Renko bricks ─ your opinion? - page 2
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Generally, I prefer traditional Renko bricks but I did have an interesting look at one time at Heiken Ashi applied to a wick'ed Renko chart in MT5. As I recall, it was an 89 pip wick'ed Renko chart of GBPJPY but that too slow for even me. Note that wick'ed Renko bars (they're not really bricks when they have wicks) do show the entire actual price. The remaining smoothing advantage is that price never oozes sideways in the form of short bars over time─Renko bars of any kind don't close and permanently print unless price sufficiently moves. Every swing on a Renko chart is basically at a 45 degree angle or so. There are merely shorter swings and longer swings. Therefore, a rangebound versus running price is readily identifiable.
I find that that problem with Heiken Ashi on any chart is that its obscurification of actual price can be confusing for identifying short swings. Larger bars can mitigate that, hence, the aforementioned 89 pip Renko chart.
(I'll spare you my opinion of TradingView in this thread).That’s actually really interesting, I think I’m going to spend some time today diving a bit deeper into Renko charts and how they behave in practice.
Appreciate the explanation 👍
For those of us interested in positional LFT, here's a Heiken Ashi indicator applied to a wick'ed 200 pip GBPJPY Renko chart.
For those of us interested in positional LFT, here's a Heiken Ashi indicator applied to a wick'ed 200 pip GBPJPY Renko chart.
I'm a BIG fan of the Renko charts with wicks , I have made a Renko chart generator to customize Symbols Charts (that's how much I love renkos :D) , also like you I managed to make my EA work on the custom renko charts and the results are totally different from the standard charts much better.
For me Renko chart is a pure market movements also the indicators calculations are much realistic and reflect the actual price filtered from the candles noises.
I'm a BIG fan of the Renko charts with wicks , I have made a Renko chart generator to customize Symbols Charts (that's how much I love renkos :D) , also like you I managed to make my EA work on the custom renko charts and the results are totally different from the standard charts much bette
That's great!
As a potential "shortcut" for less advanced coders, there are free Renko chart generators in the mql5.com Market and in the mql5.com Articles.
I'm a BIG fan of the Renko charts with wicks , I have made a Renko chart generator to customize Symbols Charts (that's how much I love renkos :D) , also like you I managed to make my EA work on the custom renko charts and the results are totally different from the standard charts much better.
For me Renko chart is a pure market movements also the indicators calculations are much realistic and reflect the actual price filtered from the candles noises.
That's great!
As a potential "shortcut" for less advanced coders, there are free Renko chart generators in the mql5.com Market and in the mql5.com Articles.
interesting to hear you have your own Renko chart generator, that is a nice flex ;)
I have to create one because I did not find a good one.
I tried to share it for free on the market but it did not pass the validation test :(
I tried a lot but nothing works as I expected.
I have to create one because I did not find a good one.
I tried to share it for free on the market but it did not pass the validation test :(