The exciting new renko optimiser for NinjaTrader 7 and NinjaTrader 8 is here. No longer will you have to guess at the optimal setting for a renko chart on NinjaTrader. The renko optimiser indicator does it all for you automatically and with one click of a button, delivering the optimal renko brick size for all markets, instruments and timeframes. The indicator works using average true range or ATR to deleiver the optimal setting during the trading session, ensuring you are always trading at the speed of the market.
By using Average True Range the Renko Optimiser indicator starts by calculating the degree of volatility of the instrument within a given period and timeframe. You may already be familiar with ATR and by using the ATR to determine the brick size, we can eliminate the noise or volatility normally present in a candlestick chart. It is a popular technique used by traders with Renko charts but which is all automated by the Renko Optimiser indicator.
Everything is then encapsulated in a button conveniently located at the bottom of the chart. This button displays the calculated best brick size for the current market and timeframe selected. By clicking the button, the indicator automatically reconfigures the current candlestick chart to switch to an optimized NinjaTrader Renko chart using the calculated brick size.