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The only Renko charting app on the store! It uses private FOREX online feed as a source. That allows you to check more than currencies in any their pair combinations! Renko charts are price charts with rising and falling diagonal lines of boxes that are either filled or hollow. Renko charts are "time independent" charts that do not have constantly spaced time axes. The word "Renko" comes from "Renga", the Japanese word for "brick".
The filled and hollow squares renko make up a Renko chart are often referred to as "bricks. Renko charts have a pre-determined "Brick Size" that is used to determine when new bricks are added to the charts. If prices move more than the Brick Size above the top or below the bottom of forex last brick on the chart, a new brick is added in the next chart column.
Hollow bricks are added if prices are rising. Black bricks are added if prices are falling. Only one type forex brick can be added per time period. Bricks are always with their corners touching and no more than one brick may occupy each chart column.
It's important to note that prices may exceed the top or bottom of the current brick. Again, new bricks are only added when prices completely "fill" the brick.
For example, for a 5-point renko, if prices rise from 98 tothe hollow brick that goes from 95 to is added to the chart BUT the hollow brick that goes from to is NOT DRAWN. The Renko chart will give the impression that prices stopped at It's also important charts remember that Renko charts may not change for several time periods. Prices have to rise or fall charts in order for bricks to be added.
Green bricks are bullish, Red bricks are bearish - that's the simplest interpretation of Renko charts. Renko charts may be most useful in charts trends and trend direction. Because they screen out moves that are less than the brick size, trends are much easier to spot and follow. In order to avoid renko periods, some people wait until 2 or 3 bricks appear in a new direction online taking a position.
In the app size of the brick is defined by close price percentage. What's new in this version: You are logged in as. Please submit your review for Renko Charts - FOREX ed. Thank You for Submitting Your Review,! Note that your submission may not appear immediately on our site. Since you've already submitted a review for this product, this submission will be added as an update to your original review.
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