Page History: Renko Charts
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Page Revision: 2012/04/04 13:58
Creating a Renko Chart
From the properties window, change the “Chart Type” setting to “Renko”.
This will change the chart to a Renko type of chart and activate additional configuration properties.
- Renko Base Interval – Change the base interval for creating historical Renko bricks.
- Renko Brick Size – Change the size of the bricks in pricing increments (in this case 5 price movements or 125)
Renko Concepts
Renko charts load historical data using the “Base Interval” configuration. The default for this setting is 1 Minute which means 1 minute bars are loaded and the Renko chart is created using the closing prices of those bars. After the historical data is loaded, the Renko charts update in real-time using the trade feed.
It is important to understand this concept because if you have a Renko chart up for, say a couple of hours, and then reload it, the last couple of hours of bricks may change slightly because they will go from having been created in real-time using the trade feed to being created using 1 minute historical data. How much they the chart would change really just depends on the market you are charting.
To get the most consistent view of the Renko chart, you can change the Base Interval to 1 Tick. A Renko chart with a base interval of 1 Tick will use every single historical trade to create the chart. The disadvantage of this is that it is more CPU intensive and will use more memory on your computer. You will also be limited to only the last 30 days of tick data that is available. Tick-based Renko charts are also only available to users paying for the Advanced charting package because Tick data is not available with the Basic charting package.
We suggest playing with various base interval settings for whatever market you are charting and finding the largest bar size that will give you the best results.
Renko Brick Shape
The shape of the Renko bricks on our charts may not necessarily be perfectly square as you would expect. If you want them to look that way, right-click drag on the time/price axes to adjust the brick sizes as appropriate.
Coming Soon
The ability to create Renko bars using High/Low prices instead of Closing prices when use non-Tick Base Intervals.
The ability to show high/low tails on the Renko bricks.
The ability to only plot the real-time Renko bars after the bar they are based off of is fully complete. (Only if requested by someone.)
Missing a feature you would like to see? Send an email to
[email protected] and let us know.