This post is a video post on the Optimized Renko Study that has just been released. This study lets you change your current chart to a Renko chart with the most effective brick size, with just the click of a button!
Update (not in video)
For the Flex Renko chart type, there is now two ways to set the Flex Renko Trend Offset. One is fixed and the second one is using the calculation BrickSize – n; the n-value can be set.
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Does this mean that the renko bricks change during the day because the ATR rises after open, for example? Do I have to recalculate the chart cause ATR changed?
It’s a user decision to change brick size. You simply click and a new brick size will load. This is not done automatically as an automatic feature could cause to many chart reloads and the chart can’t be used when it’s reloading.
When setting up to do the Flex Renko is it possible to set the Flex Renko Trend Offset as a function of the optimized bar size? A popular pattern to use is bar size – 1.
Sure. I will adjust the study, so that will be possible.