hotpips Posted June 25, 2009 Report Share Posted June 25, 2009 Renko Chart What Does It Mean? What Does Renko Chart Mean? A type of chart, developed by the Japanese, that is only concerned with price movement; time and volume are not included. It is thought to be named for the Japanese word for bricks, "renga". A renko chart is constructed by placing a brick in the next column once the price surpasses the top or bottom of the previous brick by a predefined amount. White bricks are used when the direction of the trend is up, while black bricks are used when the trend is down. This type of chart is very effective for traders to identify key support/resistance levels. Transaction signals are generated when the direction of the trend changes and the bricks alternate colors. http://i.investopedia.com/inv/dictionary/terms/Renko1.gif Renko Chart Investopedia Says Investopedia explains Renko Chart For example, a trader will sell an underlying asset when a black brick is placed at the end of series of climbing white bricks. Since this type of chart was designed as a way to follow the general price trend of an asset, there can often be false signals where the color of the bricks changes too early, producing a whip-saw effect. more info: http://www.mqlservice.net/catalog/product_info.php?products_id=28 http://www.mediafire.com/?1d5yiyf2zux cazador 1 Quote Link to comment Share on other sites More sharing options...
mr_Bullish Posted June 29, 2009 Report Share Posted June 29, 2009 Re: Renko Bars Chart fo MT4 tidak bisa di buka di MT4, ter-removed ada yg bisa bantu???? Quote Link to comment Share on other sites More sharing options...
saragosa Posted July 27, 2009 Report Share Posted July 27, 2009 Re: Renko Bars Chart fo MT4 kok ngga muncul di mt4? ada yg salah? Quote Link to comment Share on other sites More sharing options...
johndata Posted July 30, 2009 Report Share Posted July 30, 2009 Re: Renko Bars Chart fo MT4 Has anyone the indicator as mq4? Quote Link to comment Share on other sites More sharing options...
thorq Posted July 31, 2009 Report Share Posted July 31, 2009 Re: Renko Bars Chart fo MT4 How is it different than a range bar? Quote Link to comment Share on other sites More sharing options...
polaris Posted July 31, 2009 Report Share Posted July 31, 2009 Re: Renko Bars Chart fo MT4 If you set Renko or Range Bars at 10 pips, in both cases all bars will be 10 pips wide. The difference is that Range Bars may overlap, while Renko Bars will never overlap. The Renkos will only be plotted when price moved the specified range above / below the last bar (remember, there is no overlapping). So in an uptrend (with 10 pip bricks) price has to move 10 pips above the last brick for another up brick to be plotted or 20 pips to the downside for a down brick. The result is that a lot of noise is reduced at the cost of less information about price movement. Range Bars are plotted like time based charts. But instead of closing the bar after a specified time span the bar is closed after exceeding a specified pip range by one pip. Range Bars may overlap. Clear? :D Quote Link to comment Share on other sites More sharing options...
sergeyt2 Posted August 2, 2009 Report Share Posted August 2, 2009 Re: Renko Bars Chart fo MT4 After installing of Renko Bars I see only empty chart. What's wrong? Quote Link to comment Share on other sites More sharing options...
fmaster Posted August 2, 2009 Report Share Posted August 2, 2009 Re: Renko Bars Chart fo MT4 The same! :o I try to set up, by instruction but it not work. When i restart metatrader it not work, may be i do something wrong. Quote Link to comment Share on other sites More sharing options...
ppc123 Posted August 2, 2009 Report Share Posted August 2, 2009 Re: Renko Bars Chart fo MT4 I also got an empty chart too... Just skim the source code, you'll find that there's no init() function, so the most recent bars' conversions are done after the first tick triggering the start()... When the forex market is not open, like now, not even a tick comes, so data conversion won't be done... Btw, this script is much more superior than others... It seems that we can attach EAs directly to the Renko chart, which is good for scalping! 8-) Quote Link to comment Share on other sites More sharing options...
ranger_lp Posted August 2, 2009 Report Share Posted August 2, 2009 Re: Renko Bars Chart fo MT4 Put Renko Bars on 1 min chart (it's a script). Open 2 min chart offline (default). You should see bars by then. From what I read, Renko bars are great in trending markets. However, when market goes sideways, you'll definitely lose money if not careful. Quote Link to comment Share on other sites More sharing options...
fxknight Posted August 2, 2009 Report Share Posted August 2, 2009 Re: Renko Bars Chart fo MT4 I also got an empty chart too... Just skim the source code, you'll find that there's no init() function, so the most recent bars' conversions are done after the first tick triggering the start()... When the forex market is not open, like now, not even a tick comes, so data conversion won't be done... Btw, this script is much more superior than others... It seems that we can attach EAs directly to the Renko chart, which is good for scalping! 8-) This is what they use for the Nitro C4 concept seemingly with good results (manual trading). Any other Renko indicator including the ones posted on the MQL codebase are not accurate except for this one. Somebody on the C4 FF forum stated that the developer of the S-Renko script had an issue with 5 digit brokers but he fixed it as of lately. Is this the latest version with that fix included you think? Regards Quote Link to comment Share on other sites More sharing options...
cubicrey Posted August 2, 2009 Report Share Posted August 2, 2009 Re: Renko Bars Chart fo MT4 This is what they use for the Nitro C4 concept seemingly with good results (manual trading). Any other Renko indicator including the ones posted on the MQL codebase are not accurate except for this one. Somebody on the C4 FF forum stated that the developer of the S-Renko script had an issue with 5 digit brokers but he fixed it as of lately. Is this the latest version with that fix included you think? Regards Hi Fxknight, For the 5 digit broker, you need to add one more digit for Bars range, say, the default setting of Bars range is 25 you need to change it to become 250 in order to get 25 pips per renko bar size. Cheers Rey Quote Link to comment Share on other sites More sharing options...
ppc123 Posted August 3, 2009 Report Share Posted August 3, 2009 Re: Renko Bars Chart fo MT4 This is what they use for the Nitro C4 concept seemingly with good results (manual trading). Any other Renko indicator including the ones posted on the MQL codebase are not accurate except for this one. Somebody on the C4 FF forum stated that the developer of the S-Renko script had an issue with 5 digit brokers but he fixed it as of lately. Is this the latest version with that fix included you think? Regards Yes, I know some people using C4 scalping get win-loss ratio higher than 50:1... which is quite interesting. For the Renko script, it'll ask you "5 digits broker detected, rescale BarsRange?" if you run it on 5-digit platform. Quote Link to comment Share on other sites More sharing options...
nicholasmead Posted August 3, 2009 Report Share Posted August 3, 2009 Re: Renko Bars Chart fo MT4 does it go in indicators or experts Quote Link to comment Share on other sites More sharing options...
ppc123 Posted August 3, 2009 Report Share Posted August 3, 2009 Re: Renko Bars Chart fo MT4 does it go in indicators or experts Goes in the scripts folder. Quote Link to comment Share on other sites More sharing options...
nicholasmead Posted August 3, 2009 Report Share Posted August 3, 2009 Re: Renko Bars Chart fo MT4 and than apply it as a script? Quote Link to comment Share on other sites More sharing options...
saragosa Posted August 3, 2009 Report Share Posted August 3, 2009 Re: Renko Bars Chart fo MT4 its not working for me.. anybody succes load this scrip? Quote Link to comment Share on other sites More sharing options...
ppc123 Posted August 3, 2009 Report Share Posted August 3, 2009 Re: Renko Bars Chart fo MT4 its not working for me.. anybody succes load this scrip? Have you read the txt in the zip file? You need to open the related offline chart after you run the script... How to use it: - put the script in MT4/experts/scripts directory; - restart MT4; - you should be able to find bar script in the Navigator scripts tree; - make sure that you have allowed for DLL imports: Tools->Options->Expert Advisors 'Allow DLL imports' should be ticked and 'Confirm DLL function calls' unticked; - drop it on a chart with a Symbol you wish to create constant range bar chart; - File->Open Offline->Symbol,M2 contains desired chart. (If M2 time frame conflicts with other chart, simply change TimeFrame input) Quote Link to comment Share on other sites More sharing options...
smartpoint Posted August 3, 2009 Report Share Posted August 3, 2009 Re: Renko Bars Chart fo MT4 When i load the script ...it will crap and show error ask to close the MT4 Terminal. Quote Link to comment Share on other sites More sharing options...
a777 Posted August 5, 2009 Report Share Posted August 5, 2009 Re: Renko Bars Chart fo MT4 Yes, I know some people using C4 scalping get win-loss ratio higher than 50:1... which is quite interesting. ppc123 can you find out and tell us the exact trading rules they used to get the 50:1 win loss ratio? I have been following the C4 thread at FF and don't recall anyone posting results like that so they must be keeping to themselves. I'd really like to know if they are doing anything special or more than the post#1 rules in the thread to achieve that success. 50:1 implies more than 50 trades to calculate that ratio and not just a 5 or 10 trade lucky streak. Thanks a lot. :) Quote Link to comment Share on other sites More sharing options...
Hacker1713006064 Posted August 5, 2009 Report Share Posted August 5, 2009 Re: Renko Bars Chart fo MT4 I made a few comments about Renko over on a thread about an EA called Nitro.. Also I posted an Indi that I made which I like with Renko.. hxxp://www.indo-investasi.com/viewtopic.php?f=6&t=4744 Quote Link to comment Share on other sites More sharing options...
fxknight Posted August 5, 2009 Report Share Posted August 5, 2009 Re: Renko Bars Chart fo MT4 Hi, There is a new version of the s-Renko script which shows the bar wicks as well. It was just released. Could someone that has it post the latest version (either ex4 or mql4 source - does not matter)? Thank you Quote Link to comment Share on other sites More sharing options...
Hacker1713006064 Posted August 5, 2009 Report Share Posted August 5, 2009 Re: Renko Bars Chart fo MT4 Hi, There is a new version of the s-Renko script which shows the bar wicks as well. It was just released. Could someone that has it post the latest version (either ex4 or mql4 source - does not matter)? Thank you Well I dont know if this is the most recent.. But it show wicks.. I surfed my favorite places a minute ago and I didnt see anything newer than this one.. hxxp://www.forexsharing.com/14440 You can look at the 2-nd chart I posted over here and see the wicks.. hxxp://www.indo-investasi.com/viewtopic.php?f=6&t=4744&start=30 Quote Link to comment Share on other sites More sharing options...
fxknight Posted August 5, 2009 Report Share Posted August 5, 2009 Re: Renko Bars Chart fo MT4 Well I dont know if this is the most recent.. But it show wicks.. I surfed my favorite places a minute ago and I didnt see anything newer than this one.. hxxp://[email protected]/14440 You can look at the chart I posted over here and see the wicks.. hxxp://www.indo-investasi.com/viewtopic.php?f=6&t=4744&start=30 Hi Hacker, This version seems to be an earlier version (at least longer than a week ago) since the last version shows wicks on the historical Renko bars as well. This is good to gauge if your StopLoss would have been hit since otherwise Renko does not show the true historical bar ranges. I like your RubberBand indicator, it gives almost identical signals with SMTrix set for period 2. I use it in combination with the TG Sinc Cycle which is posted on the FF C4 forum. Seems to be a good combo which validates the RubberBand's signals. Thanks for the Renko script link. Regards Quote Link to comment Share on other sites More sharing options...
Riptide Posted August 5, 2009 Report Share Posted August 5, 2009 Re: Renko Bars Chart fo MT4 Just had a first look into this.. on first take, it looks similar to the old Point and Figure charting methods.. which is also not a time based method. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.