原文地址:https://school.stockcharts.com/doku.php?id=chart_analysis:renko
Introduction
Invented in Japan, Renko charts ignore time and focus solely on price changes that meet a minimum requirement. In this regard, these charts are quite similar to Point & Figure charts. Instead of X-Columns and O-Columns, Renko charts use price “bricks” that represent a fixed price move. These bricks are sometimes referred to as “blocks” or “boxes.” They move up or down in 45-degree lines with one brick per vertical column. Bricks for upward price movements are hollow while bricks for falling price movements are filled with a solid color (typically black).
由日本范明的Renko圖標忽略了時間，只關注滿足最低需要的價格變化。在這個方面，這些圖表與點狀圖非常相似。
與x列和o列不同，Renko圖使用使用代表固定價格變動的價格“磚塊”。這些磚塊有時被稱為“磚塊”或“盒子”。它們以45度的直線向上或向下移動，每個垂直柱上有一塊磚。 用於價格上漲的磚是空心的，而用於價格下跌的磚則用純色(通常為黑色)填充。
Construction and Characteristics
Renko charts are based on bricks with a fixed value that filters out smaller price movements. A regular bar, line or candlestick chart has a uniform date axis with equally spaced days, weeks and months. This is because there is one data point per day or week. Renko charts ignore the time aspect and only focus on price changes. If the brick value is set at 10 points, a move of 10 points or more is required to draw another brick. Price movements less than 10 points would be ignored and the Renko chart would remain unchanged.
Renko圖表是基於一個固定值的磚塊，它過濾掉了較小的價格變動。一個規則的條形圖、直線圖或燭台圖的日期軸是相同間隔的日、周和月。這是因為每天或每周都有一個數據點。Renko圖表忽略了時間方面，只關注價格變化。如果磚的值設置為10點，則需要移動10點或更多才能抽出另一塊磚。低於10點的價格變動將被忽略，Renko圖表將保持不變。
Using the S&P 500 10-point Renko chart as an example, a new Renko brick would not be drawn if the S&P 500 were at 1840 and advanced 9 points to 1849. If the S&P 500 then advanced to 1850 the very next day, a new Renko brick would be drawn because the entire move was at least 10 points. This brick would extend from 1840 to 1850 and be hollow, or white in this example. Alternatively, if the S&P 500 declined from 1840 to 1830, a new Renko brick would be drawn and it would be solid, or black in this example.
以標普500指數10點Renko圖為例，如果標普500指數在1840點，並上升9點至1849點，就不會畫出新的Renko磚。如果標普500指數第二天就漲到1850點，那么一個新的Renko磚就會出現，因為整個走勢至少是10點。這個磚從1840點延伸到1850點，是空心的，在本例中是白色的。或者，如果標准普爾500指數從1840點下跌到1830點，那么將繪制一塊新的Renko磚，它將是實心的，或者在本例中是黑色的。
The two charts above cover a six-month timeframe, but the Renko chart sports an irregular date axis and the price action is less choppy. This is because the S&P 500 Renko chart ignores price moves that are less than 10 points and remains unchanged until there is a move of at least 10 points.
上面的兩張圖表涵蓋了六個月的時間框架，但Renko圖表呈現了一個不規則的日期軸，價格走勢沒有那么起伏。這是因為標准普爾500指數忽略了低於10點的價格變動，並且在至少有10點變動之前保持不變。
Close Versus High-Low Range
Renko charts can be based on closing prices or the high-low range by using the “field” setting in SharpCharts. Closing price means there is one data point per period and less volatility. The high-low range puts two data points into play and increases the fluctuations, which results in added bricks. The examples below show Renko charts for the S&P 500 and the box size is set at 10-points for both. The first chart is based on closing prices and the second is based on the high-low range. Notice that the Renko chart based on the high-low range fluctuates more than the close-only Renko chart.
Renko圖表可以基於收盤價或使用sharpharts中的“field”設置的高低區間。收盤價意味着每個周期有一個數據點，波動性較小。高低范圍使兩個數據點發揮作用，並增加波動，從而增加磚塊。下面的例子展示了標准普爾500指數的Renko圖表，兩者的方框大小都設置為10點。第一個圖表是基於收盤價，第二個圖表是基於高低點區間。請注意，基於高低區間的Ranko圖比僅收盤價的Ranko圖波動更大。
Fixed Value versus ATR
Chartists can use the “box” settings to set brick size as a specific value or as the Average True Range (ATR). A specific point value means brick size will remain constant even as new data is incorporated into the chart. In other words, new price data is added every trading day and the brick size will remain constant. The two charts above have a fixed value and each brick represents ten points.
圖表專家可以使用“box”設置來將磚塊大小設置為一個特定的值或平均真實范圍(ATR)。一個特定的點值意味着即使將新數據合並到圖表中，磚的大小也將保持不變。換句話說，每個交易日都會添加新的價格數據，而磚塊的大小將保持不變。上面的兩個圖表有一個固定的值，每個磚塊代表十個點。
In contrast to fixed price bricks, using ATR values results in the fluctuating brick sizes. The default ATR is based on 14 periods and the Average True Range fluctuates over time. The brick size is based on the ATR value at the time the chart is created. Should the ATR value change the next day, then this new ATR value will be used to set the brick size. Also note that ATR values are based on standard charts, such as close-only, bar and candlestick. These charts have one data point per period and a uniform x-axis (date axis). The ATR value shown on these charts can differ from the ATR brick value on a Renko chart due to rounding issues.
與固定價格磚不同，使用ATR值會導致磚尺寸波動。默認ATR基於14個周期，平均真實范圍隨時間波動。塊大小基於創建圖表時的ATR值。如果ATR值在第二天發生變化，那么這個新的ATR值將用於設置磚塊的大小。還要注意，ATR值是基於標准圖表的，例如close only、bar和candlestick。這些圖表每個周期有一個數據點和一個統一的x軸（日期軸）。由於舍入問題，這些圖表上顯示的ATR值可能與Renko圖表上的ATR磚值不同。
The next two examples show how the ATR value changes when the ending chart date changes. The first chart ends on June 10th and the ATR value is 12.05, which is the value for each Renko brick. The second chart ends on April 15th and the ATR value is 20.55, which is the value for each Renko brick. Notice how the brick value changed as the ATR value changed. The bricks on April 15th have a much higher value than the bricks on June 10th.
下面兩個示例顯示ATR值在結束圖表日期變化時如何變化。第一個圖表結束於6月10日，ATR值為12.05，這是每個Renko磚塊的價值。第二張圖結束於4月15日，ATR值為20.55，這是每個Renko磚塊的值。注意磚塊的值是如何隨着ATR值的變化而變化的。4月15日的磚塊比6月10日的磚塊有更高的價值。
Trends, Support and Resistance
White bricks form when prices rise a certain amount and black bricks form when prices decline a certain amount. The image below shows a daily S&P 500 chart with 10-point bricks and a 10-period simple moving average. Note that a 10-period moving average calculation is based on the last ten Renko values, not the last ten trading days. An indicator on a Renko chart is based on Renko values and will differ from the same indicator on a bar chart. Chartists can typically use shorter moving averages on Renko charts because smaller price movements have been filtered out.
價格上漲到一定程度時形成白磚，價格下跌到一定程度時形成黑磚。下圖顯示的是標普500日線圖，有10個點的磚塊和10期簡單移動平均線。注意，10期移動平均線的計算是基於最近10個Renko值，而不是最近10個交易日。Renko圖上的指標是基於Renko值的，與柱狀圖上的相同指標會有所不同。圖表分析師通常可以在Renko圖表中使用較短的移動平均線，因為較小的價格波動已經被過濾掉了。
Chartists can use troughs to mark support levels and peaks to mark resistance levels. Chartists can also look for a two brick reversal to signal a trend change. Notice how the index fell with five black bricks in August and again in September-October. These declines looked like falling flags. A reversal occurred when two white bricks formed and broke above the short-term resistance level. Chartists can also apply the Fibonacci Retracements Tool to Renko charts.
圖表學家可以用波谷來標記支撐水平，用峰值來標記阻力水平。圖表學家也可以尋找兩塊磚的反轉來暗示趨勢的變化。請注意，該指數在8月份和9-10月份分別以5塊黑色磚頭下跌。這些下跌看起來像是飄落的旗幟。當兩塊白磚在短期阻力位以上形成並突破時，出現反轉。圖表學家也可以將Fibonacci回溯工具應用於Renko圖表。
Conclusions（結論）
Like their Japanese cousins (Kagi and Three Line Break), Renko charts filter the noise by focusing exclusively on minimum price changes. Renko bricks are not added unless price changes by a specific amount. As with Point & Figure charts, it is easy to spot important highs and lows, and identify key support and resistance levels. Armed with this information, chartists can identify uptrends with higher highs and higher lows or downtrends with lower lows and lower highs. As with all charting techniques, chartists should employ other technical analysis tools to confirm or refute their findings on Renko charts.
像他們的日本兄弟(Kagi and Three Line Break)一樣，Renko圖表通過專注於最小的價格變化來過濾噪音。除非價格發生了特定的變化，否則Renko磚塊不會被添加。與點和圖一樣，很容易發現重要的高點和低點，並確定關鍵的支撐和阻力水平。有了這些信息，圖表分析師就能識別出帶有更高的高點和更高的低點的上升趨勢，或者帶有更低的低點和更低的高點的下降趨勢。與所有的圖表技術一樣，圖表分析師應該使用其他技術分析工具來證實或駁斥他們在Renko圖表上的發現。
SharpCharts
Chartists can create Renko charts by going to the “Chart Attributes” section and selecting Renko as the chart “Type”. This section is just under the SharpChart on the left side. Users will then be able to choose between points or ATR, and then set the parameters for these two options in the next box.
圖表師可以通過轉到“圖表屬性”部分並選擇Renko作為圖表“類型”來創建Renko圖。這個部分就在左邊的sharphart下面。然后用戶可以在點或ATR之間進行選擇，然后在下一個框中為這兩個選項設置參數。
The “ATR” setting uses the Average True Range indicator from the symbol's underlying bar chart to determine an “Automatic” value for the Renko chart's box size. Note: This ATR value might change as prices change which can cause the Renko chart to change significantly whenever it is updated.
“ATR”設置使用符號底層柱狀圖的Average True Range指標來確定Renko圖的框大小的“自動”值。注意:這個ATR值可能會隨着價格的變化而變化，這可能會導致Renko圖在更新時發生顯著變化。
The “field” can be set at close or high-low range. Chartists looking for more sensitivity can choose the high-low range. Chartists looking to focus on end-of-day price data can choose the close. The brick colors can also be changed using the “up color” and “down color” drop down menus just below the SharpChart. Click here for a live example.
“字段”可設置在接近范圍或高-低范圍。尋找更高靈敏度的圖表分析師可以選擇高-低范圍。關注收盤價格數據的圖表分析師可以選擇收盤點位。磚的顏色也可以通過使用“上顏色”和“下顏色”下拉菜單來改變。點擊這里查看一個活生生的例子。
Note: If the phrase “AT LIMIT” appears at the top of a chart, it means that the box size specified would result in a chart that is too large for us to display. In that case, we increase the box size to the smallest size we can successfully display and add the “AT LIMIT” message to the top of the chart.
注意:如果短語“AT LIMIT”出現在圖表的頂部，這意味着指定的框大小會導致圖表太大，我們無法顯示。在這種情況下，我們將框的大小增加到我們能夠成功顯示的最小大小，並將“AT LIMIT”消息添加到圖表的頂部。
Frequently Asked Questions
Q: Why are the Renko bricks changing on my chart?
為什么我的圖表Renko的磚會發生變化
A: If you are using the ATR box size, the box size is computed automatically. However it may change during the day, so the chart may change along with it.
如果使用的是ATR盒尺寸，則會自動計算出盒尺寸。然而，它可能在一天中發生變化，因此圖表也可能隨之改變。
Further Study
As the name implies, this book goes beyond candlesticks to show chartists other technical analysis techniques that originated in Japan. Nison devotes an entire chapter to Renko charts; additionally, he covers Three Line Break charts, Kagi charts and explains how Japanese traders use moving averages.
顧名思義，這本書超越了燭台，向圖表分析師展示了其他起源於日本的技術分析技術。Nison用了整整一章的篇幅來介紹Renko圖表;此外，他涵蓋了三個線突破圖，Kagi圖，並解釋了日本交易員如何使用移動平均線。
