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median renkos looks nice, only make 3 big mistakes:
- use a virtual, never traded open price with zero volume
- use a NO-GAP loop for create vitual never traded candles with zero volume
- use different volume logics for history and live mode
=> unuseable for realistic backtests and for any volume and/or tradebased analyse
=> for visual live charts without its look good, only many other indicators give wrong/crazy results
Yes, even the author quickly said not to use MedianRenko anymore, and tried to delete all the copies on the forum and replace them with his next version called SbsRenko (as memory serves).
Then @aslan introduced Wicked Renko, which was then later replaced with the superior Better Renko. I think everyone should just use Better Renko or traditional renko, and forget about all these other types because they think they have special powers since they are harder to find or less talked about...
We need to find a Victim, I mean volunteer. I am out straight right now, but this issue keeps coming up in many different ways.
I can help someone structure it as the WIKIs are not straight forward without going through your tutorials. If someone is interested, let me know. Good history to capture for future reference.
There seems to be a perception that zero volume bars or gap filling is a bad thing. Personally, I think they are just fine as they contribute to the visual aspect of the Renko chart. If you were to put other indicators on a Renko chart, filling the gap can be good or bad depending what kind of behavior you want. Filling the gap can be good because it allows an indicator to normalize faster (i.e. an avg) or by the same token bad because it lets it normalize faster (i.e. want to maintain distance for longer period of time). Depends what you are trying to get out of it.
Of course you need to deal with that from a backtesting perspective, and unfortunately it appears Ninja no longer deals with zero volume bars.