i saw this type of graph for ninjatrader. It is an interesting idea! Logik Hybrid Renko - Back To The Future Trading
It combines the advantage of both chart type and seems to reduce the noise of the market.
Maybe some programmer is interested to make it for mt4?
It is too general description - trying to reconstruct it would be a wild guessing game
i've already given one possible formula... it is simply average bar range + time requirement in other words every time price on a 1 hour timeframe moves 1 times the abr PLUS also an hour of time passes by a candle is drawn...... OR every time and hour of time passes by PLUS price exceeds 1 abr then candle is drawn. if you want price and time to be square we should have spacer bars too
same logic applies to ticks... all scales muti frames are best
most people want to divide x bars per hour or whatever or multiply but its not the way...first you add or subtract then the market multiplies for you
Isn't for the average bar range, the time requirement always the same (time frame of the chart)
It is a pity they do not show volume with the bars, it might reveal if there are zero-volume candles involved.
My blind guess is they keep a single candle for some minimum amount of time/volume/ticks, whatever happens. Then they allow to proceed to the next candle after the candle body exceeds the brick size again. In case the open-close range exceeds twice the brick size, they insert bunch of zero time&volume bricks.
I just asked the guy if he can provide me a free trial in order to try the chart on ninjatrader. If he accept my request i'll post some screenshots here and we will know more...
That would be good - to see the test results before starting anything
the formula isn't complicated. What i wrote above is bacially correct. I spoke to Michael and he confirmed the formula for me and gave me permission to have a mtf version done for ninja trader.
attention coders: please skype me at dagoods1 if you are interested in coding this.
its a hybrid. that is what the indicator is called because that is what it is. a hybrid. the formula is therefore a hybrid formula of time and price whether it be in range/volume/ticks. the point is that it combines price + time in a hybrid manner.
this is what Michael said about the indicator :
[5/8/2015 12:05:59 PM] Michael Patrick Lydick: Yes
[5/8/2015 12:06:12 PM] Michael Patrick Lydick: You would have to have the bar open on different charts, yes
[5/8/2015 12:06:25 PM] Michael Patrick Lydick: you could have a volume hybrid renko on one chart
[5/8/2015 12:06:31 PM] Michael Patrick Lydick: and a time based hybrid on another
[5/8/2015 12:07:17 PM] Michael Patrick Lydick: it doens't function on multiple sizes same time
[5/8/2015 12:07:19 PM] Michael Patrick Lydick: no
[5/8/2015 12:07:27 PM] Michael Patrick Lydick: so you could set a 10 brick renko
[5/8/2015 12:07:39 PM] Michael Patrick Lydick: to form only when 10,000 shares have passed through
[5/8/2015 12:07:44 PM] Michael Patrick Lydick: or a 6 tick renko that can only form
[5/8/2015 12:07:48 PM] Michael Patrick Lydick: after 60 seconds
[5/8/2015 12:08:00 PM] Michael Patrick Lydick: or a 16 tick that forms only after 1,500 shares of volume
Then it can not be used on mt4 : mt4 volume is ticks
respectfully, you are missing the point: the indicator draws its power in the fact that it scales price with time and effectively eliminates noise.... that can be accomplished with ticks or with pips in mt4 very effectively. it doesn't have to be actual volume...but ..to each his own so yes it can in fact be a great mt4 indicator