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Renko Bricks

Overview

Renko Bricks is a classic charting technique used in technical analysis, in which price changes are shown as diagonal rows consisting of rectangles ("bricks"). Each new rectangle is always displayed to the right of the previous one and is located above or below it. The specified upward price movement (for example, every two points) is marked by adding the next rectangle at the upper right of the previous one, while the specified downward price movement leads to adding a rectangle at the lower right.


Settings

  • Points to the brick = 2 - threshold value ("brick" height in points);
  • Applied Price = Close Price - price used in building a chart;
  • The number of bricks on the chart = 1 000 - maximum amount of "bricks" on a chart;
  • First Bar on EMA = 60 - for more convenience, a zero "brick" is tied to EMA price on a zero bar;
  • Show Price = false - show the Price scale on a chart;
  • Show Date = false - show the Date scale on a chart;
  • Show Bars = false - show candles on a chart;
  • Color Up Brick - rising "brick" color;
  • Color Down Brick - falling "brick" color;
  • Clear History - clear history. If true, all history for the current symbol is deleted using the Points to the brick and Applied Price parameters. History of all other symbols and parameters remains intact. After applying the indicator with the parameter set to true, re-launch it with Clear History set to false.


Usage

The main indicator features are the building method and using the current price as a reference point. Binding to the main window and a zero bar allows you to use it together with additional popular technical analysis tools.

The indicator provides the mechanism for saving data, so that the history is not deleted after resetting the terminal, switching a timeframe or facing short failures. Binding by the price and a threshold value in points are considered when saving the history. These parameters should match in order to restore the data.

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