Settings

WiRenko has three settings, all in the chart's Data Series window.

• Brick Size: default 4 ticks. Sets how far price must move for a bar the other way (2 x Brick Size minus Trend Threshold) and how far back each new bar's open is drawn (Brick Size minus Trend Threshold).
• Trend Threshold: default 1 tick. A new bar in the same direction closes when price goes this many ticks past the last close.
• Strategy Analyzer mode: 2: default 1 (off). Set it to 2 for backtests; leave it at 1 on charts.

At the defaults (4 and 1), a bar in the same direction closes 1 tick past the last close, a bar the other way needs 7 ticks, and each new bar's open is drawn 3 ticks back.

What else to know

• When price jumps several ticks at once, WiRenko steps through each tick in between, so a fast move draws every brick it passes.
• Wicks show how far price moved while each bar was forming.
• Each bar carries its volume.
• With Break at EOD on in your chart settings, each trading day starts with a fresh bar.

Example settings

These are the settings of the example charts on the product page:

• ES, Brick Size 4 ticks, Trend Threshold 1 tick
• MES, Brick Size 8 ticks, Trend Threshold 2 ticks
• ES, Brick Size 6 ticks, Trend Threshold 2 ticks

Next: how to use WiRenko.