I'm exploring the possibility of using renko charts in a swing trading setup. Specifically, I'm hoping to test something like is described here:
The StockCharts.com website allows you to create renko charts on daily charts, as shown here:
However, unless I'm mistaken, that doesn't seem possible with MultiCharts. MultiCharts only seems to create renko charts based on tick data. This is a problem, as my data provider (IQ Feed) only provides a limited amount of tick data, so it's impossible to display and test renko charts on the longer-term timeframe (months and years) that I'm looking for for back-testing purposes.
Is there any way to go about creating renko charts with daily data in MultiCharts, either by default or through some workaround or add-on?
By the way, I know that renko charts aren't time-based charts, so the concept of a "daily" renko chart might be imprecise. It ideally requires data based on a shorter time frame to construct the individual blocks accurately.
However, I don't see why you should need tick data for that -- it seems to me that you could construct renko blocks based on minute or second data, e.g., with the trade-off of some imprecision about when each individual block is formed. You should also be create renko charts with daily data with a greater trade-off in accuracy.
Renko on daily charts?
Questions about MultiCharts and user contributed studies.
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