You may have used ninZaRenko for years, have you ever wondered what the real “face” of ninZaRenko is?
ninZaRenko is the most-used mean renko bar for NinjaTrader 8 for its ease of visualizing trends.
Our famous ninZaRenko bar employs an “artificial” open to help maintain a unified brick size between up & down candles. It’s the artificial open that brings harmony and beauty to ninZaRenko charts, therefore helping traders visualize trends with ease and comfort.
However, the artificial open also results in a problem for system builders: ninZaRenko cannot be backtested. Therefore, we have developed a new bar type for NinjaTrader 8 namely KingRenko$ to resolve this backtest issue.
What is KingRenko$? Simply put, KingRenko$ is the real “face” of ninZaRenko. No artificial open, only real data. So you can see for sure the real OHLC of a KingRenko$ candle. As a result, KingRenko$ can be backtested accurately.
Can it be used for LIVE trading? Yes, sure! Not only good for backtesting, but KingRenko$ is also great for LIVE trading because you can see the real OHLC of a candle.
KingRenko$ also has exactly the same settings as ninZaRenko: “Trend Threshold” and “Brick Size”.
If the settings are identical, the Close prices of the 2 bar types match exactly. Therefore, any indicators that are based on the Close price will have identical values on the ninZaRenko and KingRenko$ charts.
- 25 Oct 2022 – Version 1.0 – The bar type was released (built new).