Does anyone know if Renko Style charts are supposed to update real-time or just based upon the time interval selected. The reason for asking is I have 2 Renko chart windows configured as such:

Chart #1
Symbol: X
Interval: 30min
Renko Price Units: 0.2 (set by right-clicking on chart --> Chart Style and Settings
Streaming: ON

Chart #2
Symbol: VLO
Interval: 30min
Renko Price Units: 0.2 (set by right-clicking on chart --> Chart Style and Settings
Streaming: ON

What I notice is only one chart updates the price on the right margin. The other price stays stuck at the "Close" price and never moves.

thx - Brian

The time axis doesn't mean much for Renko charts. A new brick can be drawn only when price exceeds the price unit, $0.2 in your case. For VLO - currently low volatile, tight range stock - it typically happens once in a day or two. On the other hand, X should update more freqently. For more details, see Charting > Chart Styles > Trending Chart Styles > Renko in the Wealth-Lab User Guide.

Generally, all Trending Chart Styles operate on closing prices, though there is a High/Low option for Point & Figure. As Eugene mentioned, it wouldn't really make sense to draw a "ghost brick" for Renko... unless the instantaneous close were such that a new brick would be added. But then the brick may be appearing and disappearing with every tick.

One solution is to do what we had by default for all COM Chart Styles in 4x - draw a candlestick ghost bar. The problem there, though, is that it would only shows the latest interval's OHLC.

Other ideas?

Thanks for the responses.

Eugene:
I completely agree with you that time axis is irrelivent here. What I was trying to convey is with these 2 symbols (or any symbols for that matter), it appeared that one chart will update the real-time price (not the brick) in the right margin whereas the 2nd chart will not. I actually have 5 charts up and now none of them are updating prices in the margin. It appears as if streaming stops working for Renko's but with a Candlestick chart right next to them with same symbol, prices update just fine. Maybe a threading issue or the way it's supposed to work?

Cone:
I agree that drawing the "ghost" brick based upon tick close price would be really annoying. I do like the idea of a candlestick ghost bar even if it's for the most recent interval because it would close the disconnect between the actual price and the static last brick. You still get a sense of trend but with current price action. I suspect the way this would work is the ghost bar would redraw as normal bricks based on brick size when the interval expires and a new ghost bar begins????

thx

QUOTE:
I actually have 5 charts up and now none of them are updating prices in the margin.

Sounds like an error in the Renko CS is stepping on the WLP chart component. Please create a Support ticket for this.

QUOTE:
I suspect the way this would work is the ghost bar would redraw as normal bricks based on brick size when the interval expires and a new ghost bar begins????

It would work that way, yes.

Hey, what do you think of the HLC overlay? (Of course, the ghost bar could be more easily accomodated there.)

QUOTE:
Sounds like an error in the Renko CS is stepping on the WLP chart component. Please create a Support ticket for this.

Will do.

QUOTE:
Hey, what do you think of the HLC overlay? (Of course, the ghost bar could be more easily accomodated there.)

I'm not a fan of the overlay. Just can't seem to get the feel of what's going on. I use another charting program with a modified Renko with variable size bars with tails on each bar. I'm not a big fan as it appears much like candlestick charts but does have clearer visible trending than candlesticks. I really like our idea of the last ghost bar being candlestick.

I'm a c# programmer. is there any way I can prototype this in WLP?

thx

You can create your own Chart Styles that derive from ChartStyle, ICustomSettings - but it would help if Fidelity would release the API documentation so that you had an example. We're still waiting...

Is there a way to get notified when they release the API?

Yes, you can create a support ticket for that and check "notify by e-mail" there.

thanks!

I'm looking into the last close update problem now. While I'm at it, I'll consider the ghost bar addition, but there are two ways to look at it.

The first way, is to show the actual ghost bar of the selected chart interval. This is an example of what that could look like on the OHLC overlay. Imagining that you're only looking at the Renko bricks, you'll notice that you won't have any idea of where price had been since the drawing of the last brick.

(If this image were totally correct, the value at the bottom of the red rectangle would be displayed in the y-axis.)


Another way is to create a ghost bar that aggregates all of the price action since the drawing of the last brick. You may agree that this provides more information, but also includes "the noise" that the Renko method is supposed to suppress.



My vote is for the latter method. Opinions from Renko users?

Still out there jeddah62?

I see the problem with the last close. When it sticks, it's displaying the closing value of the last bar that contributed in the creation of the last brick. Implementing the ghost bar will fix this by default.

Well, after looking at the second ghost bar method (above) in real time today, I think it's too confusing what the ghost bar represents; especially if you're looking at bar or candlestick chart of the same symbol/scale. So, the ghost bar will be the ghost for the current interval in the next update (WLP 5.6 and WLD 5.5).

Hi, Ive been looking at the renko chart with the OHLC overlay.
Attached is a chart of the FTSE with price units set to 100.

I can understand that the renko overlay can vary in horizontal length, as time is irrelevant.
I renko brick can be formed in 1 minute of 1 day.

1) However, shouldn't they all be the same height ? (in this case 100 price units)
2) And per renko bars, they shouldn't be any renko bars that are adjacent to each other.

1) Remember that you're not looking at an actual Renko representation. The overlay has a time axis that a Renko chart does not. You could draw two bricks, but when (not where) would the first one end? It can't be done in this view since both of these "bricks" cross two Renko thresholds on the same bar.

2) Essentially the same answer. It's a side effect of using the HLC overlay. Turn off the overlay, and it will be a correct Renko chart.