Discussion about Renko : (from Varun's thread)

[monkeybusiness]

MB - Can you create a second pane below the price pan and paint a renco on the OBV? See if the pattern holds good considering both are green or both are red. You can create some rules.

Will Try

 

[monkeybusiness]

Reversal came, was bussy with office work, so couldn't check it in RT, but by looks of things with proper brick setting one can make it nice positional trading system.

 

[timepass]

TP upper line of the RCTNGLE have to be 1 brick Higher. See the swing high.

The rectangle is the sideways zone.

 

[Tuna]

The rectangle is the sideways zone.

Yes this is where Dholak Trader will make money and Trend trade will perform Striptease. Reverse will happen when market trends. Anyways, the reason I mentioned that, a Swing Green up above the current upperline that you draw might also be a fake breakout. So wanted to point where the line should be.

 

[monkeybusiness]

MB - Can you create a second pane below the price pan and paint a renco on the OBV? See if the pattern holds good considering both are green or both are red. You can create some rules.

Possible like this.

Plotting OBV and Renko both on same pane results in chart collapse, as both are operating on different values.

 

[Tuna]

Hmm realised that after posting the query. The Timeline of brick formation will not hold good.

 

[Ajax]

don't mix time base charts and renko. Will get thoroughly confused
If you want obv on renko.... make renko obv timeless also

 

[doss186]

Possible like this.
View attachment 22327
Plotting OBV and Renko both on same pane results in chart collapse, as both are operating on different values.

If we know the source code of obv instead of plain OBV(), map them to renko highs and lows perhaps will give some results.

 

[sikandar]

If we know the source code of obv instead of plain OBV(), map them to renko highs and lows perhaps will give some results.

try this, Close=OBV(): and set bricksize = 10000;

 

[monkeybusiness]

If we know the source code of obv instead of plain OBV(), map them to renko highs and lows perhaps will give some results.

in plain language, volume of first candle is base, then according TF selected candle volume is added/subtracted from OBV value based on up candle or down candle.