UniRenko, Renko bars, and how traders can gain a charting advantage 

A carpenter is only as good as their tools, and when it comes to trading, charts are essential tools for futures traders. Renko bars on a Renko chart portray price movement rather than both price and time period, making for a cleaner display. The Renko chart was developed by the Japanese, with its name derived from the Japanese word “renga” for bricks, since its chart lines are brick shaped.

Renko charts and Renko bars are popular among traders who want a focused, streamlined view of the market(s) they’re monitoring. They help filter out the noise, allowing traders to easily identify the trend(s) taking place.

UniRenko compared to Renko chart, Renko bars

UniRenko is a variation of the Renko chart. Whereas the Renko chart only takes in one parameter (price movement), UniRenko uses three parameters for traders plotting their chart: tick trend, open offset, and tick reversal. These inputs allow for more granularity in determining trend reversals.

Applications for Renko bars, Renko charts and UniRenko

The NinjaTrader Ecosystem has several third-party providers offering Renko bars, Renko charts, UniRenko, and other indicators for futures traders, many of which are either free or available to test through a free trial. Some examples are:

• Free ninZaRenko Bar (with Wicks) by RenkoKings.com is the ultimate mean Renko version (with wicks) for NinjaTrader 8. It removes noise and helps visualize trends. ninZaRenko can be used for charting, trading, backtesting, and programming.
• Optimal Renko Bars by Optimal Ninja offers advanced logic auto-selection for the smoothest fit Renko bars for your charts in real time. This dynamic, self-adjusting bar type responds to today’s market.
• King Kong Trading RK: Robust Pullback Package Specialized for Renko Bar is a package featuring two indicators and an ordering tool, ensuring a comprehensive entry identification optimization and effortless order execution.

To learn more about Renko charts, Renko bars, and UniRenko, and for full access to a growing library of popular indicators plus market analyzer and SuperDOM add-ons and more, visit the NinjaTrader Ecosystem’s trading apps and services section.

How to Add 3rd Party App to NinjaTrader

To import your 3rd party app or add-on to NinjaTrader, simply follow these 3 steps: