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About Renko bars

  • #1
  • First Post: Edited 12:36pm Feb 9, 2024 5:00am | Edited 12:36pm
Thanks to all who answer.

I have attached two pictures of renko bars, in both the setting is that each bar is 10 pips in size (PIPS not ATR). On the same setting, why is the 4-hour chart is different from the daily chart ?
Why do we see red bars marked with an arrow in the 4-hour chart , but not in the daily chart ? again in both charts each bar is 10 pips.
If time should not have an effect on renko bars why are the chart different?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: WhatsApp Image 2024-02-09 at 20.23.28_9499c62a.jpg Size: 112 KB
Click to Enlarge Name: WhatsApp Image 2024-02-09 at 20.22.07_3e10ae79.jpg Size: 113 KB
  • #2
  • Feb 9, 2024 7:04am Feb 9, 2024 7:04am
Quoting alon
If the Renko bars does not depend on times but only on the number of pips we set or the number of ATR we set Why does the chart look different in a different time frame? even though the number of pips we set is the same?

1.- "time frame" doesnt exist in renko, the horizontal scale doesn't matter, it only shows when the brick painted back in time, thats all

2.- You don't use ATR for building a renko brick because ATR, by nature, always fluctuate and therefore the renko bars/charts WILL change every single time

If you want to use ATR use it as a separate indicator
  • #3
  • Feb 9, 2024 7:53am Feb 9, 2024 7:53am
Quoting alon
Why does the chart look different in a different time frame?

Because some (not all) charting software won’t print a "completed" renko bar (even though it "ought to"!) until the specified time-period has elapsed.

There are different solutions for this issue, for different platforms.

One is just to set the timeframe to 1 second, and the renko parameters to whatever you want to use; this works for most renko users, and always worked for me, with each of two different charting packages, when I used renko.

Good luck!
  • #4
  • Feb 9, 2024 9:18am Feb 9, 2024 9:18am
Quoting alon
If the Renko bars does not depend on times but only on the number of pips we set or the number of ATR we set Why does the chart look different in a different time frame? even though the number of pips we set is the same?
Hey alon, if you are using ATR to decide the size of renko bricks... part of your answer could be working out why 2 different timeframe's ATR charts look different... However, if using a set point count for renko... charts can still be different... it will depend on the brick size vs the range of each bar on the selected timeframe/ period used to get the data to build the renko chart.. and also how the indicator/expert handles the building... and even the data available...
Some renko builders have options for tails, visible in situations where the timeframe open bar it is built on exceeds the renko brick size prior to closing...

Here is a question to think about... Does one know exactly how the first brick is drawn? because every brick following, would follow from it...
"Work hard, put in the effort, and follow your dreams..." -Me
  • #5
  • Feb 9, 2024 12:34pm Feb 9, 2024 12:34pm
Thanks to all who answer.

I have attached two pictures of renko bars, in both the setting is that each bar is 10 pips in size (PIPS not ATR). On the same setting, why is the 4-hour chart is different from the daily chart ?
Why do we see red bars marked with an arrow in the 4-hour chart , but not in the daily chart ? again in both charts each bar is 10 pips.
If time should not have an effect on renko bars why are the chart different?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: WhatsApp Image 2024-02-09 at 20.23.28_9499c62a.jpg Size: 112 KB
Click to Enlarge Name: WhatsApp Image 2024-02-09 at 20.22.07_3e10ae79.jpg Size: 113 KB
  • #6
  • Feb 9, 2024 1:32pm Feb 9, 2024 1:32pm
Quoting alon
Thanks to all who answer. I have attached two pictures of renko bars, in both the setting is that each bar is 10 pips in size (PIPS not ATR). On the same setting, why is the 4-hour chart is different from the daily chart ? Why do we see red bars marked with an arrow in the 4-hour chart , but not in the daily chart ? again in both charts each bar is 10 pips. If time should not have an effect on renko bars why are the chart different? {image} {image}
That "renko generator" is flawed by design, that should NOT be happening !! as you know renko its build by pip move size, it will print whenever the criteria is met, changing "timeframe" should not affect the chart

I would not trust that charting software for live trading if i was you :S
  • #7
  • Feb 9, 2024 10:58pm Feb 9, 2024 10:58pm
Quoting havo
{quote} That "renko generator" is flawed by design, that should NOT be happening !! as you know renko its build by pip move size, it will print whenever the criteria is met, changing "timeframe" should not affect the chart I would not trust that charting software for live trading if i was you :S
This is TradingView its considered reliable charting
  • #8
  • Feb 9, 2024 11:58pm Feb 9, 2024 11:58pm
Quoting alon
{quote} This is TradingView its considered reliable charting
Let me put it this way, it would be easy to check if it is reliable for renko and in turn, you... roll up them sleeves and draw a few lines on the chart used to build it. Traditional setting with 0.001 means 10 pip bricks (100 points). Draw those lines 10 pip apart and then draw in the bricks as you would expect them to be.. 10 pip for next brick, 20 pip for opposite... you will then know what the correct brick pattern is for Feb... do it for the daily .. and compare. Feb had a 50 pip downwards move.... so already should say something... 4 down bricks of 10 pips should be visible on renko.. one of your images shows 2.. and the other 0...
"Work hard, put in the effort, and follow your dreams..." -Me
  • #9
  • Last Post: Apr 2, 2024 11:07am Apr 2, 2024 11:07am
Quoting alon
Thanks to all who answer. I have attached two pictures of renko bars, in both the setting is that each bar is 10 pips in size (PIPS not ATR). On the same setting, why is the 4-hour chart is different from the daily chart ? Why do we see red bars marked with an arrow in the 4-hour chart , but not in the daily chart ? again in both charts each bar is 10 pips. If time should not have an effect on renko bars why are the chart different? {image} {image}
reason is, tv is calculating by differently in both scenarios - accumulating ohlc for 4H and D. Ideally it should not be so.
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