Renko Bars - Alert for PA Velocity

Dear All,

I have been using Renko bars (10 pips default) for a while and it is good to filter out alot of noise from the PA. Sometimes, with increasing volatility (either upwards or downwards in price), there is a good chance of scalping for a quick entry/exit.

Thanks to Zen_Leow for his alert indy, he has created an indy which alerts when a new candle is formed. As the alert comes in pretty quick say for CHFJPY, then it tell us that PA is moving fast.

As I am not a programmer... Would really appreciate if a coder could incorporate a velocity line in a separate window to reflect how fast the 10 pips are forming. That is, Velocity = 10 pips/ (opening time for current bar - opening time for previous bar).

If PA is moving fast, then velocity line will increase in a chart (x axis -no.of pips, y-axis - time (1 min interval? maybe) - The velocity line will be pips/min.

I think this indy may be of use to the scalpers in FF.

Thks again and hope that my request is answered.

dngfx

Velocity thingy seems to be a good idea...

But the Screenshot above doesnt seem to be Renko!
is it Crb's...that too i am not sure!

It is infact version 2 of the Renko.exe that was coded by Michal. The wick has been added by him at the request of many members so that you can backtest and also useful to see the ranging of PA and also to see evidence of support/resistance.

Rgds,

dngfx

ah.. the commercial one... ok!
How long have you been using it?
Due to think there is much difference with < THIS >?

Pretty much the same.....

Hi dngfx,

The indicator at the bottom of your chart is that one made especially for Renko charts?
Looks pretty good in your screen shot, where did you find it?
Have you tried any other existing velocity indis on renko charts yet?
Have you looked at the progamming discustion on renko charts?
You may find an indi there you like, & you may find someone to help code exactly what your looking for.
Good luck.

http://www.forexfactory.com/showthread.php?t=189584

Where can we find the commercial version, or one with wicks, so we can backtest? I've looked all over the Internet and cannot find one.

there is a great free one here by viking under lou's thread. works perfect

I believe its renkolivechart_3.3 quick search and you'll find it.