Renko chart

[kefli]

Shouldn't a proper Renko chart be constructed without reference to time? My understanding of Renko charts from Nison's book is that boxes should be drawn whenever the price change justifies it, no matter whether that takes 1 minute or 1 hour or day.

But with e-signal Renko charts, the charts seem to update at the end of the specified time interval instead of when the point change justifies it.

Is there a plan to change this or does this not bother anyone else? I, for one, cannot use them for real-time day trading if the boxes update at the end of the time interval.

[dloomis]

According to Page 199 in the Nison book I have,

The Renko chart uses closing prices. The first step is to choose a price range unit. .....

[DanDuchardt]

Re: Renko chart

If you have the bandwidth to support it, and you want to see more detail, you can reduce your time interval to ##s . Every time you chage a symbol you will get a reload of a ton of tick data. It seems that you can't even restrict the range of data downloaded with a time template. It appears you get at least a day of tick data everytime you start a chart. But for the detail you seek, you have to have the detailed data.

Would be good, IMHO, if eSignal supported lower time intervals than 1 minute w/o resorting to tick data. 30s and 15s options would be a big help.

Originally posted by kefli
Shouldn't a proper Renko chart be constructed without reference to time? My understanding of Renko charts from Nison's book is that boxes should be drawn whenever the price change justifies it, no matter whether that takes 1 minute or 1 hour or day.

But with e-signal Renko charts, the charts seem to update at the end of the specified time interval instead of when the point change justifies it.

Is there a plan to change this or does this not bother anyone else? I, for one, cannot use them for real-time day trading if the boxes update at the end of the time interval.

[DanDuchardt]

I'd like to see volume data on a Renko chart. I've been having a hard time coming up with a study that will do this. The builtin volume study does not work for these charts. I've not been able to find a function that gives the aggregate daily volume at any time of the day, so I guess I would have to calculate it for each time interval going back to the first bar of the day and look at the differences for adjacent bars. The multiple bars at the same time on a Renko chart are a bit problematic, but I'd settle for multiple volume bars of the same size for adjacent bricks with the same time stamp. It would be better to have volume on only the first, or last of a series of bricks with the same time stamp.

I have an idea how to do this, but I'm not sure it will work. Wondering if it has already been done.??

Originally posted by dloomis
According to Page 199 in the Nison book I have,

The Renko chart uses closing prices. The first step is to choose a price range unit. .....