Support Board
Date/Time: Fri, 09 May 2025 19:09:20 +0000
Post From: Creation of Renko Bar
| [2014-10-19 20:40:19] |
| User13668 - Posts: 294 |
|
Just want to make sure I understand how these are formed. have read the documentation. If you take a standard Renko bar with Graph Draw Type of Renko Brick with Wicks. Instrument is the ES. Brick size is 4 ie 4 ticks or 1 point. Lets assume the market is moving down and the current bar has opened at 1881.00. So this Renko bar will be completed (assuming market keeps moving down) at 1880.00. I assume Sierra treats the bar as completed (ie draws/paints it as a down bar) as soon as the FIRST trade takes place at 1880.00 (or lower)? If we assume only one trades takes place at 1880.00 then I assume a new down bar is not yet created (but the current bar will be drawn/painted as completed) and if price moves back up and continues inside the first bar's price range (1881.00 to 1880.00) a new down bar will still not be formed until the NEXT trade that takes place at 1880.00 (or lower). Have I got the above correct ie it takes the 2nd trade at the closing price for the new bar to start drawing? In addition if the 2nd trade is not at 1880.00 but gaps down and trades at 1879.75 then I assume the new bar starts trading (being drawn) but the Renko open price will be drawn to be 1880.00 even if price never gets back to 1880.00 - correct? Thanks |