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You would buy/sell when the first color change would occur. At least that is how I do it. The previous position is closed when the new position is opened.
happy trading.
Thanks for your answer.
When I look at a chart with this...Do the bricks underneath the price line up wih the price on the chart?
I have this on a 1 min. chart and i see different color changes under the price but not enough movement to warrant those changes
Renko Indicator and Chart are not linked vertically
Hi Rick,
The indicator is completely independent of the horizontal time axis of the chart. Therefore, you will not see any vertical correlation at all between the 1 min chart and the Renko indicator. If you are using a 75 pip box and you can catch a 75 pip move within your screen view, you should see a new Renko Box appear.
I use about 70% of the Average Daily range. I have chosen a fixed 75 pips based on visual comparisons with various box sizes. I also focus on EURUSD because of the low spread offerings and decent volatility.
Is thier any renko that shows on chart and not indicator window
Quote:
Originally Posted by MrM
Hi,
has anyone ever tried to make renko charts (candles that are based on number of pips in one direction: candles close after e.g. 20 pips up or down, and don't close after a certain period of time e.g. 15min)? I have found a custom indicator that displays a renko indicator at the bottom of the chart, but I need the actual candles in my chart to be "renko candles".
Was kinda messing around with C5 scalping from another forum and found these Renko scripts there, seem to work pretty well but seems have to refresh the chart once awhile, to use put it on any timeframe chart on the top of chart it will tell you which off line chart to open so open that chart and use whatever template or indi's you desire.
See my post with binary tick writer. You could prob use this or modify it to create tick based range/renko etc bars for mt4. I use it for this purpose but I am not using mt4 as MB do not have a reliable version running yet. I poll the files every 1/2 sec to create my bars and it all works fine. So you are halfway there. Write a poller and create your own barfile that is as close to perfect as you can be. Run your indicators over that lot and see what you get. My advice is to keep it very simple and just use good money management. I let my bars have gaps. Do not fill them in with data that never happened. This is not just my opinion I have tested this on large amounts of futures tick data. I also run two of these EAs, renamed of course, to split the task of writing the data over two threads, five files for each one. I do not think much of the script based alternatives as they are using one minute data to build the bars on startup.
Cheers
Linear Mode
