RenkoShade2 – Draws Renko boxes in normal TF

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RenkoShade2 - Draws Renko boxes in normal TF
Author: regfreak (2010.02.16 10:56)
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RenkoShade2 - Draws Renko boxes in normal TF 1
 RenkoShade2.mq4 (17.5 Kb) View
RenkoShade2 - Draws Renko boxes in normal TF 1 RenkoShade2_1.mq4 (18.1 Kb) View
RenkoShade2 - Draws Renko boxes in normal TF 1 RenkoShade2_3.mq4 (19.8 Kb) View
To see the renko box on normal TF... or not!!! Try the renkoshade on renko chart!

Put the renkoshade2 on a renko chart, it will provide you 'multi renko' view.

See attached picture.

Picture 1: RenkoShade 10 on TF M5
Picture 2: RenkoShade 5 on Renko 3

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Logic of drawing renko boxes taken from renkolivechartv32.

version 2_1 does not need to import external experts

RenkoShade2 - Draws Renko boxes in normal TF 4
Pic 1 - RenkoShade on TF M5

 
 

RenkoShade2 - Draws Renko boxes in normal TF 5
Pic 2 - RenkoShade 5 on Renko 3

6 comments  To post a new comment, please log in or register

Unfortunately, rlc32 doesn't draw a Renko chart, it draws something closer to range bars and tries to make it look like Renko. Renko charts use CLOSING PRICE, rlc32 is constantly monitoring the BID price and drawing a bar the instant the block size is reached. That's not a Renko chart. A real Renko chart would only be checking once per bar (i.e. at the close) and adding the appropriate number of "bricks". It's possible to add multiple bricks at once.

21.11.2011 15:35 dlewisfl

Nice indicator; here is another use of it: rengas within rengas....., which is price action(60) within price action(120)

use linear regrestion to get a nicer view ...enjoy the 4H on EUR !!!!

yRenkoShade2 - Draws Renko boxes in normal TF 6

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