Renko chart

Illy · May 15, 2014, 9:14am

Where can I download renko chart from

pipwoof · May 15, 2014, 10:16am

I will assume that you have the basics of Renko and know what you are looking for. If that is not the case, let me know and I’ll try to refer you to some basic information.

A Renko is usually a conversion chart. It takes time-based data and converts it to price-based. A few trading platforms actually have a Renko option. Just like you might select m5 or h1, you can choose Renko and there you have it. Mt4 is not one of those platforms. So, we have to implement a conversion process. Trust me, this is less complicated than it may initially appear and after you’ve done it a time or two it will be a “piece of pie,” grandma.

However, before we pursue the chart conversion option, let’s start with the second indi below. It may be the simplest, but may not be what you are looking for. The Renko Shade indi attaches to a regular chart. Probably an m5 or m15 works best. On the regular data, it will color boxes representing the size Renko move you have specified. Give that one a look and see if it will do what you need.

Now, let’s talk about the chart conversion approach. The process I am familiar with uses either an ea or an indicator to convert the chart. I prefer using an indi to avoid the possibility of any interference from the Renko ea with others I might have running in the account. Below, the first indi is Renko Live Chart. Here is what you will need to do.

Start by opening an m1 chart on your platform. I’ll use eur/usd to explain. Next, attach the indicator to your m1 chart. You should get a window that allows you to select box size, box offset, and time frame. There is also a choice for “strange symbol name.” Presumably, this is to accommodate those brokers who add a following symbol after eur/usd, like eur/usdm or eur/usdecn. I have attached this indi to three or four platforms and not had a problem leaving that choice false. The box offset you want is 0 and the time frame is 2. In other words, you will not use any offset for your bars and you will want your Renko chart to show up as eur/usd, m2. I’ll explain that in a moment.

For box size, you will be tempted to put 10 or 20. If you are using a five-digit broker, which most of us are these days, you will need to put 100 or 200 because these are seen by the indi as points, not pips. So, if you choose a box size of 100, you are asking for a Renko chart that prints a bar when price moves a full ten pips. When you get your Renko chart, check your bar high to low, open to close, and see that you get a range of 10.

Finally, you have opened your m1 chart, made your selections, and attached your indi. So, where’s your Renko? You should have a message in the upper left corner that says, “RenkoLiveChart(100): Open Offline EUR/USD,m2 to view chart.” From your platform, upper left corner, select “file.” The second choice on the window that opens is “open offline.” When you make that choice, you will get a long list of charts and timeframes. Scroll the alphabetical list until you find eur/usd,m2. That is the reference you told the indicator to use in building your Renko chart. Opening that chart will give you your Renko. It will be all green and bar charts. Set the bars on candles and choose your colors with chart properties. If you have problems, I will try to help more.

I am by no means a Renko expert. I started a thread on the subject to try to learn more and see how this particular view of the market might be helpful. To date, I am still exploring, but have not found anything specific enough that I could recommend it to others. There is an interesting youtube video from Joseph Nemeth describing a method combining Renkos with Heiken-Ashi candles. IMO, I would steer away from the $3,000 software he wants to sell and the modified Martingale he proposes, but the trade setup is appealing. Should you come across anything else, I know the forum would be interested if you will share.