The Smart Super Renko for NinjaTrader 8 was designed to work well with the Smart Patterns Trading System and other applications, and is an excellent bar for general purpose with many tradeable patterns off the bars themselves. This bar has capabilities well beyond other Renko bar types and is fully backtestable. Also see the video below to learn more about this amazing price bar.
Two bars are generated. 1) A reversal bar. and 2) a continuation bar. A reversal bar or Continuation bar can be set to any range. With it set to 5 Continuation and a Reversal Bar of 10 for example, it will print bars like the original Smart Renko. Continuation and Reversal bars can also be set to be equal or smaller reversal bars and longer continuation bars. This opens the door for many possibilities for trading and research, including multi-timeframe analysis and trading.
If the Reference is set to 1, it will reset at the session change. Set to 2, it will be referenced to the beginning of your chart. If set to 3, it will print even numbers (ending in 0). The reference can also be set to provide offsets. This offset capability enables you to offset charts by the set number of ticks in the last digit of the configuration number for doing research or for offsetting automated systems to distribute liquidity and or have an advantage over other normal Renko users by completing bars at levels other Renko users may not be able to set up to trigger at.
Another substantial benefit is the capability to use Tick Replay; something that is not normally possible with Renko bar types. This functionality enables you to see historical patterns or indicators that otherwise would not be able to be seen on your chart history in cases where an indicator is set to update each tick. Note Tick Replay can be processing intensive on loading your chart, so if you are not needing such functionality, it is likely best not to select this.
Smart Super Renkos come with a fairly extensive manual covering Bar Type Theory, Patterns and Concepts.
A lot of technology has been developed around this bar type and its structure that we use in our trading rooms. The Oil Trading Room for example has identified many tradable patterns for use with this bar and is an excellent educational resource. For more information, visit http://OilTradingRoom.com
Also look in the related products section below or Smart Patterns Systems or other categories from the drop down menu above that include or can be combined with this great tool to create a comprehensive strategy and for special pricing.
As always, as if you need assistance we are here to help.
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