Explanation of Hybrid Renko and NT Renko Bar Types?

I

Incandenza

Member
Joined
Jan 5, 2023
Posts
21
Likes
3
Can someone please point me to the documentation for the "hybrid renko" and "NT Renko" bar types? I can't find anything on the site or in the forum about them except for two sentences about hybrid renko: "This new type of bar is similar to a Renko bar but adds a 'reversal' interval that applies when the trend changes direction. Options are available for showing the tails (real high/lows) and normalizing of the bars (each bar is artificially set to the reversal size)."

That explanation doesn't exactly square with what I'm seeing on the chart, and I'd like to understand in more detail. If there's no documentation, can someone explain what the settings mean? For Hybrid Renko how do the 'interval' and 'reverse' settings change the chart? How about "show range outline"? Where does it come from, and what's its significance? For NT Renko there's just a link to newbie trader's website. Thanks in advance to anyone who can help me understand these.
 
“Traditionally, the opening price of a Renko bar is printed at the close of the prior bar. The effect of this is that the price must move one full bricksize in order to print a new bar. The NTRenko changes this. The NTRenko offsets the open with respect to the prior candle at the 50% level allowing new candles to print in faster succession which leads to more responsive indicator
updates.
NTRenko Reversals A new brick is created in the same direction of the current brick if the tick price moves the brick Size amount in the same direction. However, if the price move 100% of the brick size from the
open of the previous brick, an opposite direction (reversal) brick is created.”
 
You must log in or register to reply here.
Top