I'm relatively new to renko but I have attached a renko indicator which I downloaded. All you need to do is attach to a chart (no need offline chart). Please take a look. I use a 100 point (10 pip) box size to plot the charts. Could someone please explain why the renko chart changes with time frame? Does it use live market price? I thought renkos were based on price movement and not time. And it is not just different amounts of data in the different timeframes, it is literally different chart patterns as the timeframe is changed and i do't understand.
thanks in advance.
This is not a reply to your question but just the information about Renko I found on the forum -
Forum on trading, automated trading systems and testing trading strategies
Sergey Golubev, 2018.01.04 12:50
Free To Download: Renko indicator
and some more information is on the following thread.
Sergey Golubev, 2013.09.03 11:03
Renko (extraction from Achelis - Technical Analysis from A to Z)
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.
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
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.
Renko charts are always based on closing prices. You specify a "box size"
which determines the minimum price change to display.
To draw Renko bricks, today's close is compared with the high and low of the
previous brick (white or black):
If the closing price rises above the top of the previous brick by at least
the box size, one or more white bricks are drawn in new columns. The height of
the bricks is always equal to the box size.
If the closing price falls below the bottom of the previous brick by at least
the box size, one or more black bricks are drawn in new columns. Again, the
height of the bricks is always equal to the box size.
If prices move more than the box size, but not enough to create two bricks,
only one brick is drawn. For example, in a two-unit Renko chart, if the prices
move from 100 to 103, only one white brick is drawn from 100 to 102. The rest of
the move, from 102 to 103, is not shown on the Renko chart.
MetaTrader Trading Platform Screenshots
AUDUSD, D1, 2013.11.07
MetaQuotes Software Corp., MetaTrader 5, Demo
renko + candlestick
Here are my top 6 reasons of why I choose Renko Bars and charts: