Support Board
Date/Time: Thu, 21 Nov 2024 21:19:43 +0000
Post From: flex renko settings
| [2013-04-12 13:08:01] |
| Al SC Developer - Posts: 434 |
|
The above referenced post is a good reference. A standard Renko chart requires that price moves the brick size in the current trend direction in order to form a new brick in the direction of the trend. To form a reversal brick, price has to move two times the brick size. The Flex Renko allows the user to adjust the algorithm used to build a Renko brick, thus allowing different types of charts that capture different types of price action. The above reference explains two common chart types. A standard Renko would have a trend offset of zero, which means that when a new brick is formed in the current trend direction, the Renko Open value of the new brick is equal to the Renko Close value of the prior brick. When you specify a non-zero value for the trend offset, the Renko Open value is offset inside the prior brick by the specified number of ticks. This means that price no longer has to travel as far to form a new brick in the trend direction. A standard Renko would have a reverse offset of zero, which means that when a new brick is formed that reverses the current trend direction, the Renko Open value of the new brick is equal to the Renko Open value of the prior brick. When you specify a non-zero value for the reverse offset, the Renko Open value is offset inside the prior brick by the specified number of ticks. This means that price no longer has to travel as far to form a new brick to reverse the trend direction. |