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Dear sir,
I am glad you have very good experince in RENKO CHART. I am also interested in learning that if you do not mind can you teach me about that I will be highly thankful to you. My email is [email protected] if you do not mind kindly email me so that I can learn from you.
May God Bless you.
Thanks again.
Sincerely,
Satnam Singh
Platform: TradeStation, Think or Swim, NinjaTrader
Broker: DTN
Trading: options and stocks
Posts: 22 since Feb 2012
Thanks Given: 9
Thanks Received: 11
Wizard,
I myself have spent some time building a setup, and used real money to boot. Courage is a relative matter, and can be foolish in cases like these. argh.
Where can I find these indicators?
Is SR, Stoch RSI?
DynSR(1) - gives a little advance warning when price MAY reverse
Settings: Calculate on bar close? = "FALSE". Note: Make the Support & Resistance lines the same color - contrasting to the DynSR(11)
DynSR(11) - When price appears INSIDE the 11 period Support/Resistance, it USUALLY reverses direction down (or up) to the next support/resistance area.
Settings: Calculate on bar close? = FALSE" Note: Make the Support & Resistance lines the same color (greater thickness) - contrasting to the DynSR(1)
DynamicSRinColor(11) - it 'colors' the field between support & resistance - not necessary. Just downloaded this from Mikes Blogspot to see the effect. It is an interesting indicator, but I am not sure I will keep it on the chart.
Settings: Calculate on bar close? = "FALSE"
[DELETE]
TSSuperTrend(ATR,14,1.25,HMA,14,Median) - I change the color bars from "BLUE" to "LIME" and leave "RED" as it is.
To me, Green says "UP" and Red says "DOWN", however, many people like BLUE as an indication of upward movement of price.
Settings: Show arrows? = "NO", Color Bars? = "YES", Calculate on bar close? = "FALSE"[/DELETE]
[DELETE][/DELETE]
PriceLineIndicator V2 (Solid,Color(Yellow),1) - So you can see a line indicating where the last High/Low Price of the Renko range was. Not necessary, just a visual aid.
I searched my computer & I have DynamicSR, but cannot find DynamicSRinCOLOR. TSST is just the TSSuperTrend. There are many versions of it in the download section. Some of the best, by FatTails. I had a computer crash at work months ago, and lost a lot of indicators I'd done for myself & for others. Some were backed up to my laptop, but many weren't. I suspect DynamicSRinCOLOR was one of the ones that got hit in the crash.
So I don't have to hunt all night long, can you tell me the POST # that you're referring to? The original post # that I posted the chart to? - the one you're referring to that lists the indicators?
After all, it's what you learn AFTER you know it all, that counts!
Whatever the renko logic, I'd recommend artificially creating them on a range chart. This solves a number of problems, it allows you to see the true highs/lows (tails) but also allows you to see the movement inside each bar. It will also aid in backtesting to show you where your trades executed so you can understand the movement of the Renko.
I consider myself a master at Renko backtesting and pitfalls and I can tell you that most people do NOT understand how these charts are created in real time. The range of any given Renko brick (traditional) is 3 times the brick size. That is, for a previous up brick, the price can move all the way down to a tick away from creating a down brick (2 brick increments) and then reverse and move all the way up to an additional brick and create a new up brick (total of 3 bricks). This applies to everything from stops and targets to trailing stops. If you attempt to backtest using ANY form of non-end of bar exit, it must be larger than 2 bricks for stops and profits and 3 bricks for trails.
Additionally, you cannot use "this bar close" or "next bar open" without false results, because for bar reversals, the opens and closes will not match reality. (for a new down brick reversal, the backtest/history will show an open at the bottom of the previous up brick, rather than the top of the previous up brick.
Additionally, with TS and some other platforms, traditional bricks only reflect half the volume (upvolume for up bricks and down volume for down bricks).
"A dumb man never learns. A smart man learns from his own failure and success. But a wise man learns from the failure and success of others."
You can adjust the number of ticks, also you may look at uniRenko bars.
I've been working on learning how to trade uniRenko with confirmations on two and six minute candlestick charts.
