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I'm relatively new to Renko charts but I like them for the obvious reasons.
I'm studying the behaviour of a 60 minute Renko chart specifically. It appears to be it only prints the tick blocks after every 30 minutes or so. Between printing the historical blocks, the Current block can move up and down as many ticks as it wants.
This is probably a stupid question but is there a way to tell a Renko 60 minute to print its blocks more frequently or each time price increases/decreases a certain number of ticks?
Many thanks!
Can you help answer these questions from other members on NexusFi?
you can control this with "Box Size" input as this basically determines what price has to be surpassed in order for a new Renko bar to start.
By using a resolution of 60 minute you will likely encounter different bars in real time compared to historical bars. You might want to test this for yourself
by letting a chart develop in real time for the day and comparing a newly created chart with the same settings to the real time chart at the end of the day.
Thanks ABCTG, so if I want a Renko 60 min chart to print blocks every 5 minutes (or every time price moves 4 ticks for example) rather than every 60 minutes, what settings do I need to change in Multicharts?
Renko bars are not time based and you will not be able to get a bar at fixed time intervals. "A renko chart is constructed by placing a brick in the next column once the price surpasses the top or bottom of the previous brick by a predefined amount." (from the link I posted below).
This "predefined amount" is controlled by the Box Size and you can for example check out a Box Size of 4 to see if this does what you have in mind.
