Indicators on Renko
by PRASHANT SHAH -
There are numerous indicators that are plotted in bar and candlestick charts. All those indicators can equally be used on Renko charts. Technical indicators are calculated on raw price data. With Renko charts, the calculation is applied on Renko brick data and not on the OHLC data. Thus, while the formulae for calculating the indicators ... Read more
Volume on Renko
by PRASHANT SHAH -
Volume It is possible to plot volume too on Renko charts. There will be one volume bar for each brick date even if there are multiple bricks for that day. A new volume bar is plotted for a new date when the Renko brick date is changed. Below is a Renko chart of Arvind shown ... Read more
Moving Average
by PRASHANT SHAH -
Moving average is the most basic indicator that we use in all types of charts. It can be applied on Renko charts, too. A 20-day moving average on a bar or candlestick chart calculates the average of the latest prices, usually the closing price. Similarly, a moving average of the last 20 Renko chart bricks ... Read more
Donchian Channel
by PRASHANT SHAH -
Donchian channel is an indicator created by Richard Donchian that plots upper and lower bands of price based on the highest high and the lowest low of the last “n” periods. It can be plotted on Renko charts as well. If we plot a 40-period Donchian channel on a Renko chart, there will be three ... Read more
Brick Indicator
by PRASHANT SHAH -
Brick indicator is a brick zone indicator, plotted not in histogram style but instead with a moving average plotted along with it. Below is a chart of PEL with a 40-period brick indicator line and 40-period moving average line of the brick indicator. 40, 40-brick indicator on a 1% brick value daily Renko chart of ... Read more
Brick Count Indicator
by PRASHANT SHAH -
The brick is an important property of Renko charts. Isn’t it logical that if the number of bullish bricks over a look-back period is higher than the number of bearish bricks, it is then a bullish sign? Similarly, if bearish bricks over the look-back period are more in number than the bullish bricks, it is ... Read more
