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  1. #1
    Senior Member grindtime's Avatar

    Does anyone have a Rinko charts indi? !!!

    Was wondering if anyone here has a Renko Charts indi they would be willing to share?

    If so that would be awesome

  2. #2
    Solid Member boart's Avatar
    I had one somewhere will have to look for it a bit....You are not going to use Renko for bins are ya? It will eat you alive in a ranging market...but ill try and find it...

  3. #3
    Active Member COGSx86's Avatar

  4. #4
    Legendry Member Michael Hodges's Avatar
    does one of y'all want to tell us a little bit about Rinko Charts?

  5. #5
    Solid Member boart's Avatar
    It's actually called Renko Charts. Japanese designed it....not time or volume based only relies on price movement. Used in mt4 on an offline chart you can pick the size of a ''brick'', which would be your candle. So for instance if yu make the brick 10 pips.....the market has to move 10 pips before it will actually make a new brick (candle). Works very well with spotfx in a trending market....but....in a tight range you can stare at a brick for a very long time.

    here is an image: http://gyazo.com/186d0015c2a6b3e63439148284a1ae83

    I tried it in bins very early and it bit me. Under correction but we need volume and bins are very time based not?

    There is a lot to say about it...hope this little bit helps.

  6. #6
    Legendry Member Michael Hodges's Avatar
    Quote Originally Posted by boart View Post
    It's actually called Renko Charts. Japanese designed it....not time or volume based only relies on price movement. Used in mt4 on an offline chart you can pick the size of a ''brick'', which would be your candle. So for instance if yu make the brick 10 pips.....the market has to move 10 pips before it will actually make a new brick (candle). Works very well with spotfx in a trending market....but....in a tight range you can stare at a brick for a very long time.

    here is an image: http://gyazo.com/186d0015c2a6b3e63439148284a1ae83

    I tried it in bins very early and it bit me. Under correction but we need volume and bins are very time based not?

    There is a lot to say about it...hope this little bit helps.
    sweet, thanks, my first impression is that it may be like Point and Figure charting.....

  7. #7
    Senior Member grindtime's Avatar
    Thanks COGS. Saved me some money. I appreciate it.

    I want to use them with a trend trading strategy I'm working on for Binary Options. As Boart said they don't work well ranging markets.

  8. #8
    Legendry Member willyw's Avatar
    Renko charts is a trending chart that will "dissolves all the noises". Renko charts is know as a Japanese reversal charts. It only reverse at the set amount of reversal points and you can see a major direction in the chart. I have attached a 50 pips reversal EUR/USD Daily Renko chart.
    Click image for larger version. 

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