I recently wrote this RBI indicator and found it very useful for my trading. I got frustrated of fighting the bugs of different BarsTypes (for instance Tick and Renko charts of the same instrument), and the ugly superposition of different Bars Types in NT7.
So what I am doing now is calculating and plotting as an INDICATOR the "LineOnClose" of the Renko Bars on top of 1 Range and 1 Tick Charts (I also use others), so that the nice "big picture" noise filtering view of the Renko bars combines well with the detailed price action. Works great on strategies, no need to use "AddRenko" or Add(PeriodType.Renko), they run much faster.
See attached screen capture, the Black plots are the LineOnClose of the 1 Range or 1 Tick Bars, the Blue plots are the LineOnClose of the RBI. You can select the BrickSize, Reversal amount (Renko's default is 2 Bars) , and to color the backgound based on the RenkoTrend. It also has a RenkoTrend +1 / -1 output for strategy integration uses. I hope you find it useful, I have "borrowed" so much good stuff from BMT!
LATEST UPDATE SEPT 7 2010 V11 6.5 compliant.
Exported using 6.5.1000.16.
Review video of features here & here.
Further enhancement of my High Low Indicator.
Shows prior bar high and low and detects breakouts from it highlighting them visually and/or with sound.
The image saves me a thousand words
v10 Aug 12 2010
Added Inside Bar detection.
Added Key codes to make removing rectangle and/or text easier.
Added Bid Ask Lines Display.
Removed C = Current Ticks on range charts - seems redundant and takes up screen estate.
Widened rectangle.
v11. Sept 7 2010
Added HighestHigh/LowestLow of NBars as new type.
Added ability to displace box 1 bar to the left.
Widened Rectangle so there is no interference with Candlesticks.
Please remove all prior versions before installing the latest version.
I don't deserve much credit for this as it is simply a straightforward modification of Mike's Triple Smoothed EMA using predefined instances of the external indicators for code optimization. Elite only, please.
The EMA needs to be optimized too, for best results. That may have been done in latest version of NT7.. not sure, please check release notes. I did a quick check but did not find anything on EMA.
Here is a system i had programed fully working - but would like to have it improved by adding additional safety parameters like athe atr and trend line - maybe being able to use the MM or stochastics or the grail to also make decisions - this is more for the automated
I personally prefer to have the High and Low prices printed on the chart upon completion of a Yellow Inside bar. The price labels will help my placing a pair of breakout trades.
April 29th, 2015 10:02 PM tristanse bizman70: just wondering if you could tell me a little more about this automated strategy? even after downloading and
backtesting can't figure it out. I cannot trade manually so i've been on the hunt for an autotrader for quite some ti
me. this was submitted 5 years ago. accomplished anything interesting since than?? Thanks, Tristan
November 30th, 2012 05:05 AM dilbert618 Thank you bizman70
October 1st, 2016 11:47 AM gentech Thank you so much for this indicator. I was trying to figure out how to code for this and just happened to find your ex