Discussion about Renko : (from Varun's thread)

[varunkochhar]

The best and smooth trades happen when both are in sync. You might ask then what about divergence. My answer is that the divergence does not give you a trade. It just gives you a cue. The actual trade happens when both come back in sync again (that is why you wait for confirmation)

 

[varunkochhar]

For example you spot a divergence where price makes a higher high but say OBV (or any other indicator) makes a lower high. But the trade takes place when price falls below a pivot (meaning that the weakness in OBV is now also there in price) hence now both are weak (back in sync again).

 

[doss186]

Perfect the result and effort should be in the same direction. ie the price and volume

 

[qu@nt]

In my understanding Bar body renko 6, New bar renko 3, means the reversal should occur at 6 and forward movement by 3.

If 6-3 (NIFTY-I) , then the bars without wicks/tails, are in the range of 0.06 points and 0.12 points for the wicks/tails.

 

[doss186]

Looks like 3045 a potential short

 

[doss186]

Here is a hybrid renko system. Traders can test and give suggestions to improve the system

 

[sikandar]

Here is a hybrid renko system. Traders can test and give suggestions to improve the system

How much lag between CMP and renko close,it is the factor to worry about.

 

[monkeybusiness]

How much lag between CMP and renko close,it is the factor to worry about.

reversal set at 5, you can reduce reversal to reduce lag, then chart may produce more whips.

 

[sikandar]

paste this code top of ur afl
Plot (C, EncodeColor(7)+"\nLast", 1, styleNoLine|stylenolabel);
RequestTimedRefresh( 1 , True );
lst =LastValue( ( Ref( Close, 0 ) ));
PlotOHLC( lst,lst,lst,lst, "", 39 , styleNoLabel | styleCloud | styleNoRescale, Null, Null, 50, -1 );
plotText(" "+C,LastValue(BarIndex()+1),LastValue(C)-0.01,2);

 

[ankur07090]

paste this code top of ur afl
Plot (C, EncodeColor(7)+"\nLast", 1, styleNoLine|stylenolabel);
RequestTimedRefresh( 1 , True );
lst =LastValue( ( Ref( Close, 0 ) ));
PlotOHLC( lst,lst,lst,lst, "", 39 , styleNoLabel | styleCloud | styleNoRescale, Null, Null, 50, -1 );
plotText(" "+C,LastValue(BarIndex()+1),LastValue(C)-0.01,2);

This code to show the price on chart. Right...?