ATR Renko Chart

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Every MT4 Renko chart code I've seen uses absolute brick size. Has anyone seen or developed Renko chart code based on Average True Range? (Other charting packages have that optionality so I figure it has to be floating around somewhere)

 

Not in the "classical" renko bars form but you have it for metatrader too. See this post : https://www.mql5.com/en/forum/178540/page25 . It is a conversion from metastock

crussev:
Every MT4 Renko chart code I've seen uses absolute brick size. Has anyone seen or developed Renko chart code based on Average True Range? (Other charting packages have that optionality so I figure it has to be floating around somewhere)
 

Agree with mladen, check out the link. Good Luck.

 

I've been thinking along the same lines.

The true range indicator is the greatest of the following:

-current high less the current low.

-the absolute value of the current high less the previous close.

-the absolute value of the current low less the previous close.

This would have to be reworked for renko or range bars because the current high less the current low is always the same.

This will require a new line of thought.

Thanks..

 

any indies to share will help:)

 

also any templates as well:)

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