Renko bricks
I have identified several functions, most recently High Low First (HiLo1) , which do not work when trading on Renko bricks. When I say “don’t work” I do not mean that they give the wrong answer, but rather, that they do not give any answer at all. I have sometimes spent a lot of time trying to understand why something isn’t working before finally trying in on candles instead.
I have not been able to identify any commonalty in these functions , functions that work on candles but not on Renkos. The High Low First function is a good example, in that there is no obvious conceptual incompatibility between Renko bricks and a function that inquires whether the high within the brick occurred before the low in the brick or, conversely.
Do you have a list of functions known not to work with Renko bricks? Alternatively, can you provide a rule of thumb, or some way that I could use to identify or predict which functions will fail in this setting?
Adminlaurie
(Admin, CQG)
shared this idea
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Adminlaurie
(Admin, CQG)
commented
For sub-minute chart types there is not a standard time anchor, what hiLo1 attempts to do is tell the intra bar history of a minute derived bar. When using time bars - going to a tick database with standard start and end times is straight forward. Going into to the tick data base on a non-time chart presents complexity with an always changing start and end time. The function doesn't work on Renko, CVBs and Range bars because it was programmed before the new exotic chart types were created. It would appear to be an in-depth project to get HiLo1 to work on sub-minute chart types.
Keep these constraints in mind when you come across other functions that appear not to work on Renko.