How can Renko indicator generate a buy? - Articles, Library comments

Discussion of article "Indicator for Renko charting"

MetaQuotes · 2023-02-18T08:47:24.0000000Z

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

Antonio Dario Vicente 2015.05.31 16:13 #11

Hello FernandoH,

Are you using RENKO?

I downloaded Custom Chart- demo-free and the whole terminal crashed. My templates disappeared and now the terminal won't even load the active ones. Do you have any idea what it is?

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1000016438 2015.06.19 06:32 #12

Mestre DMITRIV Thank you ! I'm from Brazil and I appreciate your available artig. I'm Using some Other setup Renko indicator. Dimitri master. Your comments on the blog are being very helpful, thank! I'm using a different setup Renko. I can not set up your "abcr" for the "Future Ibovespa Index - BMF (WINQ15) " . I believe I'm going with the wrong parameters ..I have done various combinations but does not work !! Use this index configuration size of 100 points FOR 1 Brick .I need setting for 1 minute, 5 minutes, 15 minutes and ticks. I would greatly appreciate that u help me set up correctly .. step - 100 type_step - point magic_numb - ? levels_number - 1 levels_color - ok time_frame - 1 , 5 , 15 e ticks ? time_redraw - current first_date_start - 06/2015 type_price - Close shadow_print -true; filter_number -2 (the price need to revert back all the brick is, and again the previus ,ok?) zig_zag - true; zig_zag_shadow - used to draw ZigZags according to the maximum and minimum prices (uses the closest maximum and minimum prices to construct zigzags on endpoints); I did not understand ?? zig_zag_width - 2 zig_zag_color_up - yellow zig_zag_color_down - red square_draw - TRUE; square_color_up - YELLOW; square_color_down - RED; square_fill - brick coloring on the main chart; TRUE square_width - 2 ; frame_draw - TRUE frame_width - 2 frame_color_up - YELLOW frame_color_down RED THank You and sorry for taking your time! Graciously, Mr. Melo

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Dmitriy Zabudskiy 2015.06.23 18:27 #13

1000016438:
Mestre DMITRIV Thank you ! I'm from Brazil and I appreciate your available artig. I'm Using some Other setup Renko indicator. Dimitri master. Your comments on the blog are being very helpful, thank! I'm using a different setup Renko. I can not set up your "abcr" for the "Future Ibovespa Index - BMF (WINQ15) " . I believe I'm going with the wrong parameters ..I have done various combinations but does not work !! Use this index configuration size of 100 points FOR 1 Brick .I need setting for 1 minute, 5 minutes, 15 minutes and ticks. I would greatly appreciate that u help me set up correctly .. step - 100 type_step - point magic_numb - ? levels_number - 1 levels_color - ok time_frame - 1 , 5 , 15 e ticks ? time_redraw - current first_date_start - 06/2015 type_price - Close shadow_print -true; filter_number -2 (the price need to revert back all the brick is, and again the previus ,ok?) zig_zag - true; zig_zag_shadow - used to draw ZigZags according to the maximum and minimum prices (uses the closest maximum and minimum prices to construct zigzags on endpoints); I did not understand ?? zig_zag_width - 2 zig_zag_color_up - yellow zig_zag_color_down - red square_draw - TRUE; square_color_up - YELLOW; square_color_down - RED; square_fill - brick coloring on the main chart; TRUE square_width - 2 ; frame_draw - TRUE frame_width - 2 frame_color_up - YELLOW frame_color_down RED THank You and sorry for taking your time! Graciously, Mr. Melo

Hello!

May be the "step" is big?;

type_step - point (good);

magic_numb - (any thing);

levels_number - (any thing);

levels_color - (any thing);

time_frame - 1H;

time_redraw - 1M;

first_date_start - 01.01.2015 (06/2015 - it is small) ;

type_price - (any thing);

shadow_print - (any thing);

filter_number - 0 or 2 (it is normal);

zig_zag - (any thing);

zig_zag_shadow - (any thing);

zig_zag_width - (any thing);

zig_zag_color_up - (any thing);

zig_zag_color_down - (any thing);

square_draw - (any thing);

square_color_up - (any thing);

square_color_down - (any thing);

square_fill - (any thing);

square_width - (any thing);

frame_draw - (any thing);

frame_width - (any thing);

frame_color_up - (any thing);

frame_color_down - (any thing).

The important parameters is: step, type_step, time_frame, time_redraw, first_date_start, filter_number. Try to work with these settings.

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Wiesehofer 2015.07.07 15:05 #14

Hi, how can i make the indicator generate a buy/sell signal "x" bricks after "color change" to generate a expert?
Thank you so much to share this indicator Mr Dmitriy.

Dmitriy Zabudskiy 2015.07.07 19:01 #15

Wiesehofer:
Hi, how can i make the indicator generate a buy/sell signal "x" bricks after "color change" to generate a expert?
Thank you so much to share this indicator Mr Dmitriy.

Hi. You can use the color buffer "double RENKO_color[]".

Do not forget, the buffer have parameter - ArraySetAsSeries.

efmus_fx 2015.11.12 20:38 #16

Dear Dmitry

Thank you for your Great indicator, we really need it on MT5
I wanted to do the same as Wiesehofer, but still don't have no DATA Window for iCustom
I also tried for hours and added a new buffer (BoxesBuffer) and copied RENKO_color[] without any result

Thank you for your time and help

if(func_new_bar(time_redraw)==true)

{

func_concolidation();

for(int i=1;i<50;i++)

{

BoxesBuffer[i] = RENKO_color[i];

//Print(RENKO_color[i]);

}

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efmus_fx 2015.11.12 20:57 #17

Oups :( Just realized that the indicator repaint :(

Dmitriy Zabudskiy 2015.11.15 16:46 #18

efmus_fx:
Dear Dmitry

Thank you for your Great indicator, we really need it on MT5
I wanted to do the same as Wiesehofer, but still don't have no DATA Window for iCustom
I also tried for hours and added a new buffer (BoxesBuffer) and copied RENKO_color[] without any result

Thank you for your time and help

Maybe You use this code:

//+------------------------------------------------------------------+
//| Custom indicator iteration function                              |
//+------------------------------------------------------------------+
int OnCalculate(const int rates_total,
                const int prev_calculated,
                const int begin,
                const double &price[])
  {
//---
   if(func_new_bar(time_redraw)==true)
     {
      func_concolidation();
//--- Signal
      int color_1=int(RENKO_color[1]);
      int color_2=int(RENKO_color[2]);
      
      if(color_1!=color_2)
      {
      static int col_1;
      static int col_2;

      if(col_1!=color_1 || col_2!=color_2)
      {
      col_1=color_1;
      col_2=color_2;
      Alert("COLOR_CHANGE");
      }
      }
//--- Signal
     }
//--- return value of prev_calculated for next call
   return(rates_total);
  }

This code send the signal (Alert), every time, when color is changes.
I had small time for work on this code, I hope there are no errors.

Thank You...

JOSÉ CARLOS JESUS 2015.12.09 05:11 #19

Hello, I have downloaded, compiled and installed the ABCR indicator, but no graph has appeared and it has not even coloured in the main graph. Can anyone advise me on the possible causes? Thank you in advance

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Rodrigo da Silva Boa 2015.12.10 04:17 #20

JOSÉ CARLOS JESUS:

Hello, it's working, it just takes a while to load, wait a few minutes with the indicator on the chart.

Discussion of article "Indicator for Renko charting" - page 2