MedianRenko Ultimate for cTrader & cAlgo

UltimateRenko is a popular alternative to time-based charts, as well as the built-in cTrader vanilla renko charts. The ultimate renko indicator includes all of the popular renko style variations, such as mean renko, median renko, turbo renko, better renko, etc. All charting types can display wicks, and all contain reference points (UltimateRenko Open, Low, High, Close) for use by other indicators as well as cAlgo robots. The available set of presets and inputs make it possible to set up various chart types, such as the ones shown on the screenshots below.

Available Inputs

• Bar Size (denoted in the number of pips)
• Renko mode preset (None, Renko, MedianRenko, PointO, Turbo Renko, HybridRenko)
• Open offset % (0 to …)*
• Reversal Open offset % (0 to …)*
• Reversal bar size % (0 to …)*
• Show wicks (Yes / No)
• Maximum Bars
• Reset Open on the new trading day (Yes / No)
• Use fixed Open price for 1st renko
• Truncate trailing digits on the first renko (Yes / No)
• The number of digits to truncate
• Bullish Bar Color (the color of all bullish renkos)
• Bearish Bar Color (the color of all bearish renkos)

*) The offset values, as well as the reversal bar size percentages, are calculated relative to the previous bar’s closing price, as presented in the figure below. These values are ignored if a renko mode preset is selected.

List of settings for constructing some of the most popular renko chart variations:

• Full Reversal Renko with wicks (Open offset = 0%, Reversal Open offset = 0%, Reversal bar size = 200%, Show wicks = Yes)
• Mean Renko (Open offset = 50%, Reversal Open offset = 50%, Reversal bar size = 150%, Show wicks = Yes)
• Standard Renko without wicks (Open offset = 0%, Reversal Open offset = 100%, Reversal bar size = 200%, Show wicks = No)
• Turbo Renko (Open offset = 75%, Reversal Open offset = 25%, Reversal bar size = 125%, Show wicks = Yes)
• 3 Line Break Renko (Open offset = 0%, Reversal Open offset = 0%, Reversal bar size = 300%, Show wicks = No)
• Hybrid Renko (Open offset = 75%, Reversal Open offset = 75%, Reversal bar size = 175%, Show wicks = Yes)
• PointO (Open offset = 0%, Reversal Open offset = 0%, Reversal bar size = 100%, Show wicks = Yes)
• UniRenko – Please see the UniRenko to Ultimate Renko settings converter.

The following inputs offer the most commonly used chart synchronization methods:

Reset Open on a new trading day – This is an optional feature, which ensures daily (or session) reference consistency. It reflects the correct daily (or session) open, high, low, and close values. To use this function, set this parameter to Yes. As a result, in some cases, you will see a gap between the previous session’s close and open of the current one.

Use fixed Open price for 1st renko – Another optional feature. It lets you create an anchor point for the opening price of the first renko bar to any price.

Truncate trailing digits on the first renko & Number of digits to truncate – These parameters create an anchor point for the first renko bar’s opening price using the “number of digits to truncate” parameter. Please see the example below:

A 10 pip renko bar chart will be used with a 5 digit broker where truncate trailing digits on the first renko will be set to “Yes” and the number of digits to truncate will be set to 2.

The chart will open at the 00 levels, and all consecutive bars will follow as presented below:

EURUSD 10 pip renko chart:
1st bar -> open 1.40100, close 1.40200
2nd bar -> open 1.40200, close 1.40300
3rd bar -> open 1.40300, close 1.40400
4th bar -> open 1.40500, close 1.40600

How it works…

The indicator is displayed as an overlay and should be attached to 1-minute charts for the best historical candle accuracy. All live candles are plotted tick by tick. Referencing the indicator from a cAlgo robot is as simple as referencing other standard cTrader indicators. Please note that you need to add a refererence to “UltimatRenko” when you are createing a cBot.

using System;
using System.Linq;
using cAlgo.API;
using cAlgo.API.Indicators;
using cAlgo.API.Internals;
using cAlgo.Indicators;

namespace cAlgo.Robots
{
    [Robot(TimeZone = TimeZones.UTC, AccessRights = AccessRights.None)]
    public class NewcBot : Robot
    {
        public enum RENKO_PRESET
        {
            None = 0,
            // None
            Renko,
            // Renko    
            MedianRenko,
            // Median Renko
            PointO,
            // PointO
            TurboRenko,
            // Turbo Renko
            HybridRenko
            // Hybrid Renko
        }

        //
        //  UltimateRenko indicator settings
        //
        [Parameter(DefaultValue = 10)]
        public double BarSizePips { get; set; }

        [Parameter(DefaultValue = RENKO_PRESET.None)]
        public RENKO_PRESET Preset { get; set; }

        [Parameter(DefaultValue = 50)]
        public int OpenOffset { get; set; }

        [Parameter(DefaultValue = 50)]
        public int ReversalOpenOffset { get; set; }

        [Parameter(DefaultValue = 150)]
        public int ReversalBarSize { get; set; }

        [Parameter(DefaultValue = true)]
        public bool ShowWicks { get; set; }

        [Parameter(DefaultValue = 300)]
        public int BricksToShow { get; set; }

        [Parameter(DefaultValue = false)]
        public bool ResetOpenOnNewTradingDay { get; set; }

        [Parameter(DefaultValue = 0)]
        public double FixedOpenPriceForFirstRenko { get; set; }

        [Parameter(DefaultValue = false)]
        public bool ApplyOffsetToFirstBar { get; set; }

        [Parameter(DefaultValue = 1)]
        public int OffsetValue { get; set; }

        //
        //  Declare and create an instance of MedianRenko indicator
        //

        private UltimateRenko renko_indi;

        protected override void OnStart()
        {
            object[] parameterValues = 
            {
                BarSizePips,
                // Bar Size (Pips)
                Preset,
                // Renko preset to use
                OpenOffset,
                // Open offset % (0 to ...)
                ReversalOpenOffset,
                // Reversal Open offset % (0 to ...)
                ReversalBarSize,
                // Reversal bar size % (0 to ...)
                ShowWicks,
                // Show wicks
                BricksToShow,
                // Maximum Bars
                ResetOpenOnNewTradingDay,
                // Reset Open on new trading day
                FixedOpenPriceForFirstRenko,
                // Use fixed Open price for 1st renko
                ApplyOffsetToFirstBar,
                // Truncate trailing digits on the first renko
                OffsetValue
                // Number of digits to truncate
            };
            
            // Initialize the UltimateRenko indicator

            renko_indi = Indicators.GetIndicator<UltimateRenko>(parameterValues);

            // Put your initialization logic here
        }

        protected override void OnTick()
        {
            //
            // Example: check if last 2 completed bars are bullish
            //

            bool lastTwoBarsBullish = (renko_indi.Open.Last(1) < renko_indi.Close.Last(1)) && (renko_indi.Open.Last(2) < renko_indi.Close.Last(2));

            //
            // Trading logic goes here...
            //        
        }

        protected override void OnStop()
        {
            // Put your deinitialization logic here
        }
    }
}

The available reference points (Open, Low, High, Close) of each UltimateRenko candle also enable you to attach technical studies to your chart. For example, you can attach Moving Averages for any of the reference points. In the example below a 21 period EMA of UltimateRenko Close is attached to the chart: