Instability Renko Even On Time Template Fixed Data

[Mr.Hoo]

Hello,
Unfortunately, Renko chart couldn't show stable patterns even on fixed data created by time template. So we can not rely on the Renko chart under these situation.
I attached 2 pics to explain the situation:
As can be seen when we use 25 day fixed data, we see different result in comparison with the situation we use 30 day fixed data. We can see different distances between fist low and the second one. If we use fixed bars or setting start time in time template we see the same result.

So with that being said, how can we understand which one is correct? Is there any rule can help us to set specified day as range of the fixed data?
It's very kind of you help me through this.

[eSignal_EricL]

Hi Mr. Hoo,

For Renko charts to match, they need the same starting point of data (among other factors), which your charts don't have. With different starting points, the charts will eventually diverge. You can minimize the divergence by right-clicking on the chart, selecting Edit Chart. Highlight Renko chart and check the box, Restart on Session.

Hope this helps,

Eric

[Mr.Hoo]

Hi Mr. Hoo,

For Renko charts to match, they need the same starting point of data (among other factors), which your charts don't have. With different starting points, the charts will eventually diverge. You can minimize the divergence by right-clicking on the chart, selecting Edit Chart. Highlight Renko chart and check the box, Restart on Session.

Hope this helps,

Eric

Hello Eric,

Using "Restart on Session" could fix the problem of changing Renko Patterns, but it mess the Renko bars and also all similar charts.

Best Regards

[Mr.Hoo]

Another example showing Renko's patterns breaking down when "Restart on Session" is running.

Please fix this problem.

[ACM]

Mr.Hoo
With all due respect I think you fail to understand how that option works.
The "broken" behavior that you refer to is actually intentional when the Restart on Session option is enabled.
Since Renko (as well as Kagi and PnF) charts depend entirely from the very first price in the chart the purpose of that option is to maintain each individual day consistent irrespective of the initial price in the chart. To accomplish this it overrides two rules of a Renko chart ie
a) all bricks must be the same size
b) contiguous bricks should never overlap (or gap)
When that option is enabled it instead
a) allows for the last brick of a session to be shorter than the defined brick size
b) allows the first brick of a session to overlap (or gap above or below) the last one of the previous session if the opening price of the new session is within (or outside) the range of the last brick of the prior session.
c) restarts the brick size count from the Open price of each day
The option is used not just in eSignal but also in some other programs I am familiar with (such as for example MultiCharts) and their behavior is the same as that in eSignal. Enclosed below is a chart from MultiCharts with the Renko bars set to restart on each session



Anyhow, based on what I understand you want to accomplish the only way for you to maintain the chart consistent as new days are added (without using the Restart on Session option) is to have a fixed starting point (i.e. date and time) which the Time Template allows you to do.
Alex

Another example showing Renko's patterns breaking down when "Restart on Session" is running.

Please fix this problem.


[ATTACH=CONFIG]16843[/ATTACH]
[ATTACH=CONFIG]16844[/ATTACH]

[Mr.Hoo]

Thanks for your useful explanations. I understand it completely.

[ACM]

Mr.Hoo
You are welcome
Alex

Thanks for your useful explanations. I understand it completely.