I have been curious about Renko bars and I have noticed when I use them on Tradingview the price action/chart structure changes when I change the timeframe. I am confused as to why this is happening because Renko bars are solely based on price action and not time.
For example if I use a 25 brick size on the 1 hour chart and 25 brick size on the 10 min chart the price action looks different. We may be trending 3 green bars up on the 10 min chart but only starting a green bar on the 1 hour chart.
Maybe I do not understand how Renko works but I would assume this shouldn't be happening??
Can someone please give me some clarification??
Thanks!
The following user says Thank You to wildbill4147 for this post:
Yes, I had the same problem when I used tradingview. It's a fantastic program, but I did not like the renko bars. Also, if the brick did not complete and reversed, then the brick would disappear. I love the renko bars with Ninjatrader8. For free, I downloaded the unirenko bars from ninza.co.
So much better for my style. I don't use full size bricks but like the ability for the unirenko brick to be set up to absorb most of the movement (noise) that happens inside the range of the particular brick I choose plus it will show the wick if there is one.
It will be interesting to see if you can get someone to provide an answer for you.
