Renko Chart modified
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Thread: Renko Chart modified

  1. #1
    hoSonesraax
    Guest
    In a usual renko chart a brick is shaped when determined pips move in 1 direction but the brick begins to dissolve if pips start moving in opposite direction and this continues until a new brick is shaped when pips move twice the determined value. Can there be a renko chart when after forming a brick if price reverses a new opposite brick is shaped instead of same brick dissolving. E.g Eur/Usd is at 1.3500. I open a Renko chart with 100 pip brick setting. The price goes to 1.3600 along with also a green brick is shaped, but from there that the price reverses back to 1.3500 eating up the green brick. I'd like that instead of eating the green brick a new red brick is formed of 100 pips adjacent to the initial green brick. This way we can know how many times the price whipsawed between these two figures.

  2. #2
    hoSonesraax
    Guest
    Thankyou very much Halley. Although I have yet to find and make out precisely what you propose, but a lot of thanks for the helping attitude. God Bless and happy trading.

  3. #3
    It's same if u use the zig zag

    nothing particular on renko. .

  4. #4
    Quote Originally Posted by ;
    In a normal renko chart a brick is shaped when determined pips proceed in one direction but the brick begins to dissolve when pips begin moving in opposite direction and this continues until a new brick is shaped when pips proceed twice the value that is determined. Can there be a renko chart when after forming a brick when price reverses a new opposite brick is shaped instead of same brick dissolving. E.g Eur/Usd is at 1.3500. I open a Renko chart with 100 pip brick setting. The price goes to 1.3600 and a green brick is shaped, but out of the price yells back...
    Maybe you ought to have a look at point and figure charts ( if you do not know it already ), it does exactly that.

  5. #5

  6. #6
    TaCNres
    Guest
    If you mean this one then look for a Point Initial Chart.

    in case you have MT4, then there are several free and commercial indiors which build the PointO charts. I did not test them as this one worked for me nicely: Omnia Charts

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