InterChart Tools mRenko High

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Ict mRenko High - computes the High value of the mRenko Money bars.

Parameters:

Minimum for 1 Virtual Tick in $1000's - Specify a size that will not be overcome by noise for the security that is being traded. If you set this value to 5, for example, it would mean that a $5000 price change in the same direction must occur before a bar would be created. The minimum allowed value is 1. This parameter must never be optimized.

Ticks per Up Bar - represents the number of virtual ticks up in order to complete an Ict Renko Bar when price is increasing. Suggested range is from 1 to 5.

Ticks per Down Bar - represents the number of virtual ticks down in order to complete an Ict Renko Bar when price is decreasing. Suggested range is from 1 to 5.

Bar Size Multiplier - is a parameter that is used to multiply the number of Ticks per Up Bar and Ticks per Down Bar in order to create larger size bars to eliminate noise when building trading systems. Suggested range is from 1 to 3.

High - must be set to the High value of the base chart. This parameter must never be optimized.

Low - must be set to the Low value of the base chart. This parameter must never be changed.

Volume - must be set to the Volume value of the base chart. This parameter must never be changed.

The Ict Renko Bars parameter called Ticks per Up Bar allows you to specify the number of virtual ticks used to calculate the up part of the Renko bar as well as virtual Ticks per Down Bar that is used to compute the down part. Since any bar's function is to absorb noise and rising price jitter is often different from falling price jitter, the Ict Renko bars permit an asymmetrical definition to accommodate this. A Bar Size Multiplier gives you another option for filtering noise in price data.

Renko Bars are only displayed on the chart when price has moved either up or down by the number of virtual ticks specified in either the Ticks per Up Bar or Ticks per Down Bar. For Renko bars, the change specified in the number of Ticks per Up Bar or Ticks per Down Bar must be in the same direction before a new bar is formed.

NeuroShell Renko bars may, at the user's discretion, be controlled by the NeuroShell Trader optimizer to identify the optimal bar size and noise absorption for a given algorithm or security.