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.
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?
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.
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.
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.