The Lucrum Vision Renko custom bar type for NinjaTrader 7 & 8 is a non-time denominated bar to give a better sense of price action charting. Renko bars are an effective way at reducing “noise” generated from non-trending markets. The problem with standard Renko charting is its inability to accurately track complete price data. Standard Renko charts operate with hindsight bias which provides false information in both live and historical charting.
The Vision Renko bar type is the most accurate Renko price action chart available for NinjaTrader 7/8. Most Renko Bars operate under the assumed pretense of seamless data, meaning price action is in a consistent valuation up or down. The problem with this however is that price action is not seamless and does encounter changes in price between ticks to a measurable extent.
Vision Renko eliminates this problem but utilizing offset bar formations as well as using tick level data.
As each tick comes through, Vision Renko updates just like any other bar would, keeping track of the OHLCV accurately. Once price has exceeded the user defined bar length above or below the open a new bar is formed. Since both the open and the close of each Vision Renko bar reflects the actual price of the underlying instrument, users can be confident in Vision Renko’s back test results. By providing the user with high and low prices, Vision Renko offers the user additional information that the NT7/NT8 default Renko bar does not.
Feel confident building your strategy or active trading on the Vision Renko bar type knowing that hindsight will not blind you of the true price action and true results.
