Renko OnChart

DescriptionInputs

The Renko OnChart indicator simply draws Renko bricks in a chart window below the main window. No need for offline charts and you can see both the Renko and your time based charts at the same time.

When first loading the Renko chart must interpolate Renko movements from the available “time based” data, this may take a few seconds, particularly if the required data is not already in your chart history.

The interpolation is a best attempt to create Renko bricks from available data but it is not possible to be certain how price moved during a candle so the initial chart is an interpolation.

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 shoudl only be shadows opposite to the direction of the next brick.

Brick size in pips

In Renko charts each brick is the same size and new bricks are formed when price has moved by the sleected amount. This input sets the size of each brick in pips.

Up brick colour

Sets the fill colour for bricks where price has moved up

Down brick colour

Sets the fill colour for bricks where the price has moved down

Shadow colour

Sets the colour of think shadow lines (similar to wicks) where the price has moved outside the brick but not formed a new brick.

 
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