Drawing Renko Bricks with High-Low Wicks on Time-Based Charts

Summary

This indicator recreates Renko-style bricks with visible high-low wicks in ProRealTime, whose built-in Renko candlestick display does not show them. Because the platform cannot draw these candles directly on a non-time-dependent chart and its Renko bricks can repaint, the indicator is applied to a conventional time-based chart and can be overlaid on price or shown in a separate pane. Users can adjust brick size, color transparency, and wick width.

The method tracks brick boundaries and accumulates each bar’s highs and lows. When a new brick is established, it draws a wick to show the observed price extreme that did not extend far enough to create another brick. The author notes that the graphical rectangles cannot later be erased, so wicks are drawn only after a new brick appears. This is a charting aid rather than a trading strategy, and its display depends on the chosen chart timeframe and settings.

Key ideas

• The indicator draws Renko-style bricks and their high-low wicks on a conventional time-based chart.
• It tracks price extremes that fall short of forming another Renko brick.
• Brick size, wick width, and candle transparency are configurable.
• Wicks are drawn only after a new brick appears because the platform’s rectangles cannot be erased.
• The tool visualizes price action and does not specify trading signals or performance evidence.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.