How to Create a Renko Chart
Table of Contents
What is a Renko Chart
Renko charts are time-independent charts used to track price movements and to make decisions on purchasing stock. The chart has the shape of a Waterfall Range Chart: one continuous vertical column gets split and may change direction up or down.
Renko chart bricks are determined by price changes and a Box Size value, as a percent. A new brick appears when the price variation was proportional to the Box Size.
An up color may be used for rising prices, and a down color for falling prices.
Steps to Create a Renko Chart
Start Visual Xtractor or Data Xtractor. Connect to a database. Create or design a SQL query. Run the query and check the results.
- Display and enable the Chart query builder.
- Select your first numeric column as Price Charts – Renko.
- For multiple separate Renko charts, select other columns with the same chart type.
- Select one optional column as chart Label.
Renko Chart Demo Query
This is a great alternative to learn about and play with this type of chart, if you don’t want to create it from scratch.
Look for the ready-to-use single-series Renko Chart generated query under the Queries > Demo Queries > Charts > Price Charts folder. Click on the “add demo queries” command link, if not already there. You can switch anytime between 3D and 2D chart views.
The generated demo queries must work for any database, with no restriction. They use constant values generated on-the-fly and your database SQL engine, but do not depend on data from your tables, and never alter your database in any way.
Multiple Renko Charts
Renko charts are always single-series, and you may not combine more than one Renko series on the same chart. However, multiple separate charts will be created when you select more than one data column as Renko chart.
Each chart may get its own Box Size value: select the Renko chart or series by name from the toolbar combo, then adjust parameter’s value from the drop-down button.
Customize your Renko Chart
The chart toolbar at the bottom has many options you may change with one single click, to alter the graph. Here is just an example of what you can further do with this type of chart:
- Switch from the 2D to a 3D Renko chart.
- Change the Box Size (by default 10%) with another allowed value.
- Remove the up-and-down colors, to make the graph monochrome.
- Remove any color, to show the graph in gray.
- Show price values as data labels.
- Displayed all Renko bars as as thin lollipop sticks.
- Creating Renko charts in Data Xtractor or Visual Xtractor is fast, simple and trivial: set one price/stock data column as Renko chart, one optional column as Label, and that’s it!
- Change the Box Size (default 10%) to another predefined value.
- Create multiple separate Renko charts with more than one data column selected.
- Many builtin powerful features of these chart type are common to most other charts: filtering series through the legend items, interactivity, monochrome or grayscale colors etc.
- Switch to another builtin chart theme, or customize your own, for any possible color or other styles.