The particularity of our indicator is the way the renko bricks are built.
In an ordinary renko chart, bricks are built with a fixed price change in one direction or the other.
With Renko for ProRealTime, you can choose the default size of a brick and 2 different thresholds for displaying a new bar in one direction or the other.
In fact, to eliminate the noise of the market, one can choose if the contrarian brick in a trend will measure the same size as that which will mark its continuity.
If the chosen brick size is 5 points, with a continuation of 100% and a reversal of 150%, then in a trend already established, it will be necessary that the price will return of 7.5 points (5pts * 150% = 7.5pts) for an inverse brick to appear, while it only takes 5 points for a brick of continuity (of the same color) to be created.
This has the effect of considerably clarifying the price reading, especially in intraday charts, but also in larger timeframes, see by yourself:
The higher high and lower low are thus much easier to find and it is easier to trace its lines of tendencies, or support and resistance!
- Define the box size in pips/points
- Define the box size with a percentage of current price (universal size across different assets)
- Define the box size dynamically with ATR (automatically adapt to market volatility) – NEW!
- Choose price High / Low to build renko bricks instead of Close of current chart – NEW!
- Change the continuing and reversal offset to build your own custom chart
- Apply 2 Exponential Moving Average (of choosable period) to the renko chart – NEW!
- Auto detection of support / resistance area zones
- Modify the renko bar width
- Show / hide the renko wicks
- Show / hide the real price value
- Change on the fly the renko type (classic, median, point-o): all with adjustable continuing/reversal percentage
- Apply a Volume weighted filter (with choosable weight) in order to remove the price movement without insignificant volumes
- Choose from 3 different color schemes
- Setup alerts on renko bricks color changes (and add automatic orders based on alerts) – NEW!
Why our renko indicator is more powerful than the default ProRealTime one?
Because you can build your own custom charts and make trading less stressful by eliminating the market noises, look at a comparison:
Because you can use the support and resistance built-in feature to easily spot the potential reversal and breakout zones:
Because you can weight the construction of bricks with Volumes:
Because you can set charts with bricks built upon ATR value (dynamic sizing reflect market changes in real time!)
Because of many more other reasons, see by yourself in these multiple examples:
What is Median Renko bars?
The Median Renko bar is also known as Mean Renko.
The main difference between the median Renko bars and traditional Renko bars is based on the fact that the midpoint of price is used as a reversal rather than price moving ‘x’ points from the previous closing Renko brick.
What is Point-O Renko bars?
The Point-O bars does not ignore the sideways movement of the price. Unlike traditional range bars, Point-O bars hold the range from open to close at a constant level. They only require the price to retrace to the original open value of the previous bar in order to form a new bar. This form of charting makes it very easy to spot strong support & resistance levels and simplifies catching of reversal points.
Renko ProRealTime will benefit of updates to add more options in the futures (free of charge and included in the lifetime licence). All our products benefit from technical support during office hours.
The installation of the products is fast and easy thanks to the ProRealCode marketplace interface. Get your license instantly after purchase and install the product in less than 2 minutes.