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Open Feature request MC-1552 » Open Feature request MC-386

Additional features for Renko charts

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Description

Hello,
 
I've been experimenting with Renko charts, and I'm finding them incredibly useful. However, the MultiCharts implementation is missing some features that are available with other platforms (e.g., SierraCharts with their new "Better Renko" charts). Could these be implemented with MultiCharts?
 
1. Give users the option of building Renko bars based on minute data, or even daily data. Currently, Renko charts can only be built based on tick data. This is good for intraday trading, but not so much for traders on a longer time frame -- e.g., swing traders. For example, it's impossible to build a Renko chart that shows a year's worth of price movement, since most data providers don't offer historical tick data going back that long. Of course, using longer-term data would result in Renko charts that are less precise, but tick-level precision isn't important in this situation. (The same request might apply for other non-time based charts, like Kagi charts.)
 
2. Give users the option of showing wicks. On a Renko chart, this shows how much the price moved in one direction within a bar, before it went in the opposite direction and created the next brick. An example is showin in the "Ed's Renko Indicator" link for an add-on NinjaTrader indicator. (This feature is reportedly built-in to NinjaTrader 7.)
 
3. Give users the options of Renko charts that show gaps in price through elongated bars. By default, Renko charts don't do well when the price suddenly gaps in a particular direction. E.g., if the price gaps higher at the market open, a Renko chart might show a long trend of five or ten bricks going upwards from the previous close. However, those aren't "real" bars that can be traded -- all of those bars were created at the same time, based on the sudden gap up, so the chart is somewhat misleading. The "Ed's Renko Indicator" page shows a comparison. The current MultiCharts implementation is similar to his "after" diagram (i.e., the traditional Renko display), but the "before" version with elongated blocks could also be useful in some circumstances.
 
4. Allow "automatic detection" of the apprpriate brick size based on the ATR value. For example, StockCharts.com has an option for creating Renko charts with the brick size set to the ATR value for X number of bars (e.g., the 14-period ATR for Renko charts based on daily data, or the 50-period ATR for minute data). This automatically creates a brick that reflects the size of a typical price movement, regardless of the current price of the sybol -- bigger average movement equals a bigger brick size. For example, in the BreakpointTrades link, the charts for DIG, GDX, $RUT, and $SPY are all similar, even though they have very different prices. To make it even better, the brick size could be configurable to be X% of the ATR for Y number of periods -- e.g., each brick being 25% of the 14-day ATR.
 
Many thanks.

Steps to reproduce this issue

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Comments (6)
#0
user-offline.png  Xyzzy (Xyzzy)
May 26, 2011 - 20:40

Here's an additional link that discusses the StockCharts.com method of using ATR sizing.
http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:renko

#0
user-offline.png  Alex MultiCharts (Alex MultiCharts)
May 23, 2012 - 14:03

Except automatic box size recognition depending on ATR.

#0
user-offline.png  JoeTrader (Guest)
Aug 02, 2012 - 00:24

Steve Nison's book suggests Renko bars should only ever be drawn using the bar close. It is trivial to implement bar/tick brick formation. A better question is whether the implementation deals correctly with engulfing and gap bars. Getting that wrong can really be disastrous.

#0
user-offline.png  DaveW (DaveW)
Oct 14, 2013 - 22:30

Hi. The 4th item in the description above would be very useful. I don't think it has been addressed, though, true?

#0
user-offline.png  JoeTrader (Guest)
Sep 17, 2014 - 12:02

Hope to add a feature on Renko bars.
=> seperate the brick size into ongoing and reversing.
For example, i set the brick size is 5 pips and a percentage value, maybe 60%, then, the onging brick size is 3 pips and reverse brick size is 5+3 =8pips. 
This way can make the trend more clearly even a small trend, and also has the capablity to supress the reversing.
The idea is from: http://www.forexfactory.com/showthread.php?t=466450

#0
user-offline.png  JoeTrader (Guest)
Sep 22, 2015 - 09:00

tradestation 9.5 build has the addition of mean/ median renko _ renko(+) its called. the off set is a must needed feature for multicharts. when can this feature be added?

History
Issue basics
  • Type of issue
    Feature request
  • Category
    Usability
  • Targeted for
    MultiCharts 12
  • Status
    Partially Implemented
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    user-offline.png  Xyzzy (Xyzzy)
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