Renko wicks/shadows

[desert_rat]

Is it possible in TOS to add wicks/shadows to Renko bricks? Other software has them. I don't see an option in TOS. Maybe a script? Any thoughts? thanks.

 

[WayneG]

It would be nice, but it's not part of the design used for Renko.

 

[desert_rat]

It would be nice, but it's not part of the design used for Renko.

Thanks for your response.

 

[rad14733]

The closest you'll come is to use Range Bars instead of Renko Bars...

 

[desert_rat]

The closest you'll come is to use Range Bars instead of Renko Bars...

OK. I'll take a look. thanks

 

[traderLK]

OK. I'll take a look. thanks

New to this forum and enjoying it immensely.

I'm also very interested in Renko bricks that show the wicks/shadows. The strategies I have devised cannot be manually backtested properly without them.

As desert_rat mentioned, other charting packages have this as an option. Wondering if anyone has heard of any possible workarounds since the last post in this thread...

 

[rad14733]

@traderLK Welcome to the usethinkscript forums... What you are describing are Range Bars...

 

[traderLK]

@traderLK Welcome to the usethinkscript forums... What you are describing are Range Bars...

Hi, thanks for the reply.

As I understand it, 10 tick Renko bars are not the same as 10 tick Range bars, though you're right that the Range bars have the wicks that are helpful for manual backtesting. I believe that the body of each Renko bar will be 10 ticks but for Range bars it is the High-to-Low distance that will be 10 ticks.

If I can figure out how to upload charts, I'll show the two types of charts.

 

[rad14733]

Yes, Range Bars perform differently than Renko Bars... I prefer Renko Bars and have never gotten the feel for Range Bars... Don't bother with the images as I already know the difference but you can post for the benefit of others if you like... I've been through several stints of trading Renko Bars but find the limitations when it comes to indicators problematic...

 

[traderLK]

Yes, Range Bars perform differently than Renko Bars... I prefer Renko Bars and have never gotten the feel for Range Bars... Don't bother with the images as I already know the difference but you can post for the benefit of others if you like... I've been through several stints of trading Renko Bars but find the limitations when it comes to indicators problematic...

Okay, thank you for your quick response.

 

[traderLK]

Testing image upload...

Okay, that took a while; registered with PostImage.org, uploaded TOS screenshot as .png file, selected the Share tab, and copied the line that said "Direct Link" to get it to work. Other lines with slightly different addresses shown as "Link" or "Thumbnail for forums" or "Thumbnail for website" didn't work. Don't know why... later need to figure out best way to make charts smaller, I think.

Top chart: 10 tick Renko bars
Bottom chart: 10 tick Range bars

10 tick Range bars

 

[novadolla]

Yes we really need Renko bars with Wicks!

 

[Marlin46]

I wonder why think or swim or someone has not tackled the renko with wicks elephant? JMO...