And there is another indicator I call it Bulli Renkoline, (credit goes to Henry for code used in this indicator)

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K:= LastValue( Fml( "Bulli RenkBoxSize") ) ;
RenkoLine:=If(Cum(1)=1,CLOSE,
If(PREV>=0,
If(CLOSE<PREV-2*K,-(PREV-2*K),
Floor(Max(C-PREV,0)/K)*K+PREV),
If(CLOSE>Abs(PREV)+2*K,-PREV+2*K,
Floor(Max(Abs(PREV)-C,0)/K)*K+PREV)));
RL:=Abs(RenkoLine);
RL;

BW:=If(Cum(1)=1,0,
If(RL>Ref(RL,-1),+1,If(RL<Ref(RL,-1),-1,PREV)));
BW;0;

=============================

Best regards,

Bulli

For Renko charts -

Goatbeater - not sure what you mean by "MS has the graphics" well sorted. We get high degree of choppiness for the charts with price-related indicators [ like PSAR and 7 ema].

As well, the related other indicators, rather than being based on the true price - are based on the last or moving renko-derived price[box] values - so for example, the stochastics and RSI are quite choppy. Furthermore, every time you change equity time frames, you have to manually adjust the box size according to whatever value for the box size you want to use. We use the 14 period ATR value - which does change over time according to the equity volatility.

We prefer the approach that Stockcharts.com has where you have an option for the Renko:
a) use your own box size - or b) have it calcualted automatically. As well, charting the other parameters - which we use for verification of the Renko reversals, for example, are based on the actual prices and not the Renko stepped or box-size prices. Candidly, we are not Renko experts, so we are not sure which method is the more 'pure' or reliable. But the stockcharts results are one whole heck of a lot easier to a) get and observe when various chart times are being observed and b) understand and follow.

If you have had better results - or found some way around this manual fixing or the renko choppiness in indicators- we would appreciate knowing. Thanks pki

I saw this post and try to use it as a indicator, but not really sure how to use it.

I just add the formula to indicator builder, and drag the line without scale, only see a line like some step.

can someone use know what i might be wrong.

thanks.

Originally Posted by: Bulli

Hi Goatbeater ,

I use Renko a lot but only in Expert Advisors, and the box size is not a problema, I already programed it long time ago.

I saw this post, and try it in ms10, I am new to this don't know exactly how to use this formula, I add this to indicator builder, and drag it without scale, only see a line, like the step. is that right?

please help

Here it is for sharing:

I call it Bulli Bulli RenkBoxSize:

VarI:=Cum(1); VarII:=((HHV(H,LastValue(VarI-PREV+PREV)) - LLV(L,LastValue(VarI-PREV+PREV))) / 25); VarII

Best regrads,

Bulli