The Ultimate Renko indicator for the Metatrader and cTrader platforms is capable of displaying UniRenko charts which are commonly used on the NInjaTrader platform. Unfortunately, not many traders know how to correctly calculate the values for the individual settings of the Ultimate Renko charts. The main problem is in the correct calculation of the bar size.
UniRenko is defined by a set of three parameters that are often misunderstood by trades. These are the Trend, Reversal, and Offset. For example, a 9 UniRenko T9R48O24 chart typically called a 9 tick UniRenko chart does not have a bar size of 9 ticks, 9 pips, or 90 points. The actual bar size for Ultimate Renko is calculated from the Offset and Trend parameters and is defined by their sum which comes out to 33 pips or 330 points (on Metatrader 4 and 5).
An Ultimate Renko bar is defined by the following parameters:
- Candle body size in pips or points
- Open offset %
- Reversal Open offset %
- Reversal bar size %
This is how you calculate these values from the UniRenko settings (T, R, and O)
Candle body size = O + T Open offset % = ( O * 100 ) / Candle body size Reversal Open offset % = (( R - O ) * 100 ) / Candle body size Reversal bar size % = ( R * 100 ) / Candle body size
Please remember that the “Preset” value should be set to No, and “Show wicks” should be set to TRUE.
Calculating a few commonly used UniRenko settings for the Ultimate Renko indicator
These are just a few examples:
9 UniRenko T9R48O24
Open offset % = ( O * 100 ) / Candle body size = ( 24 * 100 ) / 33 = 73%
Reversal Open offset % = (( R – O ) * 100 ) / Candle body size = (( 48 – 24 ) * 100) / 33 = 73%
Reversal bar size % = ( R * 100 ) / Candle body size = ( 48 * 100 ) / 33 = 145%
2 UniRenko T2R10O5
Open offset % = ( O * 100 ) / Candle body size = ( 5 * 100 ) / 7 = 71%
Reversal Open offset % = (( R – O ) * 100 ) / Candle body size = (( 10 – 5 ) * 100) / 7 = 71%
Reversal bar size % = ( R * 100 ) / Candle body size = ( 10 * 100 ) / 7 = 143%
4 UniRenko T4R20O10
Candle body size = O + T = 10 + 4 = 14
Open offset % = ( O * 100 ) / Candle body size = ( 10 * 100 ) / 14 = 71%
Reversal Open offset % = (( R – O ) * 100 ) / Candle body size = (( 20 – 10 ) * 100) / 14 = 71%
Reversal bar size % = ( R * 100 ) / Candle body size = ( 20 * 100 ) / 14 = 143%
You can also use the UniRenko settings converter
Obtaining the Ultimate Renko indicator
Metatrader 4: https://www.az-invest.eu/median-renko-plug-in-for-metatrader-4
Metatrader 5: https://www.az-invest.eu/ultimate-renko-indicator-generator-for-metatrader-5
cTrader: https://www.az-invest.eu/medianrenko-ultimate-for-ctrader-calgo
MAR
2021