Discussion of article "Indicator for Renko charting"
I like Renko Chart very much.
It reprisents trend.
Trend is everything to make money at forex mkt.
found solution , the start date should be set during getting handle of indicator, otherwise it will begin calculate from the static start date initialization !
how put indicator,, and what this for mt5.. sorry i m newbie
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nice article and great indicator, overlaid visualization of time charts with renko is very powerful. however, I'm not able to get my charts to look like those in the article.
If I want to look at a 25 pip renko brick overlaid on a 1hr EURUSD chart, what should the setting be for "Points" - 25 ? Also, whats the meaning of the "Levels" variable ? And I cant get the zigzag lines to show on my chart. Would it be possible to share a template with the correct settings.
Thanks in advance...
nice article and great indicator, overlaid visualization of time charts with renko is very powerful. however, I'm not able to get my charts to look like those in the article.
If I want to look at a 25 pip renko brick overlaid on a 1hr EURUSD chart, what should the setting be for "Points" - 25 ? Also, whats the meaning of the "Levels" variable ? And I cant get the zigzag lines to show on my chart. Would it be possible to share a template with the correct settings.
Thanks in advance...
Thank you! The variable of "Number of levels (0-no levels)", just draw a horizontal line in the indicator window, to see prices of a brick.
You need: Step=25, Calculation period=H1 (This is a 25 pip renko brick overlaid on a 1hr).
Good afternoon,
Does RENKO work for MT5?
Abs
Good afternoon,
Does RENKO work for MT5?
Abs
Hello FernandoH,
Not natively. You need to use third-party indicators to use renko or range charts.
Best regards,
Malacarne
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New article Indicator for Renko charting has been published:
Articles Indicator for Point and Figure charting and Indicator for Kagi charting described Point and Figure and "Kagi" indicators charting principles. Let's study one of the programming ways of creating Renko chart.
The name "Renko" is derived from the Japanese word "renga", a brick. Renko chart is constructed from a series of bricks whose creation is determined by fluctuations in price. When a price rises, an up brick is placed on the chart and, with drop of prices a down brick is added. "Renko" means a "slow pace" in Japanese. The Renko chart appeared in Japan, probably, somewhere in the 19th century. The USA and Europe first heard about it after Steeve Nison published it in 1994, in his book Beyond Candlesticks: New Japanese Charting Techniques Revealed.
The Renko chart as the above mentioned charts ignores a timeline and is only concerned with price movement. Unlike Point and Figure chart, the Renko places each "brick" in a new column (in a new vertical plane), as for the rest, they have a common creating method: size of a "brick" ("point", "figure") is fixed, price analysis and figures lining are made in a similar way.
So, Renko chart is a set of vertical bars ("bricks"). White (hollow) bricks are used when the direction of the trend is up, while black (filled) bricks are used when the trend is down. The construction is regulated with the prices behaviour. The current price of the taken period is compared with minimum and maximum of the previous brick (white or black). If the stock closes higher than its opening price, a hollow (white) brick is drawn with the bottom of the body representing the opening price and the top of the body representing the closing price. If the stock closes lower than its opening price, a filled (black) brick is drawn with the top of the body representing the opening price and the bottom of the body representing the closing price.
The very first brick of the chart is drawn depending on the price behaviour, the bar opening price is taken for a maximum and a minimum of the previous brick.
A standard Renko chart example, Fig. 1:
Fig. 1. A standard Renko chart example
Author: Dmitriy Zabudskiy