure any other parameters, including Block Size, and click OK

Trend following versus choppy markets with Renko charts

Renko bars can be especially useful in trading strategies to identify when a market is in a trend versus sideways trade.Areas can identify a potentially trending market with several consecutive green or red bricks. Choppy and whipsaw trading can be detected by alternating red and green bricks.In addition to multiple chart styles, bar types and drawing tools, NinjaTrader is equipped with over 100 built-in trading indicators to assist you in your technical analysis of the markets.

How do you use UniRenko bars?

In this tutorial, you can configure UniRenko bars in both NinjaTrader 7 and NinjaTrader 8.

UniRenko Bars for Trading Strategy?

There are different traders that use renko bars to create strategies in NinjaTrader, here you will see an example:

Leave a Comment