Display Renko bricks in an indicator window without the need for an offline chart.
Renko OnChart and Renko OnChart SR will display a Renko chart in a separate indicator window allowing you to see both Renko bricks and time based candles at the same time. There is no need to run another process to build offline data or to open an offline chart. You can load Renko OnChart on any symbol with any timeframe.
Renko charts are based only on price movement, not time. They can be very useful for removing the noise from charts to see only price direction.
Each new bar or brick is only displayed after a price movement of the specified size. Bricks never show side by side, if price reverses the next brick will show above (bullish reversal) or below (bearish reversal) the previous brick.
The shadows shown on some bricks indicate where price has moved outside the range of a brick but not far enough to print a new brick. Apart from the most recent brick, where the next is yet to form, there should only be shadows opposite to the direction of the next brick.
Caution when viewing the Renko chart with the time based chart. Because the Renko chart is based only on price it will not align with the bars on the time based price chart. For example, if brick size is set at 20 pips, in a 1 hour chart price may move much more than 20 pips. The Renkp chart will show a new bar for each 20 pip price movement where the time based chart will only show a new candle after 1 hour. Or a 5 minute chart may create many candles before price moves as far as 1 brick.
When the Renko chart is first drawn, after chart opening or when changing symbol or timeframe, the Renko bricks must be interpolated from the time based information available. The time based information has only open, high, low and close but there is no indication of when the high and low are reached or if there may be multiple price retracements during the candle. Renko OnChart will make a best approximation of Renko movement based on the information available. This interpolation may take some seconds to complete, as it also looks to smaller timeframes for better interpolation the time taken to first display may be a little longer if history data must be downloaded from the server.
- Brick size in pips
Measured in pips, the price movement required to create a new brick on chart. Bricks will align to round price numbers on the chart, for example if 20 pips is seleected bricks would align to prices like 1.25000, 1.25200, 1.25400
- Support / resistance multiplier (SR Only)
The support and resistance lines follow a channel below or above the Renko bricks. This input sets the distance away from bricks that the channel will follow. The setting is in multiples of the brick size.
- Send notification on S/R switch (SR Only)
If set to true a notification will be sent to your mobile device if the support line switches to resistance or the resistance line switches to support. The notification will use the Metatrader internal notification system which will require you to also enable notifications from your Metatrader terminal using Tools > Options > Notifications
- Up brick colour
The fill colour for bricks signifying an upward price movement
- Down brick colour
The fill colour for bricks signifying a downward price movement
- Shadow colour
The colour of small lines shown above or below a brick where price has moved past the boundary of the brick but not far enough to create a new brick
- Support colour (SR Only)
The colour of the support line drawn below bricks
- Resistance colour (SR Only)
The colour of the resistance line drawn above bricks
- Transition colour (SR Only)
The colour of the line joining support and resistance lines when there is a change