Renko
It is difficult to say for certain, judging from your slightly ambiguous description, but I do think that you may be mixing up the concepts of "Renko" and "Constant Range Bars".
ok..just to explain better what I mean... so renko bricks are printed on a offline chart with signal from a live chart ( you have to open a script/indicator/EA to generate that offline chart)
So I set the renko bars on 50 points to be printed on offline chart... the renko version I have, is printing on the offline chart only after candle has closed on live chart. So on the offline chart if price traveled for 120 points since last brick closed, it will not be printed until candle has closed on live chart...and when that candles closes, offline chart will print with 2 bricks on the same time... I hope you understand what I mean
So I set the renko bars on 50 points to be printed on offline chart... the renko version I have, is printing on the offline chart only after candle has closed on live chart. So on the offline chart if price traveled for 120 points since last brick closed, it will not be printed until candle has closed on live chart...and when that candles closes, offline chart will print with 2 bricks on the same time... I hope you understand what I mean
Yes, I am quite proficient with Renko and Range Bars and their generators (I've code my own for both MT4 and MT5). What I am having difficulty understanding is what it is you are trying to find out.
It is quite common for a single standard bar to produce multiple "Renko" bricks. Usually, those bricks are printed as ticks come in and their respect price ranges achieved.
However, since tick data history is not available on MT4 (unless you collect them), that Renko generator is probably producing the output based only on M1 data (not ticks), and as such it is only approximating the Renko bricks based on the M1 price range. And if that is the case, it is understandable that it can print multiple Renko bricks all at once at the close of the M1 bar.
There are Renko generators for MT4 out there that will mix M1 bars with incoming tick data so that it will produce more accurate Renko bars. However, every time you restart it, all past Renko bricks will be recalculated based on M1 and only the new Renko bricks will be based on tick data.
So, it's a question of which method is better suited for your particular strategy, and choosing the best method for it.
PS! MT5 has tick data history available so Renko bricks are more accurately represented.
It is quite common for a single standard bar to produce multiple "Renko" bricks. Usually, those bricks are printed as ticks come in and their respect price ranges achieved.
Exactly.. this is what I was trying to say... renko bricks should be printed when prices are achieved...but for my version of renko is not doing that...it is only printing only when standard candle is closed.
As I explained — MT4 has limitations. Tick data history is not available. Even if you choose a Renko generator that uses the current tick data, as soon as it is refreshed, all your Renko bricks are repainted. That is why a Renko generator based only on M1 is safer because it will never repaint. Just choose a bigger brick size to compensate.
As I explained — MT4 has limitations. Tick data history is not available. Even if you choose a Renko generator that uses the current tick data, as soon as it is refreshed, all your Renko bricks are repainted. That is why a Renko generator based only on M1 is safer because it will never repaint. Just choose a bigger brick size to compensate.
Thank you...I dont care about the history anyway...what I need to know is if renko bricks are printed as the price is achieved, or when when price is achieved AND candle on standard chart is closed
True Renko bricks are calculated on a tick-by-tick basis only (no bars/candles involved), as I wrote in my post #3 — "Usually, those bricks are printed as ticks come in and their respect price ranges achieved.".
This requires tick data, but unlike MT5, MT4 does not have tick data history. MT4 can only deliver current tick data.
So for MT4 there are two types of Renko generators:
- Based purely on M1 data (like the one you have), which only offers approximate Renko bricks, not true Renko bricks.
- Based on current tick data for Renko bricks going forward, but based on M1 for past Renko bricks.
However, even for option 2, true Renko cannot be achieved, only approximated, because for true Renko each brick is totally dependant on the prices of the previous brick, going back to the start of data history (but that is not possible on MT4).
If you still don't understand it at this point, then I suggest you do some research of your own, about how Renko is calculated and used. There are plenty of resources on the web about it and even books totally dedicated to it.
True Renko bricks are calculated on a tick-by-tick basis only (no bars/candles involved), as I wrote in my post #3 — "Usually, those bricks are printed as ticks come in and their respect price ranges achieved.".
This requires tick data, but unlike MT5, MT4 does not have tick data history. MT4 can only deliver current tick data.
So for MT4 there are two types of Renko generators:
- Based purely on M1 data (like the one you have), which only offers approximate Renko bricks, not true Renko bricks.
- Based on current tick data for Renko bricks going forward, but based on M1 for past Renko bricks.
However, even for option 2, true Renko cannot be achieved, only approximated, because for true Renko each brick is totally dependant on the prices of the previous brick, going back to the start of data history (but that is not possible on MT4).
If you still don't understand it at this point, then I suggest you do some research of your own, about how Renko is calculated and used. There are plenty of resources on the web about it and even books totally dedicated to it.
I understand, thank you.
So I have found this version of renko which is not loading because of this error:
2022.03.21 11:38:21.343 Cannot load 'FXBlue.dll' [126]
2022.03.21 11:38:21.345 Cannot call 'FXBlue.dll::GPropGet', 'FXBlue.dll' is not loaded
2022.03.21 11:38:21.345 FP Markets Renko AUDCAD,M1: unresolved import function call
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Hello guys! So I have this renko indicator and the thing is , that is printing renko bars after 1 minute candle is closed ( on chart from where is taking signal from).
So, for example, if I set 50 points renko bars, I would expect that a renko bar is printed when the price traveled 50 points. But with this version of renko chart, if the price travels 100 points in one minute, it will print 2 bricks when candle has closed on 1 min live chart.
My question is that if I can find other renko versions where renko bricks are printed exactly when price travels that amount.
Thanks.