Main Parameter Description

Brick Height Mode: choose between 0 and 1. Brick Height Mode 0 = User specified input for Brick height. Brick height Mode 1 = Automatic Calculation of Brick height using Standard deviation and z value.

Brick Height value: For Brick Height Mode 0, this is use specified pip value for brick height. For Brick Height Mode 1, this is z value for standard deviation. Sensible z value can range from 0.5 to 4. However mostly z value of 1.0, 1.68 and 1.96 is used in industry. If you are already familiar with Renko charting, then you must have some preference in your brick height. In such a case, just use Brick height Mode 0.

Bars to scan:  This is count of bars in your current time frame where indicator is attached. Brick will be display on this bars.

Time Frame used for Brick Calculation:  This is sub time frame to be used for brick calculation. Note that Smart Renko uses sub time frame to calculate brick and the brick will be displayed on current time frame.

Time Frame used to update Renko Chart: You can also choose different time frame for updating your chart. If Time Frame used to update Renko Chart = M1, then every 60 seconds the chart will be updated.

Price Type for Charting: You can use different price option for charting. However just use default setting unless you want to create some new trading strategies.

Show Candle Wick: You can choose to show candle wick. This will work on MT5 version. However, MT4 version this does not have any effect as MetaTrader terminal does not allow to custom candle charts yet.

Draw Brick on Main chart: You can decide to draw spread view of brick on your main chart or not. Just set it to false if you don’t want to see any brick on your main chart.

Use Brick Cross Reference: With this feature on, whenever you double click on chart, you will see cross referencing lines between your main chart and your indicator chart.

Hello sorry to post this here I did'nt find any place to ask for support about a purchase I did of this Indicator...

I trade only using the Renko chart (1 screen only + my other indicators) when I use the Smart Renko MT5 i cannot see the "Last Price LIne" on the chart. How can I enable this? I had this in a free third party Renko chart...

Thanks in advance.

Flavio Jarabeck.

can you please show me any screenshots ?

Hello. 

Are new bricks made using High/lows or only close?  

It is close price. You can choose to use close price of any time frame.

We recommend to use close price of M5 as M5 have sufficiently long data to construct Renko brick.

Kind regards.

Smart Renko user must read this articles "Smart ways of detecting profitable patterns in your chart" for your profitable trading.

It is located here.

If link does not work, then let us know.

Kind regards.

http://algotrading-investment.com/manuals/

Hi,

i bought the smart renko indicator. Is it possible to adjust the boxes to a fix Price? Example, new boxes should be drawn when Level is higher then 10000, when box size of 10 is configured, next box will be drawn at 10010.  Or if the prce fell below 9990 next box.

Thanks

Artnaf 

Hi,

 i think i got misunderstood.

I want on an 1M Chart, where the Renko Bricks will be painted with fix Levels. I configured Smart Renko for the DAX (as example) with Brick Height Mode = 0, Brick Height Value = 100, Time Frame Settings all to 1 Minute, Price Type for charting = Close.

Result ist that of Course a new brick is painted when the Close of the 1 Minute candel is 100 pips higher as the last brick. But as mentioned before, the Close of the 1 Minute candle must be higher than a fixed Level, e.g. 10000 and of Course 100 pips higher than the last brick. This will result in a Renkochart with RenkoOpen of 1000 and RenkoClose of 10010 (up). Or RenkoOpen is 9970 and RenkoClose is 9960 (down).

The platform of my last Broker draw the renkocharts this way and was very helpful.

 Thanks

Artnaf 

Hi,

 lol, yes everything is ok ;-)

 It is very simple:

1) 1 Minute Chart, Brick Size of Renko is 100 pips

2) New Renko Brick will be created when the Close of the 1 Minute Candle higher than 10000 (up Brick) RenkoOpen is 9990 and RenkoClose is 10000

3) New Renko  Brick will be created when the Close of one of the next 1 Minute Candles is higher than 10010 (another upBrick); RenkOpen is 10000 and RenkClose is 10010

4) New Renko Brick will be created when the Close of one of the next 1 Minute Candles is lower than 10000 (down Brick); RenkoOpen is 10010 and RenkoClose is 10000

 Smart Renko do not draw this way, it has different Levels, e.g. 10015 and 10025 for RenkoOpen and RenkoClose.

Understood?

Artnaf 

I am not sure.

If you set for 100 pips for renko brick. Then it will draw the renko brick in every 100 pips change. However, because starting price can be different what you have explained might be not valid.

For example, starting price might be 9856. Then next brick will be drawn in 9756 or 9956, etc. We recommend you to use Standard deviation mode because it is the universal measure of variation for the currency pairs.

If you are using fixed brick height then make sure that you have change the mode to Fixed Brick height in your input setting.

Hi,

is it possible to Change smart renko so it would always start with the the same Price Level as described in my post before? I had programmed such for a different platform. I think you begin the Routine with calculating the first brick based on the first candles. Result is that the RENKO Chart i always different as the initial calculating is different. If you Change this to a fix Level, e.g. Input is 10000 as Level (as described before) the REnko Chart will not Change, will draw the bricks always at the same Levels.

 Possible to Change smart renko that way, it isn´t complicated, i use renko Charts for years now with other platforms.

 Thanks for responding.

 Artnaf 

No, because your logic has some hole in it. You will be fine because 10,000 starting brick and 100 pips seems good.

Firstly there are many people use renko height in odd number like 25 or 40 or 70, 110, etc. Your logic become quickly useless for people using odd brick height.

Secondly it is real world data with all sort of  different scale, some are start with 1.1 but some are starting with 172, some are starting with 55, some are starting with 100,000 (for stock) etc.

We use pip value as basic unit. What other unit can we use to detect such a sensible scale automatically ?

For example, let's say your starting price is 8755 unit, how would you start if someone use brick height 123.

He may really want this odd brick height only but not other height.  

What you initiated might be valid concern.

However, unless you provide universal logic working for any instruments, it is not possible.

You are more than welcome to provide me any working code example or any logic, etc.

Kind regards.

Good news my friend.

I have find the work around to your problem.

So the answer is yes now.

You can have 10000 starting price and 100 pips brick height.

Hi,

thank you for your respond. The starting Price of 10000 is not fixed, as mentioned above, the calculation of the first Renko should be always the same. Example, if there i 1M candles as time and calculation Basis, and this 1M candle has an open at 10029 and a Close at 10042 ... the brick size is 10pips, so the first renko brick has an open of  10030 and a Close of 10040. But if it is not possible to program it this way, an Input variable to set the starting proce, e.g. 10000 is also good. The 100 pips brick height isn´t fix also, it was just an example and should be of Course 10 pips ... 100 pips had to be set in my Broker platformto get 10 pips in the Chart (0.1 Multiplier).

Pls kep me informed. 

best

Artnaf 

Hi. new version was not updated yet.

We have working version. But updating take another several days. Wait for version 6.0.

Everything is automatic. No need to change any inputs.

version 6.0 is ready and out to download.

Regards.

Hi,

great, do i have to pay again?

Artnaf