Using the framework of the previous Three Line Break study, I was able to craft this Renko Chart. At first glance it doesn’t resemble a Renko Chart but upon careful inspection you will see the same information albeit in a different manner. The colored blocks are analogous to those of the Renko chart. Trend change is indicated when the next block begins to form in the alternate color. The user can select either a variable ATR block size or a fixed price size. The paintbars can be colored to match the Renko blocks as shown. The Renko Chart will be added to the Pro Subscriber bundle this weekend.
Renko Chart
now that’s just plain sexyness
w00t!!!
I love this study after two hours of it. Testing Renko on a 2-hour chart, with Stoch Mom Index and Relative Vigor Index crossover + Heikin Ashi signals on chart as one of 12 early entry checks for daily chart entries; checking to a Vervoort Cross,Heikin-Ashi Candle Oscillator+ease of movement set on Heikin Candle 2-hour chart.
Excellent work! What an excellent study. I got in there and changed the color to red and green to match all my other red and green entry signals.
Renko is now a solid member of my study set.
Super new to trading and am feeling lucky to have found this website. Is the point of this kind of indicator (Renko) to find areas of support and resistance that are easily recognized graphically?
PS. Should I post questions like this here or in the forum?
Thanks
The Renko is a trend indicator, not necessarily a support and resistance indicator. There is a wealth of information on the web about Renko charts. Everyone is welcome in the forum and it’s a great place to ask questions as well.
-Eric
I’m new to ThinkScripter… Cool chart. I only recently have learned about Renko Charts.
Can someone help me understand how to set up the renko bars to where they are equal heights (or rather a set interval height)? I thought choosing the fixed price would do that, but I’m not quite getting the configuration I expected.
Simply set brickSize to “Fixed” and fixedBrickSize to whatever size you want in the study properties panel.
-Eric
Thanks Eric. I tried that once before and it gave an odd result, but now it seems to work fine. I’m sure I had something odd or it could be that my TOS feed this week (after the transition to TD Ameritrade) has been wacky.