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ⓘ Renko chart. A renko chart is a type of financial chart of Japanese origin used in technical analysis that measures and plots price changes. A renko chart consi ..




Renko chart
                                     

ⓘ Renko chart

A renko chart is a type of financial chart of Japanese origin used in technical analysis that measures and plots price changes. A renko chart consists of bricks, which proponents say more clearly show market trends and increase the signal-to-noise ratio compared to typical candlestick charts.

                                     

1. Construction

Renko charting is similar to point-and-figure in that time doesnt play a role in Renko charts. Renko blocks or bricks are plotted using the following rules:

  • If the price surpasses the previous brick by more than one chosen size, the respective number of bricks is plotted on the chart.
  • The new brick is always drawn farther to the right on the horizontal axis.
  • Partial bricks are not plotted until complete brick size distance is covered by the price.
  • Once the price surpasses the lower or upper border of the current brick by the brick size, a new brick is drawn either above or below the previous one - never on the same line.
  • A brick size is determined, e.g. 10 points. All bricks are drawn to be of that size.
                                     

2. Usage

Similarly to Kagi charts, Renko charts help chartists to cancel out the noise present on time-based charts, focus on important price levels, detect support and resistance, and identify market trends.

                                     
  • Française et etrangere avec un supplement, Durfart, Paris, 2 bind, 1815 Renko D. Geffarth 2007 Religion Und Arkane Hierarchie: Der Orden Der Gold
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