Actual Renko

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If someone could put together an actual Renko indicator for us it would be really helpful, I know I and some others would be very appreciative.

Not a line or histogram based renko indicator, but the real box renko.-between convictions.

Its extremely useful for making sense when the market is in

Many many thanks.

006

 

Found one here but its only its not in english.

many thanks again.

 

renko

It depends what platform you are using , I havent seen a successful renko for metatrader but some other platforms do have them

 

some renko kagi here

Files:
kagi_1.mq4  7 kb
kagi_2.mq4  12 kb
renko_1.mq4  9 kb
renko_2.mq4  9 kb
 

KAGI2:

gbpusd 1.7915

I need 5-100 PIONT,NOT %

 

Renko for MT4

This Renko doesn't seem quite like the others. I'm used to setting .002 for 20 pips on the majors, 0.5 for G/J, etc... but this one doesn't seem to allow for decimals. If I want 20 pips per box, would I put that in as just a straight 20, then? This particular Renko also seems to scale according to timeframe, which doesn't sound quite right. Is it used slightly differently? Is there perhaps a tutorial somewhere?

Many thanks in advance,

-=Black Knight

fxKnight.com : Tools and Strategies to Empower the Forex Warrior

 

From "Technical Analysis from A to Z":

Renko

Overview

The Renko charting method is

thought to have acquired its name

from "renga" which is the Japanese word

for bricks. Renko charts are similar to

Three Line Break charts except that

in a Renko chart, a line (or "brick"

as they're called) is drawn in the

direction of the prior move only

if prices move by a minimum amount

(i.e., the box size). The bricks are always

equal in size. For example, in a 5-unit

Renko chart, a 20-point rally is displayed

as four, 5-unit tall Renko bricks.

Kagi charts were first brought to

the United States by Steven Nison

when he published the book, Beyond Candlesticks.[/CODE]

Interpretation

[CODE]Basic trend reversals are

signaled with the emergence

of a new white or black brick.

A new white brick indicates

the beginning of a new up-trend.

A new black brick indicates

the beginning of a new down-trend.

Since the Renko chart is a trend

following technique, there are

times when Renko charts produce

whipsaws, giving signals near the end

of short-lived trends. However,

the expectation with a trend following

technique is that it allows you to ride

the major portion of significant trends.

Since a Renko chart isolates

the underlying price trend by

filtering out the minor price changes,

Renko charts can also be very

helpful when determining support

and resistance levels.
 

Thanks

Thanks, NewDigital... appreciate the reference. I'm familiar with the theory, was just having trouble with the settings on THIS particular Renko indicator (Renko_2 for MT4). Hard to put in 0.02 when no decimal point is allowed, thus I'm wondering if "20 pips per brick" would be input as just 20? 2? Etc.

Thanks again,

-=Black Knight

fxKnight.com : Tools and Strategies to Empower the Forex Warrior

 

Look at this link:

Renko Charts - MQL4 Code Base

 

actual Renko charts in the candles (not as indicator)

Hi,

has anyone ever tried to make renko charts (candles that are based on number of pips in one direction: candles close after e.g. 20 pips up or down, and don't close after a certain period of time e.g. 15min)? I have found a custom indicator that displays a renko indicator at the bottom of the chart, but I need the actual candles in my chart to be "renko candles".

thx

 

I moved your post to this thread.

The other thread about it is here https://www.mql5.com/en/forum/general

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