Renko Charts on % basis?

Discussion in 'Trading Software' started by antares66, Feb 14, 2021.

  1. Does anyone know a software which can build the renko bricks on percent basis?
    Example: New renko brick after a 3 % change.
    NT and Motivewave can´t. Tradingview, Sierra, Quantower, i don´t know.
    Multicharts perhaps.
  2. Overnight


    Do you mean as a percentage delta over the previous price? Size of the bar? From what benchmark do you set the percentage?

    In the simplest terms, a renko bar is inherently a percentage bar. For example, a 10-tick bar with a 3 tick offset would be about 30% change from previous bar's preset-size...Is this what you mean?
  3. 10 ticks change on a stock like amazon priced above $3000 is a much less percentage change as 10 ticks on a stock priced $3. I meant a new brick only should be built after a specific percentage change. Example: Price is at $5. New brick will be built after a change of 3 %. So the new brick is at $ 5.15. Changes less than $3 don´t lead to a new brick. Hope i could myself clear.
  4. Overnight


    I see. Wow, so like a dymaically changing renko? I cannot see how that would be possible, since each tick increase in price would change the length of the potential new bar. I can only imagine what that chart would look like on a stock at, as you say, $5, which suffers a rapid increase in price. Say, a 50% jump in an hour.

    Messy messy messy is what I would reckon', and confusing looking.
  5. I read an ebook about renkos in which the author refers to such % renkos but he didn´t tell the readers which software he used.
  6. Overnight


    Do you still have the book, and does he give an example of the chart?
  7. terr


    In Medved Trader, in both P&F and Renko charts, you can specify box size as a %.
    Lou Friedman likes this.
  8. Thank you.