Period Conversation to RangeBars / Renko
I would be interested in assisting. Please provide me with the calculations to determine whether i will be able to assist.
Cheers,
Hello,
Is it possible period conversation to Range Bars or Renko charts which is not based on time periods. I believe it is possible for someone to create a script convertor. If somebody is interested I will post calculations and formulas for modulations of such charts. This kind of charting shows smoother price movements.
Wish you all the best,
Tihomir N.
Hi tihomir,
Renko charts in MT4 is exactly what I'm looking for: me not being a programmer is a problem, but maybe this article can assist? 'Equivolume Charting Revisited' In it, the bars are closed after a certain volume: like after 20 ticks the bars are closed. Now, instead of closing after 20 ticks (volume), the bars should be closed after 20 pips (price) up or down (or some other arbitrary number to decide the size of the renko "bricks"). I believe a lot of people are looking for this because what you say is true: price moves are smoother if you only look at direction, and not at time. A lot of nonlinearity could be excluded and almost all indicators and trading systems should work better on renko than on normal bars.
Also there seems to be a thread on this forum where similar things are being said: https://www.mql5.com/en/forum/102621
However, I wouldn't create this as a custom indicator, but make it in the bars itself: work with csv file to make new bars: in this way all your existing indicators could work on the renko charts.
https://www.mql5.com/en/code/9839 this is where they've made the custom indicator renko, but it should be in the bars of the chart itself, not in a custom indicator: if anyone could provide something like that it would be much appreciated.
https://www.forex-tsd.com/186572-post12.html this is similar: not in the bars of the chart, but as an indi, but it doesn't come with source code.
same question - does enybody has ind which updates renko offline chart ?
scr. in attach
thanks to EllisEdi (FF):
"Below is a script that will produce an offline chart with Renko Blocks. It updates live, but does not show the formation of the current Renko Block until the proper price has been reached. "... http://www.forexfactory.com/t/189584/renko-block-charts-1.html
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Is it possible period conversation to Range Bars or Renko charts which is not based on time periods. I believe it is possible for someone to create a script convertor. If somebody is interested I will post calculations and formulas for modulations of such charts. This kind of charting shows smoother price movements.
Wish you all the best,
Tihomir N.