Renko bricks ─ your opinion?
I have never used renko bricks, tbh.
Why do you prefer ir from "traditional" candlesticks?
I have never used renko bricks, tbh.
Why do you prefer ir from "traditional" candlesticks?
I look at everything involved in trading as a system consisting of stages:
- Select a market.
- Select an instrument.
- Deduce a chart noise reduction method.
- Deduce a profitable trading strategy.
What is your opinion of Renko bricks, i.e., Renko charts?
Do you like traditional Renko, Renko with wicks, offset Renko, rail-to-rail Renko, etc.?
Or do you dislike Renko bricks because they print too slowly, obscure actual prices, don't work with some indicators and EA's, etc.?
I’m not a big fan of Renko charts. They make trends look clean, but they move too slowly, hide the actual price, and don’t always work well with indicators. Sometimes they even make small but important market moves invisible. For fast, precise trading, I prefer charts that show the real market action — they keep me in control and help me spot reversals early.
I hear you, Renata. I have to admit that sometimes Renko trading is like watching paint dry. This is why I coded a bot to run on my Renko chart─it's unaffected by my feelings.
I've also never seen anyone trading less than say, a 5 pip Renko chart. Interestingly, a 5 pip Renko brick can actually travel something like a 14.9 pip range prior to closing. Definitely not scalping.
I hear you, Renata. I have to admit that sometimes Renko trading is like watching paint dry. This is why I coded a bot to run on my Renko chart─it's unaffected by my feelings.
I've also never seen anyone trading less than say, a 5 pip Renko chart. Interestingly, a 5 pip Renko brick can actually travel something like a 14.9 pip range prior to closing. Definitely not scalping.
I’ve looked into Renko charts a bit myself, always found the concept interesting, especially the noise reduction aspect.
I mostly trade on TradingView though, and there you need a premium subscription to really work with Renko properly on lower timeframes, so I haven’t used it extensively in practice.
From what I’ve seen, I can understand both sides, the cleaner structure seems great for identifying trends, but at the same time it does feel like you lose some detail of the actual price movement.
Out of curiosity, do you find Renko more effective than something like Heikin Ashi candles for smoothing price action?
Do you find Renko more effective than something like Heikin Ashi candles for smoothing price action?
Generally, I prefer traditional Renko bricks but I did have an interesting look at one time at Heiken Ashi applied to a wick'ed Renko chart in MT5. As I recall, it was an 89 pip wick'ed Renko chart of GBPJPY but that too slow for even me. Note that wick'ed Renko bars (they're not really bricks when they have wicks) do show the entire actual price. The remaining smoothing advantage is that price never oozes sideways in the form of short bars over time─Renko bars of any kind don't close and permanently print unless price sufficiently moves. Every swing on a Renko chart is basically at a 45 degree angle or so. There are merely shorter swings and longer swings. Therefore, a rangebound versus running price is readily identifiable.
I find that that problem with Heiken Ashi on any chart is that its obscurification of actual price can be confusing for identifying short swings. Larger bars can mitigate that, hence, the aforementioned 89 pip Renko chart.
(I'll spare you my opinion of TradingView in this thread).i think that **we** forget that 1) what works, well...works. and 2) that there will always be another signal, if not soon, then later. so if it works then why "upset the apple cart" and why "try to reinvent the wheel" when the wheel does its job nicely for 99% of the time.
What is the preexisting wheel, please?
I think that I can figure out the rest from there.
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What is your opinion of Renko bricks, i.e., Renko charts?
Do you like traditional Renko, Renko with wicks, offset Renko, rail-to-rail Renko, etc.?
Or do you dislike Renko bricks because they print too slowly, obscure actual prices, don't work with some indicators and EA's, etc.?
Renko chart - Wikipedia