Measuring Fixed Renko Brick Size from Open and Close
Summary
The Renko Range Detector is described as a chart utility for identifying the fixed open-to-close range of a Renko bar or candle. For a rising brick, its size is calculated as close minus open; for a falling brick, it is open minus close. The indicator is intended for Renko charts and is not presented as a tool for standard time-based bars.
The document illustrates the calculation with a GBP/USD example on an offline chart, expressing the open-close difference in points and pips. This example shows how the displayed range can make a Renko chart parameter easier to read. The post does not explain how to choose a suitable brick size, construct Renko data, or trade signals derived from it. It also provides no comparative evidence that using the detector improves trading decisions; its described function is measurement and display.
Key ideas
- Renko bricks have a fixed range from open to close according to the document.
- For an up brick, calculate range as close minus open; for a down brick, use open minus close.
- The detector is intended for Renko charts rather than standard bars.
- The example converts a GBP/USD open-close difference into points and pips, but does not assess trading performance.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.