Hi,
I am looking for some guidance in setting up Renko charts.
- I am unsure of how to set up the ticks. For example in the drop down windows at the top of the chart, I have options to run the chart ‘tick by tick’ as well as ‘(x) ticks’. When I use ‘tick by tick’ the resultant chart has only a limited amount of data. When I set ‘(x) ticks’ to 100 this generates a reasonable chart. However, when I adjust the ‘(x) ticks’ to a different number, say 1000, its changes the nature of the swings. This differs from the package I have been using to generator rank charts (Tradovate). I am therefore wondering what the recommended approach is with PRT?
- When I add exponential moving averages to the Renko chart, are these calculated using the Renko data or do they reference the underlying closing price? Again the EMAs set on a 4 tick Renko differ from my other package. I am unsure whether that is because of point 1 above or whether the calculation of the EMA references a different data source
Please update your country flag in your settings, thanks.
To ensure you have correctly built renko charts (which are totally independent from time), you must use the tick-by-tick chart to build them. To get more history, just expand the units displayed.
The EMA are using the renko bricks OHLC, not the normal candlesticks ones.
Renko charts begin their construction from the beginning of the history loaded and according to the price ‘movement’, so the charts may differ a lot from any other source or even if you set the starting point of data history differently. Did you also compare with the exact same instrument between the 2 trading platforms?
Thank you for the quick reply. Manually setting the history to its maximum 100,000 improves the chart, though this still a relatively limited data series. Attached is a chart of the NQ for e.g. with a 2 tick Renko brick. I guess as you say differences in the starting point of the data series are the likely source of discrepancy between platforms. It does make the parametrisation of the brick size rather subjective and dependent on the history used which is something I hadn’t fully appreciated. Thanks.
Following this. Attached is shot of a 3 tick Renko on GBPUSD with the units displayed set to maximum (100,000). Is there really no way to expand this data series with out increasing the brick size?
Thanks for your answer. Please see additional comments below.
Can somebody explain why the Renko brick only prints when I reload the template……………………………………..I watch and watch waiting for a new brick to print and nothing?
Only when I reload the chart does it print a brick.?
Renko bricks should plot in live if conditions are fulfilled for a new brick to appear. I recommend using the 1-tick chart. What size of renko bricks are you using?
