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Renko Chart - Boxsize and Time Frame

  • #1
  • First Post: Apr 15, 2012 4:16am Apr 15, 2012 4:16am
Hi All:

I hooked up with Renko charting lately. There are some confusions on my side which I hope someone can shed some light on:

1. As you know, we have Renko Boxsize and time frame. What is the difference between Renko Boxsize of 3 with 3minute time frame VS Renko Boxsize of 3 with 1minute time frame? Mind to explain further? I being told the Renko Boxsize should always match the corresponded Time Frame which I think is incorrect.

2. I am trying to setup different Renko charts using different settings under one symbol and yet I can't do it correctly. I can only setup all charts with one setting one. I using 1min chart for each. What is the correct way?

Please advise. Many thanks for your time!

  • #2
  • Apr 15, 2012 8:16am Apr 15, 2012 8:16am
Quoting bdunn
Hi All:

I hooked up with Renko charting lately. There are some confusions on my side which I hope someone can shed some light on:[indent]1. As you know, we have Renko Boxsize and time frame. What is the difference between Renko Boxsize of 3 with 3minute time frame VS Renko Boxsize of 3 with 1minute time frame? Mind to explain further? I being told the Renko Boxsize should always match the corresponded Time Frame which I think is incorrect.

2. I am trying to setup different Renko charts using different settings under one symbol and yet I can't...
The only important setting in Renko is the BoxSize. It will define the size of each and all candles in the offline chart.

Time isn't involved at all in Renko chart.

Just be carefull to not set in the Timeframe a common period (1,5,15,30, etc ...). Any unusual number will be fine and won't change anything in the candles size.
MT4/MT5 EAs/Indicators/Alerts coder
  • #3
  • Apr 15, 2012 12:33pm Apr 15, 2012 12:33pm
bayfisherman & FerruFx:

Thank you for your time in replying my questions. I currently using Metatrader for Renko charting. I do understand that time is irrelevant and the 'time frame' value that we entered is to avoid confusion/clash with the data of the standard time frame.

My question is, say 5pips Renko under 7min time frame, when an indicator is plotted, would the indicator take in consideration of that 7min time frame for calculation? Some indicators such as MTF will even ask an input of 'Time Frame' with the default setting of 'Current Time Frame'. Do you all see my questions/confusions here?

I welcome all inputs/comments. Many thanks in advance!
  • #4
  • Apr 15, 2012 12:41pm Apr 15, 2012 12:41pm
Quoting bdunn
My question is, say 5pips Renko under 7min time frame, when an indicator is plotted, would the indicator take in consideration of that 7min time frame for calculation? Some indicators such as MTF will even ask an input of 'Time Frame' with the default setting of 'Current Time Frame'. Do you all see my questions/confusions here?
Any indicator applied on the renko will be based on the current chart (renko candle).

In case of a MTF indicator, it will be based on the TF you set in its inputs.
MT4/MT5 EAs/Indicators/Alerts coder
  • #5
  • Apr 15, 2012 1:37pm Apr 15, 2012 1:37pm
FerruFx, many thanks for the reply. I am using a script to generate the Renko Chart. I am trying to setup 3 different Renko charts with 3 different boxsize value. Does that means I need to have 3 different 1min chart? or 1 min chart with 3 scripts on it can do the fine job?

Many TIA!



Quoting FerruFx
Any indicator applied on the renko will be based on the current chart (renko candle).

In case of a MTF indicator, it will be based on the TF you set in its inputs.
  • #6
  • Apr 15, 2012 8:41pm Apr 15, 2012 8:41pm
Quoting bdunn
FerruFx, many thanks for the reply. I am using a script to generate the Renko Chart. I am trying to setup 3 different Renko charts with 3 different boxsize value. Does that means I need to have 3 different 1min chart? or 1 min chart with 3 scripts on it can do the fine job?
You must open 3 M1 charts and then set your script on each one.

Keep in mind that in this case, you must set 3 differents Timeframes (1 for each BoxSize).
MT4/MT5 EAs/Indicators/Alerts coder
  • #7
  • Aug 21, 2012 12:51am Aug 21, 2012 12:51am
I still don't understand. I also use meta trader. Renko charts are time independent. But if I change the Ti8me frame frame of the chart, the renko charts in Offline mode also change the formation, but The Brick Size remains the same. I dont understand if the brick size is same in all the Time Frames, then how the plotting of the boxes vary in different time frames? Its very confusing. Kindly solve my confusion.
  • #8
  • Oct 5, 2012 7:59pm Oct 5, 2012 7:59pm
Same here. Anybody?
  • #9
  • Oct 6, 2012 5:57am Oct 6, 2012 5:57am
Quoting jpreet18
I still don't understand. I also use meta trader. Renko charts are time independent. But if I change the Ti8me frame frame of the chart, the renko charts in Offline mode also change the formation, but The Brick Size remains the same. I dont understand if the brick size is same in all the Time Frames, then how the plotting of the boxes vary in different time frames? Its very confusing. Kindly solve my confusion.
You should use only the 1m chart to load your Renko EA.
Never change "that" time frame if you want to have proper and correct renko bars in whatever size you want them.
If you want to see the renko chart and also a Time frame chart for the same pair, just open a second time frame chart for that pair and change all you want... but do not touch the 1M were the renko EA is loaded.


J.
  • #10
  • Oct 6, 2012 6:10pm Oct 6, 2012 6:10pm
What I'm about to say is from my experience using Renko blocks with another platform. Not sure how this is relevant to MT4 and whatever way your Renko software works.

Renko blocks are calculated based on the closing price of the candles on whatever TF you are using. This means that if you are using an H1 chart the blocks will appear, and disappear, real-time during the hour while that candle is 'live', but they won't "print" permanently on your chart until that 1 hour candle actually closes.

For example, on an H1 renko chart, let's say the hour begins with the euro trading at 1.3000. You are using 10 pt blocks. During the hour the price drops to 1.2900, then bounces back to 1.3000. (A spinning top or doji candle formation.) If you are watching your renko charts LIVE, you will NOT see a downward V formation. You will see the 10-ish blocks down as it marches toward 2900. As the price bounces, live, real-time, the blocks that were on chart will disappear right before your eyes. 10 blocks become 9, 9 becomes 8, 8 becomes 7, until finally, as the price approaches 1.3000 your last block disappears. The 1 hour candle closes and your chart is left with no more or less blocks than you started with. The prior H1 candle closed at 1.3000, the recent H1 candle just closed at 1.3000. Therefore there was not enough price change from close to close to warrant a new renko block.

If you run a Renko chart on an M1, then compare that to a Renko chart on an H1 using the exact same block size, you will see a whole lot more chatter on the M1.

Hope this clears things up a bit.
  • #11
  • Oct 8, 2012 12:09am Oct 8, 2012 12:09am
Quoting KenJames
What I'm about to say is from my experience using Renko blocks with another platform. Not sure how this is relevant to MT4 and whatever way your Renko software works.

Renko blocks are calculated based on the closing price of the candles on whatever TF you are using. This means that if you are using an H1 chart the blocks will appear, and disappear, real-time during the hour while that candle is 'live', but they won't "print" permanently on your chart until that 1 hour candle actually closes.

For example, on an H1 renko chart, let's say the...
Not a Bit Sir.... But a Lot. thank You Very much. Rest I will try to Explore
  • #12
  • Feb 9, 2013 7:47am Feb 9, 2013 7:47am
guys can we trade 1M Renko box charts? thanks
Tracking the Specialists.
  • #13
  • Edited 3:29am Sep 28, 2016 2:54am | Edited 3:29am
Please excuse me if I seem to be asking similar questions that have been asked already on this thread. BTW I have read the entire thread.
I am using the renko_pimped_v4_13 to setup the renko style trading as follows. (I am just showing the following to make sure from the experts on this thread that I am doing it right.)

A. Open currency cross and open 1 minute TF.
B. Having loaded the above renko pimped.... onto mt4 currency cross data folder in the correct tab etc., etc. Open currency 1minute chart and scroll to Expert advisors section and drag renko_pimped_v4_13 onto chart.
C. adjust the settings and click OK.
D. Click File then Open Offline.
E. Check for your currency cross m2 file and either double left click or click open. Then proceed as normal to set up the renko chart.
Now my questions .
1. Can you use a different time frame for trading after you have set up the 1-minute M2 offline setup for any currency cross?
1a. For instance, if after doing all to set up Renko chart and it shows....
1b. Can you then use 5m, 15m 1hr and 4hr TF's (TimeFrames)
2. Can you use renko style charting to trade Coin/Currency crosses? If so....
3. How do you set up the S/L and T/P settings in the coin/currency crosses.

I have done all that the chat-room has said on FXOpen brokerage but I still cannot get the S/L and T/P settings to show on the Coin?Currency chart in the order window. It just shows entry price and current price. The S/L and T/P columns are simply showing zeros.

PLEASE HELP ME AS I AM SURE OTHERS WILL ALSO BENEFIT FROM YOUR HELP. I am attaching files numbered 1 to 7 for illustration purposes.

There are other further questions I need to ask but the above is all for now. When I get these answers I will ask a few more questions regarding Coin/Currency Trading.

I am a faithful member of Forex Calendar Graham. Please forgive size of attachments as I don't know how to reduce them .
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  • #14
  • Mar 18, 2018 6:32am Mar 18, 2018 6:32am
Hi, I know it is a very old thread but wanted to help anyone who is currently or in the future will be reading this thread.

Some commercial Renko indicators (Generators) will give the user the option to specify the timeframe for when a new brick will be printed.

An Example: If I set brick size to 5 pips and the timeframe to 15 mins. This means that every 15 minutes, if price moved by 5 pis in same direction, a new brick will be printed.

If I set my brick size to 50 pips and the time frame to H4, this means a new brick will be printed if price moves in same direction by 50 pips after a new H4 period starts. So if the 50 pip move happened before the end of the current H4 period, the new brick will not be printed until the current H4 period is over.

Now, most of the Renko indicators do not have this feature and the brick will change according to the continuous feed. (This is originally how renko bricks are generated by the way. if price goes up by a specified number of pips, then a new brick will be printed.

One more thing, don't get confused by how you name your offline chart. If you name your offline chart M10 or M20, it is as naming it Michael, or George. It is a just a name. This is the case with many Renko generators, unless it is a commercial renko that clearly has an input specifying number of pips plus time interval (end of day, four hours, etc or just instant print of a new brick).

In tradingview you will see an option for specifying time intervals plus box size. In Mt4, I guess you need to buy a commercial Renko that has this feature built in.

Hope this helps any body.
  • #15
  • Jun 11, 2019 2:47am Jun 11, 2019 2:47am
Quoting mtharwat
Hi, I know it is a very old thread but wanted to help anyone who is currently or in the future will be reading this thread. Some commercial Renko indicators (Generators) will give the user the option to specify the timeframe for when a new brick will be printed. An Example: If I set brick size to 5 pips and the timeframe to 15 mins. This means that every 15 minutes, if price moved by 5 pis in same direction, a new brick will be printed. If I set my brick size to 50 pips and the time frame to H4, this means a new brick will be printed if price moves...

Hi Mtharwat,
can you give link of renko indicator that allows to block new renko box creation till the specified timeframe time crosses
  • #16
  • Jun 12, 2019 8:36pm Jun 12, 2019 8:36pm
Quoting iceslit
{quote} Hi Mtharwat, can you give link of renko indicator that allows to block new renko box creation till the specified timeframe time crosses
I mean like trading view, repainting renko, in different timeframes
  • #17
  • Jun 26, 2019 4:04pm Jun 26, 2019 4:04pm
Quoting iceslit
{quote} Hi Mtharwat, can you give link of renko indicator that allows to block new renko box creation till the specified timeframe time crosses
Hi Mtharwat,
This is Screenshot from my Zerodha trading platform. In this I place Renko chart, leave in timeframe H1 for intraday, or Day1 for positional trading. The renko candles will form in one direction, if price breakeven, the candles will disappear and re appear. This continues till real trend reversal occurs. If this trend reversal is temporary, the reversed candles will disappear and will follow original trend. If trend reversal is strong and permanent for good duration it moves in new direction for good time.
This continues. But in this I have to do manual trading. In MT4 if I get similar renko, it will be greatful. I will simply put any indicator following EA and it will work.
In one full day trading I get mostly 2 to 3 major reversals only to trade with. You can see the moves on dates in chart I am attaching.
Pls let me know if such Renko exists and in what timeframe will such will happen to its bars.

Thanks in advance
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  • #18
  • Jun 26, 2019 5:21pm Jun 26, 2019 5:21pm
If you wanna know how much time has passed for each bar (or brick) in charts that are not time based, this indicator here will do the trick, and according to David Weis, is a very good proxy for volume:

Attached File(s)
File Type: mq4 Time Counter Histogram.mq4   1 KB | 685 downloads
  • #19
  • Jul 2, 2019 8:45pm Jul 2, 2019 8:45pm
Quoting iceslit
{quote} Hi Mtharwat, can you give link of renko indicator that allows to block new renko box creation till the specified timeframe time crosses

Hello,
First I apologize for my long delay in responding. I saw your post recently and was very busy.

Two things I will discuss:

First: Commercial Renko Second: Repainting with Renko: What is it?

First Commercial Renko:

Maybe 5 years ago or so, I was searching in every single place for the best commercial Renkos. At that time I found the one that is suitable for me. It was a commercial one (I can PM you and you can have a trial for a couple of weeks) and is based on tick feed. It does not use ATR calculations nor you can set certain intervals for close price.

Unfortunately, I do not remember at all the names of other commercial renkos which allow the use of specified time intervals. I am really sorry. It was years ago. I recommend in the time being TradingView. The latter will allow you to do both: ATR and specified Time Interval Renko. The least you can get is the one minute and is not really good or even recommended at all when scalping with Renko with 2-pip boxes or such.

Second: Repainting Renko?

a) If you are using ATR Renko, then the whole graph will change and your S/Rs and trend lines will change accordingly. It is annoying. One way to overcome this is by setting a high value of the ATR to 100 or such and using Higher Time Frames, for example, a Weekly Renko ATR (100) and a daily and H4. ATR in 15 mins or less can be traded taking into consideration the "Very Now" moment.

b) If you are using Specified intervals: Here comes the 'false feel of Repainting'. It is not repainting. How? Let us say you are using a 5-pip renko box with a specified interval of H4 for GBPJPY. This means that if we are bullish, the price will go up every 5 bricks and if we get a fall of 10 pips, a new red brick will be printed. Right? This will keep happening in front of your eyes until the H4 interval closes. At that very special moment of closing of the H4, you will finally find how al those Bricks of (of 5 pips) look like at the end of the interval. Usually, platforms should use a different colouring (lighter colours) for the bricks forming while the interval has not closed yet so as not to confuse the trader.

However, I think of this as the bad choice of the trader in choosing his brick size with the specified time interval. If he uses a 5-brick box on a very volatile pair like GBPJPY, he should not use a H4 interval but rather should use a 1-minute interval or a tick one. By the same token, the trader may use a 10-minute interval with 20 pips Brick size. The idea of changing time intervals is very interesting because it allows the trader to experience different visuality and hence be able to determine exact PA levels. It is the same concept of using normal time intervals of any increments (10 mins, 10 hours, 3 mins, 2 days) etc.. Tradingview has helped me a lot with this.

BTW, tradingview has range charts and I think but not sure that they use instant feeding as they there is no option to choose time intervals.

Feel free to ask me anything you need with Renko charting.

Regards,
  • #20
  • Aug 15, 2020 4:43am Aug 15, 2020 4:43am
Quoting bdunn
Hi All: Please advise. Many thanks for your time!
I know this is an old post. Just for future references.

1. What is the difference between Renko Boxsize of 3 with 3minute time frame VS Renko Boxsize of 3 with 1minute time frame?

Answer:
New Renko bricks, depends on our box-size setting (3 or 5 pips, etc.), will print at once according to time frame that we set. I knew it because I tested it.

For examples:
a. When we set Renko box-size 3 pips with 3 minutes time frame, and price goes up 15 pips, it will print 5 green bricks right. However, it will not print immediately, it will hold and hold until 3 minutes time frame closed and then, it will print all 5 green brick at once. Same concept if we set it to 15 minutes, 1 hour time frame and etc. It will print at once after the chosen time frame closed.

b. So, when we set the same Renko box-size, with 1 minute time frame, it will print faster. 6 pips goes up, in 1 minute, print 2 green bricks. 3 pips goes down, in 1 minute, print 1 red bricks. So on and so on. You get the idea.

As a rule of thumb, set it with 1 minute time for faster reading regardless of our Renko box-size (3, 5, 10 pips size and etc).
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