Is it just me or does FXCM’s renko charts piss you all off too?
A true renko chart (from my understanding) is supposed to create a new brick when the price moves in pips that the renko chart is set to. SO, if I have my renko chart set to 10 pips per brick, then it should [U]immediately[/U] draw another brick when it hits that pip level. A time value doesn’t apply. So it would not matter if it was on a 1 hour chart or a 2 minutes chart. It would be the same on both charts. RIGHT?
But with FXCM, the drawing of the renko bricks lags GREATLY! If it is on a 5 minute chart, you have to wait 5 freaking minutes for it to draw the other bricks. So if it has moved 50 pips during that timeframe, you have to wait a full 5 minutes for the program to draw them. That could seriously hurt profits.
How can you trade with something like that? That is like waiting 30 minutes on a 1 minute chart for it to draw the next 30 candles.
errrr, seriously irritated.
Maybe I am wrong with how renkos are supposed to be. What do you all think?
I spoke with someone over their live chat. They said that the way they have it set up, it won’t create bricks until that particular time frame demands it. So if you are on a 5 minute chart any bricks to be created will get created every 5 minutes. Even if it moves up 100pips. And if it moves 100pips and then moves back to the same original level before that time frame is set to create them, it won’t create anything. No signal at all that it had moved.
I have also send them an email and posted on their Facebook wall and twitter as well. But I have had no other response. This has got to get cleared up ASAP.
Just imagine looking at your chart, which is set to just 30 minutes. And in that 30 minutes price moves 63 pips in your favor. And stays there for a good few minutes. plenty of time to get out with a nice hefty profit. But right before the 30 minute mark it drops to the same level you were originally at and it never creates another brick. You just missed out on all those pips. That is exactly what happened to me yesterday.
Jason from fxcm is on this site from time to time. Hopefully he will see your thread and be able to answer you. I dont use them but if your right it would aggravate me too.
That is definitely a new one! I have never heard such nonesense! The whole purpose of Renko, Range, MeanRenko, tick, Point to Original and Round Number bars is to take time completely out of the equation. Time should not matter at all, Renko will create a new bar when it moves the number of ticks or pips you chose for it move, but these ticks or pips only start counting after the close and open of the previous bar. If the market is going up and you have a 10 pip renko and your previous bar is bullish then to create another bullish bar it needs to move up another 10 pips but to create a bearish bar it needs to move down 20 pips because the 10 pips only start counting after price reaches the previous bar open.
i am not specifically aware of the fxcm renko but i do use renko.
renko chart is always run on lowest time frame chart… i.e. M1.
time is irrelevant on the renko chart but you still want it updated on every minute candle.
if you are MT4 then there are a few variations of the standard renko available.
They run on M1 because they are not native to MT4 so you have to use an indicator/EA or script one of those time charts so it creates an offline chart for the Renko, it still has nothing to do with time, on other platforms like ninjatrader they are native so u don’t have to do that.
I heard back from our tech support team. Apparently, the Renko chart view on Trading Station works in a similar fashion to the Renko charts on MT4 in that it uses data from the standard charts to construct the Renko bars.
Try creating a Renko chart view using 1-minute (m1) as the period. Then the charts will be able to update more frequently that with the 5-minute (m5) data you have been using.
Also, if you ever have questions or feedback about FXCM or our platforms in the future, please feel free to post in the Broker Aid Station.
I use a commercial indicator for my mt4 to create my MeanRenko charts (I can create any type of chart with this indicator) and it does not need to run on the 1 minute chart, indeed I can have it running on the daily chart and it still updates exactly the same way and it can give me as many bars as I want it to. I don’t think it should matter the time frame, the indicator should read tick movement and it should be able to do this on any time frame.
Thank for sharing this info about your Renko charts indicator for MT4. It’s worth noting that in addition to Trading Station, FXCM offers multiple platforms including MT4 and NinjaTrader which both have Renko charts.
Hi Jason, I just downloaded a web platform but not sure how I can get the Renko charts up any idea or do you have anyone in Dubai where I can go and speak to someone???
I am also having a little trouble using the Renko Charts
I am on 1m time frame with setting of 20
last brick to paint closed @ 1.066
Price then went on to make a high of 1.07081
Shouldn’t it of painted another two bricks?
I have tried manually resetting the charts by going on other instruments and time frames but it remains the same.