To make the Real Time Renko working straight away, you have to attach the Real Time Renko to M5 timeframe chart. This is because initially “Timeframe for brick Calculation” is set to M5 timeframe. If you set the “Timeframe for Brick Calculation” to M1 timeframe, then you have to attach the Real Time Renko to M1 timeframe chart. However when you select M1 timeframe, you will need a lot of historical data stored in your Meta Trader terminal. In theory tick data is more accurate than anything else but tick data is normally huge in terms of size. Therefore, we recommend you to use M5 or M15 for “Timeframe for Brick Calculation” because they are affordable size. If you are not familiar with all these terms and glassory, then just use it with default setting and attach Real Time Renko to M5 timeframe chart.
Brick height is one of the most important input in Renko charting. From our experience, it is reasonable to use 1 standard deviation as the brick height. So the default setting is set to 1 standard deviaiont of the current chart. Also make sure that you are using reasonable “Number of bars to scan”. More number of bars to scan you will need heavier computation. Heavy computation is no good for your trading. Ideally it is better to have a powerful computer for trading. However we have come across many of our customers are still using Laptops.
When you are using the Real Time Renko with our Harmonic Pattern Plus, Price Breakout Pattern Scanner or Harmonic Pattern Scenario Planner, then you should disable Renko Filter inside your Harmonic Pattern Plus, Price Breakout Pattern Scanner or Harmonic Pattern Scenario Planner. You can simply do it by setting “Use Renko Filter for Pattern detection=false”. If you are using Renko Filter over Real Time Renko, literally you are applying Renko filter twice. It is not good. Only apply Renko filter once, when you are using our Harmonic Pattern Plus, Price Breakout Pattern Scanner or Harmonic Pattern Scenario Planner on normal candlestick chart.