Tradingview.com is an online free charting platform that has been growing in popularity. Among the various types of charts that are available, Renko charts is also offered by Tradingview.com, beside Kagi and line break.
To use the Tradingview.com Renko charts, traders do not need to register an account and can freely use the charting, use the many indicators and drawing tools as well as save charts as images. The only drawback being that charts cannot be saved.
The interface is web (browser) based only, but that shouldn’t be a deterrent as far as my experience goes and in fact makes it flexible considering you can access Tradingview charts, regardless of the operating system. The charting platform seems to work well both in Chrome, Safari as well as Firefox. I haven’t used Tradingview charts in IE or any other browsers.
A free account can be created with Tradingview.com which allows you to save up to 5 charts.
Tradingview.com – Renko Chart Configuration
Renko charts with Tradingview.com come in two flavors, ATR and Fixed box size. You can read about the differences between these two charting types in this article. The values can be changed and is flexible. When using the Fixed Box size Renko charts with Tradingview.com only the daily closing price is available.
In other words, if you want to build the Renko charts based on H4, H1 or any other intra-day time frame, a Pro account is required, which comes at a cost of about $20 per month.
Tradingview.com’s Renko charts for fixed box size follows the traditional or classic method, which is based off the closing price. For example, if you used a 10 pip Fixed Renko box chart in Tradingview.com, the Renko box is printed only after the daily price closes 10 pips above (or below) from previous day’s Renko’s closing box.
While the traditional or classic approach might find some interest among traders, this type of Renko charting is not suitable for scalping due to the nature of the Renko chart calculation. Swing traders on the other hand will find the fixed Renko charting most ideal to do their analysis on.
The Renko charts can be configured to a range of data including High, Low, Close, Open and many more variations as shown in the Renko settings below.
Tradingview.com Renko Chart Review
- Overall, Tradingview.com’s Renko chart is something which I personally like and use, especially considering how the fixed box Renko chart (as well as the ATR based dynamic Renko) is purely based off the daily (or intraday) closing prices. Renko charting can be applied to Forex as well as US Stocks.
- The free to use charting interface and its accessibility via Desktop as well as tablet devices makes it one of the best charting packages for Renko charts. The flipside being that because Tradingview.com is not a trading platform or a brokerage, trades will have to be placed with your broker. However, that shouldn’t be much of an issue for those traders who are willing to conduct their Renko charting analysis elsewhere or outside their trading platform.
- The price feed used is from FXCM and is mostly reliable.
- On the downside, traders who prefer to see high/low wicks will find this feature lacking in Tradingview
- Renko historical data goes to as early as the instrument’s history, which is something that I haven’t found with any other charting platform
- On a personal note, most of the Renko charts you find on this website are used from Tradingview.com based off the daily closing price and fixed Renko boxes.