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Dave W.
2013-10-16 21:42:43
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Can you guys add support for Renko bars in an upcoming version? There are a number of ways to implement Renko bars; I'd propose the way MultiCharts has done it would be very useful. Here's the description:
Select whether you wnat the box size based on Fixed Price or Percents from last box open/close.
Example: If the previous box is green and current price is moving upwards, then the fixed price/percent is calculated based on previous box close (from the right top corner of the box).
If the previous box is red and current price is moving upwards, then the fixed price/percent is calculated based on previous box open (from the right top corner of the box).
If the previous box is green and current price is moving downwards, then the fixed price/percent is calculated based on previous box open (from the right bottom corner of the box).
If the previous box is red and current price is moving upwards, then the fixed price/percent is calculated based on previous box close (from the right bottom corner of the box).
Select Resolution for your chart to be based on. It allows you to choose which type of data (for more details see Tick, Minute and Daily Data) and what detailed resolution will be used for building the boxes.
Uncheck Break on Session if you don't want to see the session breaks (not available for daily-based resolutions).
Uncheck Show 'Phantom' Bars to see gaps between the bars if the was no such price.
Check Show Wick box to see wicks of each bar, demonstrating how the price was moving before the bar close.
The ability to automatically size boxes based on ATR would also be very useful.
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.
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