Mean Renko Bars View (Obsolete)

[Apprentice]

Mean Renko Bars View is Obsolete.
Please use preinstalled Renko Candles.

Posted by request.
viewtopic.php?f=27&t=60742
Also known as the ultimate Renko bars.

Mean Renko Bars View.lua

(11.9 KiB) Downloaded 3014 times

Future Mean Renko Bars View.lua

(16.88 KiB) Downloaded 548 times

[GiFtzw3rg]

Hi Apprentice,
can i use this Renko with Tick Data? Works this correctly?

Otherwise Mean Renko is only a viewable indicator based on the time which is choosen.

Thanks for answer says
GiFtzw3rg

[Apprentice]

Sure, unfortunately Tick Time frame, and source,
will not get you long way, because the Server / TS data retrieval limits.
Development team have promised to improve this in the future.

m1 could be good compromise.

[Miguelator]

Time Frame 4 Hs
Step 10 pips

[GiFtzw3rg]

So if i understand this right, the time frame
will update the Mean Renko with the choosen one.

Means when i will do a 10 Pips MR in a 1 Minute
time frame every 1 Min. the MR will be updated.

If i do a 10 Pip MR in 4H Time Frame the MR will be updated
every 4H. Is this correct?

Otherwise when i want to use Tickdata i have to wait a long period of time
to get enough data to see more than one MR Candle.
Is that also right?

Thanks for answer.

[Apprentice]

New Renko candle will be created only if price moves for a set number of pips.
New Candle creation (on regular chart) is not relevant to the Renko chart.

Passage of time is not relavantan.
You can have N Renko for one regular price if the shift is significant.
Or One Renko for N regular, if price shift from negligible.

Higher time frame candles are usually longer.
Will Contain more price action.
If you are using Tick, you can wait a long time for New Renko bar.

[saturn]

Hi guys, is this an indicator or strategy? I've imported this and when I go to add indicator I don't see this in there. Could you please let me know how to use it? Thanks for your help

[Apprentice]

Mean Renko Bars is not Strategy or Indicator.
It is View, Fairly now MarketScope concept.
You'll find it in the View section.

[volnmar]

Please do you have any news about TICK renko?

[Apprentice]

Unfortunately no new developments on this front.