Hi,
is it possible to set-up Renko charts so they are not based on a time unit?
Hi,
By displaying the Renko in view “Tick by Tick”, it will evolve based on price movements and will ignore the time factor. This corresponds to the “normal” use of Renko charts.
Example of a Renko Chart in Tick by Tick mode:
[attachment file=63529]
The platform also allows to display Renko Charts based on time units. In this case, the Renko will take into account only 1 price per period (to choose in the properties window). This mode is not “standard” but was requested by users who wished to view the Renko Charts on longer time period than what Tick by Tick allows.
Example of a Renko Chart applied to the median price of a 1-hour chart:
[attachment file=63530]
Note that such a use does not mean that a new box is created every hour, but that the evolution of the Renko is determined by the median price of each hour instead of taking into account all ticks.
Regards,
Pierre
HI,
Thanks for your posts. Coluild I just ask if when choosing Renko charts, whether it is possible to create them based on log, tick, and time values?
Thanks,
gram
@gram It is possible to be more precise please? Since Renko bricks are just following the up and down (as “stair steps”) price movement, how do you consider using tick and time values please?
Hi Nicolas,
Thanks for your response.
I am working out whether to subscribe to PRT. I have done so before, but at the moment I do not have access to the software on my broker’s platform. So I cannot see the screen where you choose the type of variables to create the Renzo chart. This makes not hard to be precise about the choices.
However to be as precise as I can, I need to know whether I can calculate the size of the bricks, NOT just on agiven price value, but on a log calculation (e.g., 1% of current values). Hope this is clearer.
Thanks,
gram.
Yes you can use points, % and ATR(new in v11) to determine the renko brick size.
Oh, great Nicolas. In which case, I’ll go ahead and sign up.
Cheers,
gram
I have displayed Renko charts using tick by tick in order to be indipendent from time, but it is useless.
In fact it is not possible to use box dimensions greater than a significant value (for example 1% or 0,5 PIPs) other than ATR(x).
How can I overcome this issue?
Many thanks,
Guido
Hi Nicolas,
I am interested in using a Renko chart which has an overlap per convensional Renko but also incorporates tails or wicks. I can get this is Ninjatrader and I have copied a screen shot from that program but the file is too big. The picture is of a 8/4 Renko although this should be capable of being changed e.g. 4/2 ,12/6 etc.
I have tried using the file called “PRC_Renko bricks with wicks” but this produces a line of bricks at the same level until a new one is drawn tried several settings but doesn’t work on anything including tick by tick.
Can you help?
regards
John
