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SveRenkoBarType by Sylvain Vervoort
This is a modification to the Renko bar as described in the article Exploring Charting Techniques written by Sylvain Vervoort and published in the July 2014 issue of Stock & Commodities Magazine . This is being made available on BMT because the code is freely provided on Vervoort’s website (see below).
According to the published article (the first 1 of 6), “This modified chart will use the correct opening price for the next bar and will also show wicks.”. He further explains that an upward moving brick can only have a wick at the lower side and conversely for a downward moving brick which would provide a more accurate representation of the price move within the bar. He further explains the problem concerning gaps being filled with virtual bricks and that caution need be exercised.
Part of this article and the complete code (no download so copy/paste must be used) can be found on his website, and the URL is:
https://stocata.org/ninjatrader/typeofcharts.html
In Part 2 of the series he will explain how to use it for trading trends.
After downloading the code it must be copied to folder:
\My Documents\Ninja Trader 7\bin\Custom\Type
and because it is provided as a .cs file it must be compiled (by compiling any other indicator). Once compiled Ninja Trader must be closed and reopened before the new chart type, named “SveRenko”, can be used.
Notes:
1. Correction, there is a Custom 1 Chart Type in use. See comments on right by @aligator (Thank you).
2. This chart type was installed only on Ninja Trader 7.0.1000.22 and limited testing performed.
3. No support for or advice on how best to use this chart type can be provided nor can the full text of the article be provided.
Category NinjaTrader 7 Indicators
1561
Cheech
Comments/ratings
aligator June 23rd, 2014 12:04 PM
Thanks. Chart Type is Custom1 (near the bottom of the code). Make sure no other bar Type uses Custom1 location before installing this code.
Alex C July 11th, 2014 09:59 PM
Thanks, I really like using this indicator, good job!
rlstreet July 15th, 2014 01:39 PM
Thanks. The SveRenko chart type combines the advantages of the renko and the advantages of showing the wigs without making it all messy. If you would combine it with CandleStickVol you would het price and volume all in one presentation.
Portland July 17th, 2015 12:45 AM
Interesting, thanks!