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. Not to forget the regular charting styles such as the line, area, bar and candlestick charts.
We call it free because for doing the most basic charting, the free version is very good. Of course, if you want more power packed features, then a paid subscription is the way to go.
To use the Tradingview 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. You might also get bombarded with ads.
The interface is web (browser) based, 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.
We now also have Tradingview apps. I have used this on iPad Mini and the way it works is absolutely great. However, don’t expect the same user experience as you would when using Tradingview on the browser. But this is understandable because the browser based interface gives you the best charting experience you could ask for. But having said that, the smartphone and table apps do a very good job.
Sometimes, I use the iOS app, just to check on an instrument that im curious about or interested in.
Tradingview – Renko Chart Configuration
Renko charts with Tradingview 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 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 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, 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.
On August 4th 2017, Tradingview introduced the much awaited wicks on the Renko chart. Traders can now simply check the wicks box on the Renko chart configuration page and begin using it. This has been a feature that has been long asked for by traders.
The wicks or the tails on the Renko boxes allow users to see the price action on that particular bar. This can be especially useful if you want to visually backtest any renko trading strategy that you have. Alternatively, the Renko tails allow you to see how far price moved in a certain direction before reversing course.
Let’s talk about pricing!
No review is complete without talking a bit about pricing. Below is a quick snapshot of the current up to date pricing.
The pricing gets better if you take up an annual subscription plan. This reduces the monthly costs by a huge margin. For example, an monthly plan to Pro+ comes to $29.95 per month. This is about $359.40 for a year. However, if you purchase the annual subscription plan it comes to a yearly price of $299.00. This comes to around $25.00 per month (rounded off). However, I can understand that different people have different budgets.
Therefore, if you think you are not up for a yearly commitment, then a monthly plan works just as good. Furthermore, I wouldn’t recommend everyone to move to the annual plan. If you are not actively trading (every other day of the week), then using a yearly plan does not make sense. You can keep a month to month subscription. This way, when you are not into the markets much, you can cancel your payment for that month.
In terms of payments and support, the folks at Tradingview are quite helpful and you get quick responses.
You also get a free 30-day trial. So if for any reason you are dissatisfied, or basically you just quenched your curiosity for using a Pro or a Paid tradingview subscription, you can cancel your order any time during the 30-day trial period.
Tradingview 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 flip side being that because Tradingview 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. You also have the option to now choose from other broker feeds.
- 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.