Plotting an Indicator on a Mean Renko chart , based upon larger Mean Renko bars

Questions about MultiCharts and user contributed studies.
AdrianP
Posts: 46
Joined: 02 Sep 2014
Has thanked: 2 times
Been thanked: 1 time

Plotting an Indicator on a Mean Renko chart , based upon larger Mean Renko bars

Postby AdrianP » 10 Jun 2020

Hi,

Sometime back I tried to plot on my MEAN Renko chart, an indicator based upon a Data2 MEAN Renko.
It did not calculate correctly, and support tell me this is a problem.
With tick charts, its not an issue, as I had a coder many years ago successfully create accurate representation using Data2.

So, I am wondering then if it might be possible to create some quasi higher time frame indicator using just the core data?
People often used to do it with say daily, by taking the calculation of every 5th bar to create a quasi rolling weekly indicator.

But how might one do it with Mean Renko, if for example your base chart is say 20 pip brick size and the larger is 60 pip.

Has anyone tried it successfully? Is it even possible?

Would love to hear people's thoughts and experiences.

Understand simply using say a longer calculation period is NOT the answer, as the noise is too high.

Thanks

User avatar
TJ
Posts: 7742
Joined: 29 Aug 2006
Location: Global Citizen
Has thanked: 1033 times
Been thanked: 2222 times

Re: Plotting an Indicator on a Mean Renko chart , based upon larger Mean Renko bars

Postby TJ » 10 Jun 2020

. . . it would help if you can draw a diagram (with notes explaining your vision).
After all, you are interested in a solution from a visual chart, it only makes sense that you convey your idea through a diagram.


Return to “MultiCharts”