What are Renko Charts?

Renko charts differ from candlestick charts in the fact that Renko charts are not based on time and they will not have high and low values.

Renko charts will create a brick if the price moves up or down by the number of pips specified as your brick size.

You can create a Renko view by first opening Marketscope. Then, click “File” > “create view” > “double click on Renko Candles”. 

The benefits of Renko Charts are: 

1. Filter out the noise of wicks and are based solely on price without time. 
2. May be able to easily indicate support and resistance 
3. They may be used to confirm trends or can be traded on their own. 

Please note that when you create a Chart view with Renko, the chart view uses historical data to create the chart. If you choose to execute a trade from a Renko chart, please confirm the Live Market Rate by opening a Live chart. The Renko chart view does not update new data in real time.

Please note that you have to specify a time period and brick size when creating the view. A new brick will form when the close price of the candle for that time period moves up/down by the brick size. 

For example, if I select m1 as my period and 25 as my brick size, a new brick will form when the close price of a candle has moved up or down 25 pips from the previous close price.