Discussion about Renko : (from Varun's thread)

[timepass]

Can one combine Renko (1 min) with some moving averages to work out a system ? Maybe a stoploss of 1/2 bricks and a fixed target ? Here's a Kite renko chart of bankindia future 1 min. The default brick size today is 0.1955. The averages are 8/36/200

The thing is, with Renko not caring much for the time element, the move may be too swift for a trader to catch. So maybe one can catch a retracement, which every trending move seems to have.

 

[extremist]

View attachment 22185

thank you qu@nt

See people this is real renko.

 

[doss186]

thank you qu@nt

See people this is real renko.

Sir If Bar Body Renko - 6 and New Bar Renko - 3, I don't understand why there are so many bricks from a movement from 9918.80 to 9920.55

 

[toocool]

For those having tick data, this AFL looks very interesting
View attachment 22195

Which one is it? Is it different?

 

[monkeybusiness]

Which one is it? Is it different?

http://www.traderji.com/community/t...from-varuns-thread.105263/page-7#post-1249444

 

[doss186]

The Renko charts catch trends very effectively without touching emotions. Now a short signal is triggered in renko chart of Reliance which is not traceable in time based charts. Only the market opening will prove this is right or wrong.

 

[qu@nt]

Sir If Bar Body Renko - 6 and New Bar Renko - 3, I don't understand why there are so many bricks from a movement from 9918.80 to 9920.55

Sir,

The explanation by RJay
(http://www.innovative-trading-solutions-online.com/new/renkospectrum-charts/)

Bar Body Renko
This variable sets the number of instrument price ticks for the bar body height.
This adjustment determines how many ticks of “price movement” is absorbed into the bar body height.

New Bar Renko
This variable determines when a new bar is to be created.
This occurs when the prior bar’s ends in either direction is exceeded by New Bar Renko number on the current bar.

I don't use 6-3 but 1-1 for all the instruments. I keep an instance of amibroker also in 1min frame. Recently added OBV ( Thanks for Varun Sir )

NIFTY-I in 1-1 with OBV

 

[ankur07090]

The Renko charts catch trends very effectively without touching emotions. Now a short signal is triggered in renko chart of Reliance which is not traceable in time based charts. Only the market opening will prove this is right or wrong. View attachment 22220

Brick size..?
Why my chart looks diff, I used 5 as brick size. I think I don't have tick data.

 

[doss186]

If you want to see the way I see set brick size 1 and reverse as 10,1,1,5. It will give you the same info.

 

[doss186]

Sir,

The explanation by RJay
(http://www.innovative-trading-solutions-online.com/new/renkospectrum-charts/)

Bar Body Renko
This variable sets the number of instrument price ticks for the bar body height.
This adjustment determines how many ticks of “price movement” is absorbed into the bar body height.

New Bar Renko
This variable determines when a new bar is to be created.
This occurs when the prior bar’s ends in either direction is exceeded by New Bar Renko number on the current bar.

I don't use 6-3 but 1-1 for all the instruments. I keep an instance of amibroker also in 1min frame. Recently added OBV ( Thanks for Varun Sir )

NIFTY-I in 1-1 with OBV View attachment 22222

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