The Renko (or Brick) Chart was developed by the Japanese. Similar to a Point and Figure Chart, this style only highlights price movements (not time and volume). A Renko chart is created by placing a “brick” in the next column once the price surpasses the top or bottom of the previous brick by a user defined amount.
Green, Hollow bricks are used when the direction of the trend is up, Red, solid bricks are used when the trend is down. Like a Point and Figure chart, the Renko Style is useful in identifying major support and resistance levels.
Scripting Function: RENKOSWING()
Actions & Properties
Apply Settings to All: Any changes to the chart’s setting can be applied to all the other charts on the page or in the workbook. For example, change the colour scheme or line width of the chart and click this option to automatically change all the other charts in the workbook.
Move to Back: If the lines of the Renko Chart are displaying in front of other tools or indicators clicking this action will move the lines view to the background.
Move to Front: If the lines of the Renko Chart are displaying behind other tools or indicators on the chart, clicking this action will bring the lines to the forefront.
Restore Default Settings: Click this action if you have adjusted the default settings of the Renko Chart, and wish to return to the standard properties originally installed with Optuma.
Save Settings as Default: If you have adjusted any of the Renko Chart’s properties (such as the Colour Scheme or bar thickness, for example) you can save the adjustments as your new default setting. Each time you open a new Renko Chart it will display using the new settings.
Copy Data to Clipboard: Copies the raw data values (Open, High, Low, Close, and Volume) to your clipboard, which can then be used in other programs (such as Notepad, MS Excel, etc). Note that the values copied will be in the timeframe of the chart, so a weekly chart will copy weekly values.
Delete: Deletes the Renko Chart from the page.
Tool Name: Allows you to adjust the name of the chart, as it’s displayed in the Structures Panel.
Chart Style: Allows you to change the Renko Chart to another chart style (such as Line Chart).
Date Range: This setting allows you to choose how much historical data is displayed on the chart. by default, all data contained in the data file is displayed. However, you can also choose one of the following options:
- Last Week
- Last Fortnight
- Last Month
- Last Quarter (3 Months)
- Last Year
- Last Five Years
- Last 10 Years
- Year To Date
- Date Range (Specifically select a date the chart will plot from).
Filters: Mouse over this option to open the Filters panel:
- Calendar Days - Ticking this option will add a dash for every day on the chart not filled by an existing bar, such as weekends and public holidays.
- Show Blanks - When enabled a dash will be added for weekdays where no trading activity is recorded (public holidays for example), however, no dashes will be added for weekends.
- Ignore Dilutions - Optuma data is adjusted for share splits, capital adjustments etc. When this option is ticked, any historical adjustments on the chart are ignored.
- Allow Zero Close Prices - There are codes in Bloomberg that are binary plots i.e. 0 and 1s only. This filter allows the zero values to be displayed.
- Ignore Out of Session Ticks - Any data coming in outside of the designated session times (assigned to the specific code in use) will not be added to the chart. Requires a real-time datafeed.
Show Single Session - For codes containing two sessions in a single day (e.g. Session 1 = Day, Session 2 = Night). Ticking this checkbox will allow you to view only one of those sessions on the chart, with data from the other session being hidden from view. Requires a real-time datafeed.
Box Size: This value determines the price range covered by each brick. For example, a Box Size of 0.10 is equal to 10c.
Blank Bars: The number of blank bars to the right of the current price action. After the last bar, there will be an area of blank charting space used for plotting tools and indicators into the future. Increasing this value will increase the amount of blank space.
Up Colour: Allows you to adjust the colour of the upswing (hollow) bricks.
Down Colour: Allows you to adjust the colour of the down swing (solid) bricks.
Data File Properties: This field can be expanded to display information on the data file being used to generate the chart. Items such as the Data File’s name, Exchange, physical location on your system are all displayed here. Generally, this information is only required for trouble shooting purposes and is not something you will use on a regular basis.
Tool Transparency: This slider bar is used to adjust the transparency of the chart itself. Moving the slider to the left will increase the transparency of the chart.
Visible: Unticking the checkbox will hide the swings of the chart.
Shown In Price Scale: When selected the current close value will be displayed in the Price Scale.