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I am trying to construct Renko Chart using the obtained from Yahoo finance and was wondering if there is any package to do so. I had a look at the most financial packages but was only able to find Candlestick charts.
For more information on Renko charts use the link given here
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A Renko chart is then constructed by placing a brick in the next column once the price has surpassed the top or bottom of the previous brick by the box size amount. For the stock example, assume a stock is trading at $10 and has a $0.25 box size. If the price moves up to $10.25, a new brick will be drawn.
MT4 – Renko Charts Review MT4 is one of the most popular trading and charting platform that works well with both entry level traders as well as advanced traders.
Renko is also a Japanese technical indicator but very powerful technical indicator for long moves. Basic difference between the two is that HEIKIN ASHI is a time based chart whereas RENKO is a priced based chart. Thus the combination of the two gives very accurate signals.
While there is a time axis along the bottom of a Renko chart, there is no set time limit for how long a Renko box takes to form. It could take 2.5 minutes, three hours, or eight days. It all depends on how volatile the pricing of the asset is and what brick size you set.
Really cool question! Apparently, there is really nothing of that sort available for R. There were some attempts to do similar things (e.g., waterfall charts) on various sites, but they all don't quite hit the spot. Soooo... I made a little weekend project out of it with data.table and ggplot.
rrenkoThere are still bugs, instabilities, and visual things that I would love to optimize (and the code is full of commented out debug notes), but the main idea should be there. Open for feedback and points for improvement.
Caveats: There are still case where the data transformation screws up, especially if the size is very small or very large. This should be fixable in the near future. Also, the
renko()function at the moment expects a dataframe with two columns:date(x-axis) andclose(y-axis).
devtools::install_github("RomanAbashin/rrenko")
library(rrenko)
renko(df, size = 5, style = "modern") +
scale_y_continuous(breaks = seq(0, 150, 10)) +
labs(x = "", y = "")
renko(df, size = 5, style = "classic") +
scale_y_continuous(breaks = seq(0, 150, 10)) +
labs(x = "", y = "")
set.seed(1702)
df <- data.frame(date = seq.Date(as.Date("2014-05-02"), as.Date("2018-05-04"), by = "week"),
close = abs(100 + cumsum(sample(seq(-4.9, 4.9, 0.1), 210, replace = TRUE))))
> head(df)
date close
1: 2014-05-02 104.0
2: 2014-05-09 108.7
3: 2014-05-16 111.5
4: 2014-05-23 110.3
5: 2014-05-30 108.9
6: 2014-06-06 106.5
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