Technical Studies Reference
Renko Chart Enhanced
The Renko Chart Enhanced study is an older study that has now been replaced with the new Bar Period Type >> Renko Bar (in Ticks) setting. This study is considered discontinued and is unsupported by Sierra Chart.
The Renko Chart Enhanced study can only be accessed through Analysis >> Studies >> Add Custom Study >> Sierra Chart Custom Studies and Examples. Sierra Chart support will not answer any questions about this older study.
A classic Renko Chart is made up of bricks which are always the same size. Renko bricks are drawn in a classic Renko chart when the underlying data in the chart moves by the specified Brick Size beyond the previously closed brick.
The Renko Chart Enhanced study significantly improves upon a classic Renko chart to offer more data and options. The primary addition is the tracking of the high and low values that are outside of the classic brick, also called the wick data. The wick data can be displayed by setting the Graph Draw Type to Candlestick. The Candlestick Body Only Graph Draw Type can be used when the wick data should not be displayed.
The Renko Chart Enhanced also draws the final brick as live data is received. The final live brick could be either an up or down brick, and is not determined until the brick is complete. The final brick is never removed, but the Open value of the brick can change when the brick is closed based on the Show Real Open Input.
This study can be applied to a chart of any time period per bar. The time period per underlying bar is set through Chart >> Chart Settings. Underlying bars of a very short duration, such as under 10 seconds, will create the most accurate chart. Avoid 1 tick, see paragraph below. Larger duration underlying bars will be more efficent, but lose detail versus live data. For example, if you are using underlying bars with a relatively long time period, you will have accurate Renko bars when tracking live data, but when you use Chart >> Recalculate you could lose some Renko bars if the underlying bar transistioned between the high/low values multiple times. Another example, would be when you have an extremly large bar due to news.
It is not recommended that you set the underlying bars in the chart to 1 Tick. This could cause some unexpected issues due to repeating timestamps and is not memory or CPU efficient. Generally you should be using underlying bar time frames of 1 second to 1 minute. This study generally will give you 100% accuracy even with 1 minute bars. When you set the underlying bars to 1 tick, the memory required for a bar is allocated for each tick and this is what causes the high memory usage. Alternatively, you could use 1 Tick Range bars. This is memory efficient and still gives you assurance of absolute complete precision under all conditions.
Note: You must have the proper Tick Size set in Chart >> Chart Settings for this study to work properly.
- Brick Size: This Input specifies the actual range value (height) of a Renko brick on the chart in ticks. So, the brick size will be the value of this Input times the Tick Size for the symbol of the chart that the Renko study is applied to.
- Align to Brick Size: Classic Renko bricks do not have a natural alignment, and are based purely on price. When this Input is set to Yes, the first brick of a session is aligned to the natural size of the brick, aligning all bricks in the session to the natural alignment. For example, if a symbol with a Tick Size of 0.25 was used with a Brick Size of 4, the Brick Size would be 1.00 in terms of price, and would be aligned on even values of 1.00 (i.e. 897.00, 898.00, ...). This Input is only effective when the Brick Size evenly divides into the point value of the symbol.
- Show Real Open: This Input affects how a brick displayed. When this Input is set to No, a classic Renko brick is displayed, by setting the Open value to the Close plus or minus the brick size. In this case, the true Open value can still be accessed in the True Open Subgraph. When this Input is set to Yes, the open value of the Renko brick is set to the true open, which may distort the Renko brick size, but allows the true Open value to be observed. In this case, the Renko Open value can be accessed in the Renko Open Subgraph.
- Fill Session Gap: When this Input is set to Yes, Renko bricks will be added to fill the gap between the prior Close and the Open of the bar starting a new session. These fill bricks will have zero volume. When this Input is set to No, fill bricks are not added, and instead the final bar of the previous session is closed as is, and a new bar is started for the new session.
Graph Draw Type
Any Graph Draw Type can be used. The typical Graph Draw Types are given below. To set the Graph Draw Type, open the Study Settings window for the Renko Chart Enhanced study. Go to the Subgraphs tab. Change the Graph Draw Type setting.
- Candlestick: When this Graph Draw Type is used, the classic Renko brick is represented by the Candlestick body, and the Candlestick wicks will represent the High/Low data that falls outside the Renko brick.
- Candlestick Body Only: When this Graph Draw Type is used, a classic Renko brick is drawn using the Open and Close values of the bar. The High and Low values are still present in High and Low Subgraphs, but are not displayed. The values can still be used in ACSIL and with the Spreadsheet Studies. The values are also visible in the Window >> Chart Values Window.
*Last modified Sunday, 03rd December, 2017.