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Ambiguity of Renko Charts
A change in position of a grid may easily change the shape of the bricks chart. The most obvious result is that number of bricks in a simple trend can increase or decrease by one.
But even more annoying case may happen. If price is oscillating within a range of 2.5 brick, the same price movement can result in very different Renko charts, depending on the initial grid position.
- the range creates a series of several up and down bricks
- the entire range is covered by a single brick (a single brick can absorb up to 3-brick range)
The question is - whether to align price to the opening of the first brick and let the grid make a random pattern, or fix the grid but forge the opening price of the first brick?
You may discuss the topic and help me to adopt your preference.
3 Comments
Posted on 2013 Oct 22
by Mark Perkins @ 23 Oct 2013 08:16 pm
by ovo @ 24 Oct 2013 05:43 am
by ovo @ 25 Oct 2013 09:04 pm
I finally released the change in ver. 1.06.
The implementation of a grid for the Renko chart now depends on settings of SESSION_GAPS. When this input is set to TRUE then the bricks are built in a free layout, aligned with the particular session opening (same as recently). When set to FALSE, the bricks are aligned to a grid (multiple of brick size).
The implementation of a grid for the Renko chart now depends on settings of SESSION_GAPS. When this input is set to TRUE then the bricks are built in a free layout, aligned with the particular session opening (same as recently). When set to FALSE, the bricks are aligned to a grid (multiple of brick size).
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