Renko versus line-break charts

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janus
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Renko versus line-break charts

Postby janus » 30 Jun 2018

Most traders who have used Renko style charts know the close of each Renko bar is not necessarily the real close. Thanks to MC it does have the option to print the real open. In that case the close of a Renko bar could be determined by using the open of the next bar. It might not be 100% accurate but it's probably as close as one could get using Renko style charts. However, I thought perhaps a better and far simpler approach would be to use a 1-line break style chart (instead of the traditional 3-line break). At least the close of the line break chart is the real close. The chart style also looks similar to the Renko one in MC except the bars on not all equal in size (of course since the close is the real close).

I wonder if anyone else has gone through a similar train of thought and settled down with line break charts in preference to Renko charts? One thing I have noticed is Renko charts do a better job at filtering out the noise than line-break charts so there it would be nice to have the option in Renko to print the real close as well as the real open. Yes it would make it look even less than a traditional Renko chart but who cares? I haven't studied FlexRenko enough to see if that can in fact be done. From a casual look at it I don't think it does.

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Anna MultiCharts
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Re: Renko versus line-break charts

Postby Anna MultiCharts » 03 Jul 2018

Hello, janus!

Yes, indeed there’s Real Open for Renko is currently presented in the platform, but there’s no Real Close. You can programmatically add it in your own custom resolutions plugin for your own Renko type:
https://www.multicharts.com/trading-sof ... esolutions
If you’d like our team to create it for you as a custom development project please contact us at support@multicharts.com

janus
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Re: Renko versus line-break charts

Postby janus » 03 Jul 2018

Thank you Anna. I find the line break chart style effectively is doing what I need when I set the number of line breaks to 1.


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