by Silverthorn » Thu Feb 22, 2018 8:00 pm
Hi Apprentice,
Can I please have a version of the Renko Bricks that have the range of price movement covered until the next brick is drawn shown as a wick on the brick?
Standard Renko rules to create the bricks (like candle bodies) with the high and low of the trading range that was covered until the creation of the next brick shown as a line behind (wick)
This would act like a proxy trend strength indicator for the Renko Bricks. In a strong trend we would see only wicks extending in the direction of the trend and to the top of the next brick. As you see wicks starting to form on the opposite side of the brick we would consider there to be indecision in the market and the possibility of a stall or reversal.
I hope that is clear.
Thanks.