The Renko Bar package come with four (4) bar types and a specific indicator for this bar type; a low market liquidity detection tool and the projected high low level for the next bar. You may register for FREE trial anytime.
Indicator Description
The LizardRenko has dynamic parameters for determining trending vs. reversal bars. A standard 1:2 ratio is available as D-Renko, The T-Renko and Q-Renkos deliver 1:3 and 1:4 ratios respectively. All our Renko bars are based on true price action, have genuine timestamps and are fully backtestable in all modes and settings. Finally, they do not produce “fake bars” with zero volume. They can therefore be synchronized with multiple bar series scripts.
LT_Renko_Tools:
Market Liquidity: Detects low liquidity scenarios where thin market conditions cause one or several order book levels to be skipped.
The situation occurs when there is a gap of more than 1 tick between the closing of a renko bar and the opening price of the next renko bar. Alternatively, when a renko bar closes above the projected high / low, thus skipping one of those levels. Such Illiquid market situations may be displayed via paintbars and signalled via sound alerts. The Renko Tool comes with a public property “MarketLiquidity “which can be accessed via an indicator or strategy.
Projected Renko High/Low: The Renko Tool can be used to reduce slippage as it calculates the projected high and low for the next renko bar. These levels can be used to enter stop orders before the new bar has actually closed.
Sound alerts may be activated and triggered when one of the projection levels is reached thus closing the current renko bar. Two public properties “ProjectedHigh” and “ProjectedLow“ can be accessed through an indicator or strategy.
The indicator is available for NinjaTrader 8 and is compatible with the tools found in our Indicator Library. Additional information on why we developed custom NinjaTrader Renko Bars was discussed in this blog post.
| Indicator Price | $ 225.00 | ||