Disliked{quote} Hi Backhoe, Can you tell me please what you mean by time based renko charts??? Brian.Ignored
I will explain what he means:
Renko can be traded per tick or per time interval or per ATR value of a certain period of time.
If per tick price moves 10 pips and we have a box size of 10 pips then the price will go up by one brick. This is what most of the Renko indicators for MT4 do (or are supposed to do).
However, there is another option (like in tradingview and other charting softwares) where we can see how many pips have moved per a specific time interval.
For example, the price moved by 10 pips in 30 seconds. We still wait for the closure of this minute before printing a reno brick of 10 pips. Another example, the price moved by 120 pips during one day interval and the box size is 100 pips. Then, at the closure of the day, a brick of 100 pips will be printed but not before.
By the same token, you have the same option but with ATR. If the price moved by the ATR value of a 5-minute chart, then a new brick will print. If the ATR (14) of 5 minutes is 4.6 pips. Then every 4.6 pips, a new brick will print per every 5-minute interval. There are some Renko indis for MT4 and MT5 that has such feature.
Renko based on ticks is the rawest you can get. But traders may argue that coding a pure tick-based Renko chart is not 100 percent guaranteed because of MT4 limitations. Renko based on ATR is something I do not prefer as the values change and any S/R levels you draw on the chart will change in the future. Because every time ATR value changes, the brick size will change.
I either use the Renko indicator I have for MT4 or a one-minute/one-sec Renko in Tradingview