As much as I try, I can't wrap my head around how Renko bars are formed in Multicharts. Usually, Renkos are based purely on price action...eg, set the box size for four ticks and a new box is formed once it moves up or down to the fifth tick.
But Multicharts adds the option of selecting chart resolution. This I don't get. Whether you have a 1 second chart or a daily chart or a constant volume bar chart, four ticks is four ticks. And yet, clearly, a five minute chart with four tick box size and a 2000 contract bar chart with the same box size look different.
So what is it that I'm looking at here?
I'm sure I'm being a complete knucklehead, but it's honestly making me. Thanks for anybody's help with this.
idiot question about MC renko bars
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Re: idiot question about MC renko bars
As much as I try, I can't wrap my head around how Renko bars are formed in Multicharts. Usually, Renkos are based purely on price action...eg, set the box size for four ticks and a new box is formed once it moves up or down to the fifth tick.
But Multicharts adds the option of selecting chart resolution. This I don't get. Whether you have a 1 second chart or a daily chart or a constant volume bar chart, four ticks is four ticks. And yet, clearly, a five minute chart with four tick box size and a 2000 contract bar chart with the same box size look different.
So what is it that I'm looking at here?
I'm sure I'm being a complete knucklehead, but it's honestly making me. Thanks for anybody's help with this.
Multicharts added these configuration options because some users have asked for them. (MC listens to customers!)
You have a choice of using the classical method, or
if you want to experiment, or be creative, you can try the other methods.
If none satisfies you, you can make a new feature request.
ps. you can do a search on this forum with the keyword "renko" to see previous discussions that came up with these features.
Re: idiot question about MC renko bars
Thanks. I have done a "renko" search and have found discussions about, and requests for, this feature. Much talk about "fine-tuning" renko chart resolution with these additional parameters. But I have yet to encounter any explanation of what these additional parameters actually mean.As much as I try, I can't wrap my head around how Renko bars are formed in Multicharts. Usually, Renkos are based purely on price action...eg, set the box size for four ticks and a new box is formed once it moves up or down to the fifth tick.
But Multicharts adds the option of selecting chart resolution. This I don't get. Whether you have a 1 second chart or a daily chart or a constant volume bar chart, four ticks is four ticks. And yet, clearly, a five minute chart with four tick box size and a 2000 contract bar chart with the same box size look different.
So what is it that I'm looking at here?
I'm sure I'm being a complete knucklehead, but it's honestly making me. Thanks for anybody's help with this.
Multicharts added these configuration options because some users have asked for them. (MC listens to customers!)
You have a choice of using the classical method, or
if you want to experiment, or be creative, you can try the other methods.
If none satisfies you, you can make a new feature request.
ps. you can do a search on this forum with the keyword "renko" to see previous discussions that came up with these features.
Bottom line: Renko, insofar as I know, is a single parameter beast, based on box side. So just what is this that I'm looking at here? Why would a renko chart with a box size of, say, four ticks on a 1 minute chart look different than an identical box-size renko on, say, a 5000 contract chart?
Re: idiot question about MC renko bars
The resolution allows the user to see the chart as he wants.As much as I try, I can't wrap my head around how Renko bars are formed in Multicharts. Usually, Renkos are based purely on price action...eg, set the box size for four ticks and a new box is formed once it moves up or down to the fifth tick.
But Multicharts adds the option of selecting chart resolution. This I don't get. Whether you have a 1 second chart or a daily chart or a constant volume bar chart, four ticks is four ticks. And yet, clearly, a five minute chart with four tick box size and a 2000 contract bar chart with the same box size look different.
So what is it that I'm looking at here?
I'm sure I'm being a complete knucklehead, but it's honestly making me. Thanks for anybody's help with this.
If we have today a close of 100 and tomorrow an close of 100 (but with an high of 110), nothing is displayed in a daily 5 points renko chart because close price was unchanged.
However, in a 1 minute 5 point renko chart we will see the movement up from 100 to 110 and then the movement down, back to 100.