Renko charts
Posted: Fri Oct 19, 2012 10:11 am
I was shown Renko charts http://www.investopedia.com/terms/r/renkochart.asp by a trader who uses them as a counter trend entry into a trend.
Ignoring the time element in a chart ( like point and figure) and focusing only on price direction instinctively makes sense as a tool to have in a trend following arsenal.
I would like to investigate its effectiveness via the beautiful power of TB but I lack the programming skills to translate the CSI price data into a Renko signal.
I have found a dead Renko thread on the forum which might mean there has been little interest.
I have found the Tradestation easy language code for Renko and am wondering if anyone of you have had any interest / experience with it and if you would know how to translate it to TB.
Easy language code
{Renko-Adaptive signal (based on ATR)
Written by konkop 07.03.2002.
*********************
Attention: set MaxBarsBack (f.e. =30) in this study according with
MaxBarsBack value in the Renko_Adaptive indicator
for correct step-by-step calculations of the buy/sell levels
*********************}
Inputs: K(1),
Smooth(10),
Bricksize(0.40);
vars: Brick(0) ,DN(0), UP(0), BricksUp(0), BricksDn(0);
{Value1 = AvgTrueRange(Smooth);}
If BarNumber = 1 Then Begin
Up = H;
Dn = L;
Brick = K*(H-L);
End;
If BarNumber > 1 then begin
If C > UP + Brick Then begin
BricksUp = IFF(Brick = 0, 0, Floor((C - Up)/Brick)*Brick);
UP = Up + BricksUp;
Brick = Bricksize;
DN = Up - Brick;
BricksDn = 0;
End;
If C < Dn - Brick Then begin
BricksDn = IFF(Brick = 0, 0, Floor((Dn - C)/Brick)*Brick);
Dn = Dn - BricksDn;
Brick = Bricksize;
Up = Dn + Brick;
BricksUp = 0;
End;
{If Up > Up[1] then buy this bar at C;
If Dn < Dn[1] {and Dn[1] < Dn[2] } then sell this bar at C;}
If up > up[1] then buy to cover this bar at C;
If dn < dn[1] then sell short this bar at C;
End;
Ignoring the time element in a chart ( like point and figure) and focusing only on price direction instinctively makes sense as a tool to have in a trend following arsenal.
I would like to investigate its effectiveness via the beautiful power of TB but I lack the programming skills to translate the CSI price data into a Renko signal.
I have found a dead Renko thread on the forum which might mean there has been little interest.
I have found the Tradestation easy language code for Renko and am wondering if anyone of you have had any interest / experience with it and if you would know how to translate it to TB.
Easy language code
{Renko-Adaptive signal (based on ATR)
Written by konkop 07.03.2002.
*********************
Attention: set MaxBarsBack (f.e. =30) in this study according with
MaxBarsBack value in the Renko_Adaptive indicator
for correct step-by-step calculations of the buy/sell levels
*********************}
Inputs: K(1),
Smooth(10),
Bricksize(0.40);
vars: Brick(0) ,DN(0), UP(0), BricksUp(0), BricksDn(0);
{Value1 = AvgTrueRange(Smooth);}
If BarNumber = 1 Then Begin
Up = H;
Dn = L;
Brick = K*(H-L);
End;
If BarNumber > 1 then begin
If C > UP + Brick Then begin
BricksUp = IFF(Brick = 0, 0, Floor((C - Up)/Brick)*Brick);
UP = Up + BricksUp;
Brick = Bricksize;
DN = Up - Brick;
BricksDn = 0;
End;
If C < Dn - Brick Then begin
BricksDn = IFF(Brick = 0, 0, Floor((Dn - C)/Brick)*Brick);
Dn = Dn - BricksDn;
Brick = Bricksize;
Up = Dn + Brick;
BricksUp = 0;
End;
{If Up > Up[1] then buy this bar at C;
If Dn < Dn[1] {and Dn[1] < Dn[2] } then sell this bar at C;}
If up > up[1] then buy to cover this bar at C;
If dn < dn[1] then sell short this bar at C;
End;