This is my implementation of a Universal Renko bar type. It allows the user to choose when the bar closes in the direction of the previous bar (Trend), and when it closes in the direction against the previous bar (Reversal).

This allows you to tailor the bar to behave specifically how you want it in ways that hopefully may enhance your particular trading style. As an example, if I am a reversal trader, entering on reversal bars, and putting my stop behind the entry bar, I can choose trend and reversal settings that minimize the size of reversal bars, and therefore optimize my stop sizes, etc.

Parameters are:

'Tick Trend' ‐ Number of ticks to close the bar in the Trend direction
'Tick Reversal' ‐ Number of ticks to close the bar in the Reversal direction
'Open Offset' ‐ Number of ticks offset to draw the artificial open

Like most Renko bars, the bar open is artificial, and is placed by default halfway up the previous bar. The open is aesthetic only, it is not used in the bar size calculation. The tails on the bar show real prices. Should be backtestable if stops/targets are placed outside of the bar. Internally uses NT PeriodType.Custom5

Get the Renko Bar Type for NinjaTrader 8.