This indicator allows to display Renko charts in the indicator window. Renko charts show only price movements that are bigger than the specified box size. It helps to eliminate noise and allows to focus on main trends.
Time is not a factor here. Only price movements are taken into account. That's why Renko chart is not synchronized with the main chart it is attached to.
Indicator works in two modes:
- CLOSE - only close prices are taken into account while building the chart
- HIGH_LOW - only high/low prices are taken into account
The box size can be specified in a two different ways:
- PIPS - as an absolute value of pips
- ATR - as a current value of ATR indicator (Note: current ATR value will be different every time you reinitialize or reattach the indicator!)