A type of chart, developed by the Japanese, that is only concerned with price movement - time and volume are not included. A renko chart is constructed by placing a brick in the next column once the price surpasses the top or bottom of the previous brick by a predefined amount. Green bricks are used when the direction of the trend is up, while red bricks are used when the trend is down.
Added live forming brick.
Added option to plot defined number of bricks.
Added option to choose colors for bricks.
Updated reference mode for better performance.
Changed charting method.
Overlay set to true by default.
Deleted reference mode. (Check reference sample to update your cBot / Indicator!)
Added LastValue (live forming brick) into outputs.
Added High and Low values into outputs.
Fixed live brick not drawing when BricksToShow was set too high.
Renko (Pips) - Defines height of one brick in pips.
Bricks To Show - Defines how many bricks will be plotted.
Zoom Level - Adjusts width of bricks for defined zoom level.
Bullish Color - Sets color of bullish bricks.
Bearish Color - Sets color of bearish bricks.
Overlay - Indicator can be set not to overlay at line 11.
[Indicator("Renko", IsOverlay = false, ...)]
Referencing - Indicator can be used in other indicators or cBots. Sample below.
public double RenkoPips = 10;
public int BricksToShow = 10;
private Renko renko;
protected override void OnStart()
renko = Indicators.GetIndicator<Renko>(RenkoPips, BricksToShow, 3, "SeaGreen", "Tomato");
protected override void OnTick()
bool isLastBrickBullish = renko.Open.Last(1) < renko.Close.Last(1);
ExecuteMarketOrder(TradeType.Buy, Symbol, 1000);
When the indicator is loaded it can access only OHLC values of historical data. For better accuracy of historical chart I highly recommend using lower timeframe and scroll back for more data.
When the indicator is running it's fed by live data (each tick) so it's 100% accurate no matter what timeframe it's loaded up on.
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