I am totally new to Renko or similar charts ! Please reply a few very basic questions. I did try to find the answers on Net but still could not get a satisfactory answer.
All the "bricks" in your above chart are same size and are expected to be as we specify a brick size before hand. So why does the last BRICK in the chart has a "tail" as we find in a normal Candlestick charts. Similar tails are also visible in other charts. What does in signify?
As I understood, time is 'absent' in Renko charts, then why do we have 1 min. chart ! (I found a chart of Nifty posted and below it was written 1 mint chart.) ?
Is there any percentage rule or any other parameter for deciding the Brick size ?
Is it possible to Form Renko charts from data flow that creates 1 min. candles?
There was somewhere mentioned that the New bricks are added only after completion of the TF set for the chart , ie. if chart is of 15 min. TF , new bricks, if required to be added shall be added only on completion of 15 minutes and not before? This delay in addition of bricks can hamper the trades?
Please ignore my query if it is too basic, just guide me to a proper site or page on Net to gather further info.
Thanks for your sincere effort to help others !
All the "bricks" in your above chart are same size and are expected to be as we specify a brick size before hand. So why does the last BRICK in the chart has a "tail" as we find in a normal Candlestick charts. Similar tails are also visible in other charts. What does in signify?
if we select show tail it will show. if there is tail price reversing it is good indication.
simple example selected 5 brick size now price is 20. next price moved to 24 it will form a new candle of 4.suppose now price reverse back to 18 the 20-18=-2 then new candle of 2 brick size in reverse direction.
if you not selected show tail then only show 2 candle after 20.
the the chart not showing you the price 24. that high price.
so we select show tail means it will show price 24 as small line.
this is good indication of reversal.this you wont get time frame charts.
nifty is 1 mnt chart not renko.
problem with renko is we have watch offline.
i mt4 offline charts are stored in hardisk not in ram.for every tick it has to access hardisk which is more. for that i am using solisdtate hardisk.
even then i can not open more than 6 charts, ( my system 8 core)
wherever i mention time chart they are not renko charts
There was somewhere mentioned that the New bricks are added only after completion of the TF set for the chart , ie. if chart is of 15 min. TF , new bricks, if required to be added shall be added only on completion of 15 minutes and not before? This delay in addition of bricks can hamper the trades?
no bricks are formed live only each tick changes the candle, no delay.
renko charts we use from 1mnt charts.
if you are position trader you can use big bricks that time you can use higher time frame