Page 1 of 2
Why do you use Renko bars?
Posted: Wed Sep 20, 2023 12:28 pm
by boytoy
Saw a post which seems like a common theme here why do you guys all like using Renko charts/bars?
Doesn't it repaint?
I know
it looks good but is it
good?
Seriously asking. Quoted post below for ref.
kaneki wrote: Wed Sep 20, 2023 9:31 am
Thank you very much mrtools
Hope you can find a solution because the indicator also doesn't work on renko chart
Re: Why do you use Renko bars?
Posted: Wed Sep 20, 2023 12:31 pm
by Chickenspicy
boytoy wrote: Wed Sep 20, 2023 12:28 pm
Saw a post which seems like a common theme here why do you guys all like using Renko charts/bars?
Doesn't it repaint?
I know it looks good but is it
good?
Seriously asking. Quoted post below for ref.
Never found anything good with renko
Maybe if you used different size blocks like mtf but thats a pain too load all the time
Ive yet to see a higher to lower pip box strategy
Depends on how your renko is calculated to be a repainted or not
Atr
Ticks
Pips
Median Renko can spawn multiple bars at once
Regular Renko
Etc
Re: Why do you use Renko bars?
Posted: Wed Sep 20, 2023 6:29 pm
by Ogee
boytoy wrote: Wed Sep 20, 2023 12:28 pm
Saw a post which seems like a common theme here why do you guys all like using Renko charts/bars?
Doesn't it repaint?
I know
it looks good but is it
good?
Seriously asking. Quoted post below for ref.
Renko just smooths out price action so charts looks cleaner and simpler to follow, the trade off is it also disguises price action signals though Renko does give signals of it's own.
Renko doesn't repaint on a straight run but can sometimes readjust the time based history bars on restart or reset and so might condense sideways action. In the pic below is a restarted chart on the left and in this instance there is no real difference to the chart that's been running on the right.
There are many Renko chart builders, some of very dubious quality, in the zip file below are some of the better ones I've found over the years.
Re: Why do you use Renko bars?
Posted: Wed Sep 20, 2023 7:01 pm
by boytoy
Ogee wrote: Wed Sep 20, 2023 6:29 pm
Renko just smooths out price action so charts looks cleaner and simpler to follow, the trade off is it also disguises price action signals though Renko does give signals of it's own.
Renko doesn't repaint on a straight run but can sometimes readjust the time based history bars on restart or reset and so might condense sideways action. In the pic below is a restarted chart on the left and in this instance there is no real difference to the chart that's been running on the right.
There are many Renko chart builders, some of very dubious quality, in the zip file below are some of the better ones I've found over the years.
Renko Chart Set.zip
Wowzers I was not expecting such an educating post and collection of Renko indicators & EA's. You've changed my mind.
I am giving these tools a try right now and I'm currently stuck on loading a M10 Offline Chart. It seems my MT4 is crashed, how do I recover?
Re: Why do you use Renko bars?
Posted: Wed Sep 20, 2023 7:09 pm
by Jimmy
boytoy wrote: Wed Sep 20, 2023 7:01 pm
Wowzers I was not expecting such an educating post and collection of Renko indicators & EA's. You've changed my mind.
I am giving these tools a try right now and I'm currently stuck on loading a M10 Offline Chart. It seems my MT4 is crashed, how do I recover?
If your terminal has crashed on the MT4 "Waiting for update" screen, Open the
Data Folder (if you can't click on your MT4 at all, head to):
- \AppData\Roaming\MetaQuotes\Terminal\
- Find your MT4's folder in there which will be a long folder name with a mixture of numbers and letters and go into your profiles folder eg. AppData\Roaming\MetaQuotes\Terminal\9D15457EC01AD10E06A932AAC616DC32\profiles
- Delete lastprofile.ini file
Restart your MT4 client and it'll load up again.
Re: Why do you use Renko bars?
Posted: Wed Sep 20, 2023 7:21 pm
by boytoy
Thanks Jimmy you saved me and Ogee I have just loaded up your Evolution Renko EA and it's works like a charm. Awesome check it out
Re: Why do you use Renko bars?
Posted: Wed Sep 20, 2023 7:29 pm
by Ogee
boytoy wrote: Wed Sep 20, 2023 7:21 pm
Thanks Jimmy you saved me and Ogee I have just loaded up your Evolution Renko EA and it's works like a charm. Awesome check it out
you can keep the offline chart running and go back to the M1 and play around with the settings to auto change between median, no gap and gapped renko charts
Re: Why do you use Renko bars?
Posted: Thu Sep 21, 2023 12:26 am
by moey_dw
Ogee wrote: Wed Sep 20, 2023 6:29 pm
Renko just smooths out price action so charts looks cleaner and simpler to follow, the trade off is it also disguises price action signals though Renko does give signals of it's own.
Renko doesn't repaint on a straight run but can sometimes readjust the time based history bars on restart or reset and so might condense sideways action. In the pic below is a restarted chart on the left and in this instance there is no real difference to the chart that's been running on the right.
There are many Renko chart builders, some of very dubious quality, in the zip file below are some of the better ones I've found over the years.
Renko Chart Set.zip
Just like that Ogee has single handedly turned this discussion into a powerful topic for anyone wanting to start with Renko bars....... he has given us a real starting point with his complete set of best Renko indicators and EA's plus insightful knowledge..... the Evolution Renko EA is a great share man and is the best I've seen now!! It's easy to get it running and no lag or craziness Is this your go-to Renko indicator Ogee?
Thank you from the bottom of my heart
Re: Why do you use Renko bars?
Posted: Thu Sep 21, 2023 12:40 am
by boytoy
Ogee wrote: Wed Sep 20, 2023 7:29 pm
you can keep the offline chart running and go back to the M1 and play around with the settings to auto change between median, no gap and gapped renko charts
Great tip man I really dig it i'll try that now. This has really piqued my interest in Renko now especially after getting access to Ogee's setup files before that I was reluctant to even get my feet wet and didn't even know where to begin on installing and setting it up.
Mr Ogee you rock
Re: Why do you use Renko bars?
Posted: Thu Sep 21, 2023 5:43 am
by wojtek
Renko and other synthetic charts as constant range bars
have many visible advantages, but to trade with them
you need to have at least some semi-automatic solutions,
as sometimes you can have a very strong movement
counting many bricks during a few seconds, and
- on the other hand - a small number of bricks can
form during e.g. a few days when the market is quiet enough.
So, the absence of time (by definition characterizing the Renko charts)
can be regarded as their main disadvantage.
