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Optimal Renko FX Barsis the sister product ofOptimal Renko Bars. It has been specifically designed for intraday use in forex markets, particularly for discretionary trading.
It features anenhanced version of theOptimal Renko Barsscalp engine which adapts not only to market structure and but also to the speed of price movement.
Optimal Renko FX’s Barsadaptive noise-filtering algorithm also recognizes when the bars are becoming too fast to manually trade and reweights the bar size in the trader’s favour.
Quite simply: no other renko bar type adapts to forex price action in this way.
Optimal Renko FX Barsused together withOptimal VisionandOptimal Filtercreates a very simple, intuitive way of spotting trends and entry points in intraday markets.
These chart layouts are available as downloadable templates in the subscribers' area.
EURUSD withOptimal Renko FX Barssize changes appended (times = UTC, session = Europe + North America)
I try to be aware of a fine line between my disclosures that might actually help someone in their trading and what would be seen as mere self-indulgence just because I have the space for it. All I can say is that I mean well. If it doesn’t suit your tastes, speed-read or skip over it.
I once had an employee who was less than enamored with the way I tried to manage my business and her. She sought opportunities to remind me, herself, and others that she didn’t care for me or my style. In my defense, I never liked to let anyone go and believe it is an owner’s/manager’s responsibility to try to find what an employee is good at and willing to do that would contribute to the organization. Once you determine that, give them that job description. I genuinely made the effort to do that with her. We maintained a tenuous relationship for several years and, while I can’t say she ever learned to like me, she did seem to find me slightly less despicable.
For one of my birthdays, she brought me a gift of a little desk plaque engraved, “All I ask is an honest advantage.” She meant it as a thinly-veiled insult, but I looked at it another way and kept it on my desk forever. Given the qualifier “honest,” that message nails me. Yes, absolutely, in any endeavor I can think of, I am looking for an advantage. I want it to be honest because I have a conscience and want to sleep at night, but I do want an advantage. I want an edge over the competition, over circumstances, over whatever stands between me and what I am trying to accomplish. These days, I want an honest advantage trading Forex.
Why would I believe an honest advantage might be found in Forex? Don’t I know that most traders lose money? Don’t I know there is a body of opinion out there that market movement is totally random and beyond prediction? I do know those things and cling to my belief that an honest advantage might be found because of the fundamental differences between a Roulette wheel and Forex.
An American Roulette wheel has eighteen black slots, eighteen red slots, and two slots that belong entirely to the house. Those slots are numbered, so making a so-called “even money” bet, we might choose even numbers, odd numbers, red, or black. Assuming a properly engineered and balanced table, over the long term, we will never win. It’s simple. It’s basic. It’s pure. The wheel is a machine, a random number generator with no fundamentals and no emotions. It does precisely what it was designed to do, it spits out a number. Apply whatever betting strategy we wish, we will ultimately lose. With the American wheel, calculating the house edge for a bet that pays out even money is easy: % of the time you gain a bet and % of the time you lose a bet, making the calculation to determine the house advantage: – = (or%). You can also say that there are 38 slots, two of which belong to the house, 2/38 =
There are those who insist on believing that certain mathematically structured events, like the outcome of a Roulette wheel, contain something that we might loosely refer to as “memory.” That is, “I have been watching this wheel for the past ten spins. They have all ended red. Surely, it is time to start betting black.” In probability theory, a Roulette wheel demonstrates a concept called “independence” or “independent trials.” That is, each spin of the wheel is a stand-alone event. It is completely independent of and bears no relationship to any succession of prior outcomes. No matter how many reds have shown in a row, your odds of winning on black are still %. Failure to understand this or unwillingness to avoid itis what keeps all those pretty lights on in Vegas and Atlantic City. The quickest way to get your credit limit doubled at a casino is to tell the floor boss you have a system to use with Roulette. If you want your credit limit tripled, tell him it’s a Martingale. Not only will you get your credit limit increased, you will get comped dinner and a room so you can play all night.
So, why would I believe Forex is any different than a Roulette wheel? We buy or we sell, we choose red or black, we win or we lose, but, in the end, the only one ahead is the Broker/Casino who just keeps taking their spread/vigorish. Why, indeed?
Because the Forex market is not an engineered and balanced machine. Because it does contain fundamentals and emotions. Because bars on a chart are not independent trials, they are often related to one another. Because the underlying influences driving priced o not enter the market suddenly. We will not typically see a pip gap on an m1 chart. Like in the days when horse-borne messengers rode with news from one community to another, the market absorbs influences in segments and over time. Most often, the result we see is a series of bars, the number of which is a function of the timeframe we are watching. These bars tell us how the human participants are interpreting and reacting to the incoming information.
To drive home the point and just for fun, suppose the two charts on post one were a Roulette wheel and we quickly figured out that color often follows color. Taking the “spins” on the chart, if my counting is accurate, we can see the results if we bet red following a red and blue following a blue. Based on being able to see the preceding and following spin, I get that we could make 39 even-money bets. I count us losing 12 and winning Allowing for the house edge, our losses can be calculated at 12=() and our wins would be 27=1, for a net Did I do that right? Probably close enough to make the point.
Now, don’t get excited and think it’s going to be that easy. It isn’t. I wouldn’t call anything I have done in trading easy and darklighter and others have already begun to illuminate one of our challenges: We can’t get an even-money bet. What if we bet blue and the next bar is blue and we cash ten pips. Next time, we bet blue again and the resulting Renko bar ends red. We didn’t lose 10, we lost 20 because that’s how far price goes before it creates the red Renko bar. Now, that 30/70 advantage doesn’t exist anymore. It has become 60/70 and with the vig is a losing proposition. Hopefully, we will explore possibilities to overcome that and see if we can find our honest advantage.
I have admitted that my interest in Renko bars is new and I won’t pretend to know that much. I am just fascinated by the way they seem to communicate those very attributes that distinguish Forex from Roulette. Unless I am deluding myself, I think I see the probability of continuation of those influences that move the market.
I will try to get more in over the weekend. I am open to your suggestions, insights, criticisms, etc. As Elvis said, “Thank you very much. Good night.”
Renko charts are a type of trading chart that filter out small price movements so that traders can focus on the larger trend. They are created by Renko bricks. The price must move a specified amount to create a Renko brick. When the price is rising, the Renko bricks are white or green. When the price is falling, the bricks are black or red. This makes it easy to spot the current direction in which the price is moving.
When utilised correctly, Renko charts can help to eliminate confusion based on price direction and can be incorporated into a trend trading strategy. Learn how to use Renko charts, how to change their settings when setting up a new trade and how they differ from other types of price chart on our advanced trading platform, Next Generation.
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A Renko chart is a type of price chart created by bricks that move up or down from the previous brick at a degree angle. Bricks are never directly beside one another. The user of the Renko chart determines the brick size for the chart, which then determines when a new brick will form.
As an example, let’s analyse the below Euro 50 Index price chart. If a brick size is chosen, this means that the price needs to move 35 points from the closing price of the prior brick in order to form a new brick in the current direction. Since bricks can’t form beside each other, the price needs to move 70 points to form a brick in the opposite direction. Only moves of 35 points, in this case, are highlighted by the bricks. Moves smaller than 35 points (from the previous brick) will not form new bricks.
Notice that the timeframe on the chart is set to one day. This means that new Renko bricks will only form based on the closing price of the day. Since the previous brick was red at the far left of the chart, the price needs to drop 35 points below the low of that red brick to form another red brick. Since this is a daily time frame, the price could drop 50 points below that level, but if the price closes less than 35 points below the last red brick, a new brick would not be drawn as it is only the closing prices that matter.
The time frame can be set to a number of different intervals between one second and one month. Choosing a one-minute chart means that bricks are drawn based on the closing price each minute. Learn more about trading on different chart timeframes. Renko charts can be used to display price data for any financial instrument, such as stocks, currencies, ETFs, commodities, indices and treasuries.
Renko charts tend to filter out small price movements. This chart type is therefore good at highlighting trends and can even be used as a type of trailing stop-loss.
For example, the above chart shows an extended uptrend from the middle of May into early June. At no point did the Renko chart reverse. A trader holding this trade could have profited points (11 x 35) before the first red brick occurred, which could typically provide an exit signal, as the downtrend had then begun.
Following this, there was an extended drop in October, which could signal to traders to short their positions and avoid buying. This was followed by a strong uptrend in November, providing steady returns for anyone holding a long trade through all of the green bricks.
There is also a drawback, though. There are times where the Renko chart appears very choppy between June and October. Attempting to buy and sell based on changes in colour or direction during this period could possibly result in frustration and losses. Therefore, Renko charts are best used in conjunction with price action analysis and other trading strategies as opposed to being used completely on their own.
Renko bricks are sometimes called boxes, bars or blocks. Bar is a term that comes from bar charts, where each data point is a bar, just like each data point on a candlestick chart is a candle.
Below is another example of a Renko price chart, where each brick or bar represents 50 pips of movement in the EUR/USD currency pair. We have highlighted where there are prominent trends, choppy price action and trend reversals.
Heikin Ashi charts differ from Renko charts in that they collect an average of recent price movements, whereas Renko charts focus on the greater trend. This type of candlestick chart incorporates prior candle prices to come up with an average price that appears smoother than traditional candlesticks.
The screenshot from our platform below shows the difference between these chart types. On the left, the Renko brick size is $ and shows five months of price action. The Heikin-Ashi chart on the right also shows five months of price action in crude oil.
Candlestick charts focus more on timeframe and small price details than Renko charts. A new candlestick will form at every time interval, regardless of how far the price moves. For example, on a daily candlestick chart, assuming there was at least one transaction, a candle will form on that day, showing its high, low, close, and open prices. Renko charts don’t show the high, low, close, and open of each trading day, and they also don’t form a new brick at every time interval. A new brick is only formed when a minimum movement threshold is reached or exceeded.
The price chart below shows two cotton contracts. The one on the left uses a Renko brick size of , and the chart on the right uses daily candlesticks.
Traders can incorporate Renko charts into their own trading strategy. Here are some ways to do so:
The aim of a scalping strategy is to profit from small price movements, often multiple times each day. Renko charts can be used to provide overall trend direction, but since the bricks don’t continually update, like candlesticks do, bricks may not always provide timely data. Therefore, Renko chart scalping may not be the best format for this type of strategy.
That said, scalpers could set the Renko bricks to form based on smaller time intervals, such as 30 minutes or even less. This way, the Renko chart will highlight small trends and reversals that may be suitable for scalping.
Renko charts may be helpful for swing traders who are attempting to capture trends and don’t want to exit their position until there is a sizable reversal. For example, when the price is trending upwards, the Renko chart will continue to form green bricks until there is a reversal of a certain size. The swing trader can pre-determine what this reversal size is. When it occurs, they can then decide to exit their long position if they wish.
Breakouts above support or resistance levels on either a Renko or candlestick chart could act as potential trade triggers. Similarly, if the price is stalling at resistance, the swing trader could initiate a short position and attempt to hold it until the price drops to support level, or until the Renko chart flips colour or direction. A similar strategy could be implemented with going long near support level.
To utilise Renko charts on our Next Generation trading platform, select a trading instrument from more than 10, that we have available in the product library. You can spread bet or trade CFDs on forex, commodities, shares, indices, ETFs and treasuries. Register for an account to get started.
You can filter by chart type by clicking on the chart type button and selecting Renko. As you can see in the screenshot below, the chart can be further set to Buy, Mid or Sell. This refers to the price that the product can be bought or sold at, so if you are looking to buy, you could select the Buy view, and if you are looking to sell, you could select the Sell view. Mid is the mid-point between the buy and sell prices.
Our Renko trading system could be applied to various trading instruments to determine if they are useful for your strategy and whether this chart type could aid your trading decisions. If it is not suitable for your needs, then there is a multitude of other chart types that you could try instead, such as a candlestick chart, line graph and mountain chart.
You are able to modify the Renko settings on our platform by choosing the brick size and timeframe that you prefer. When setting up an initial Renko trade from our chart type menu, the bricks are auto-calculated. To select your own settings, click on the Renko Chart button in the upper left-hand corner, which will bring up the Renko settings. Type in the brick size and select the desired chart timeframe. In this case, bricks will be based on closing prices from this timeframe.
While our MetaTrader 4 (MT4) platform does not offer Renko charts as an automatic built-in feature, it does have a library where users can download third-party software and indicators. Searching for a Renko chart indicator in the “Code Base” tab of MT4 reveals several options. For example, you can select to make the Renko chart appear like an indicator below the main charting area.
As always, traders should exercise caution when using third-party software on MT4, since the market and coding knowledge of the writer is unknown. Each downloadable Renko chart indicator will have its own instructions and settings. To learn more, open an MT4 account.
For any trading strategy or chart type, losing trades is a natural part of trading. However, traders can always decide to control their risk and manage how much capital they are prepared to part with on losing trades. In particular, adding stop-loss orders to Renko charts can help traders to exit a trade at a predetermined level when the asset doesn’t move in the expected direction. Another thing to consider is only putting a portion of available capital into a single trade. This can help to reduce the chance of large losses if that single trade doesn’t work out.
High Accuracy Renko Bar Chart Trading System. I will tell how to Correctly Identify Forex Trend with Renko Bar Chart Trading System You might be familiar with renko charts. These are simply boxes that are plotted when price closes an “x” number of pips above or below the previous close.
This charting methodology differs from the more traditional candlestick or bar charts. So while you might find renko charts to be different in their appearance, they have a unique capability of showing you the trends as well as help you to easily identify support and resistance levels.
Momentum indicator in general refers to prices continuing to trend. The momentum indicator show trend by remaining positive while an uptrend is sustained, or negative while a downtrend is sustained.
A crossing up through zero may be used as a signal to buy, or a crossing down through zero as a signal to sell. How high (or how low when negative) the indicators get shows how strong the trend is.
The conventional interpretation is to use momentum as a trend-following indicator. This means that when the indicator peaks and begins to descend, it can be considered a sell signal. The opposite conditions can be interpreted when the indicator bottoms out and begins to rise.
Renko Bar Chart Trading Rules
A renko chart is constructed by placing a brick in the next column once the price surpasses the top or bottom of the previous brick by a predefined amount. Renko Blue bricks are used when the direction of the trend is up, while Renko Red Bricks are used when the trend is down And now, lets go to the rules.
BUY Rules
SELL Rules
It is important to note that new bricks are only added when price movements completely “fill” the predetermined “brick size”. Prices may exceed the values of the previous brick (either above or below), however a new brick will not be formed until the price movement is large enough. For example, let’s say the brick size is set to 2 points and the last brick covers prices of $52 to $ The new brick won’t be formed until prices close either at or above $56 or at or below $ If price closes above $56, for example $57; the new brick must still stop at $
There are two rules regarding brick placement:
Traders who use Renko charts typically do so because they are easy to use and interpret. They are also different than a typical candlestick chart because they filter out all other variables besides price movement. There are many uses for Renko Charts. Some of the more popular are; discovering basic support and resistance levels, breakouts, and generating signals with additional forex basic or custom indicators.
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Renko trading is not as popular and not as well known as normal candlestick or bar chart. Renko chart, developed by the Japanese, is a graphical display that only involves the price movement, as the time and volume are not included. The construction of a Renko chart is simple: a brick (the body of a Renko bar) is formed in the next column once the price exceeds the top or bottom of the previous brick by a predefined amount.
The difference between common charts and Renko is noticeable. The conventional charts like candlestick charts or bar charts are plotting a new candlestick, bar based on time. The uniqueness of Renko charts is that this technique plots a brick only when the price moves a certain amount of pips /ticks in one direction or the other.
• very effective for traders to identify key support/resistance levels
• offer a cleaner look of the market and indicate trends in a more clean way
• remove the “market noise” seen on typical candlestick charts or bar charts, including wicks, false breakouts and price volatility.
• more suitable for scalping and short-term trading
• allow traders to catch larger moves by filtering out minor price fluctuations
• better determination of stop losses and take profit targets
• minimize overtrading and increase patience
• a new green renko bar forms only after the current price exceeds the top of the previous Renko bar by pips.
• the closing price of a green Renko bar is also the high for the green Renko bar.
• a new red Renko bar forms only after the current price surpasses the bottom of the previous Renko bar by pips
• the closing price of a red Renko bar is also the low for the green Renko bar.
1. Renko brick
2. 10 simple moving average 10 SMA
Moving averages are used to calculate the average value of a security’s price over a determined period of time. Moving averages are extremely popular among trend following traders. The simple moving average (SMA) represents an average of the closing price of a security over a specified number of periods. The simple moving average is more stable and signals changes in price movements relatively slowly.
3. On Balance Volume
The On Balance Volume (OBV), developed by Joe Granville, is a momentum indicator that relates volume to price change. On Balance Volume indicator shows if market’s volume is flowing into or out of a security/stock. In other words, the OBV offers information regarding the strength of price movements.
When the security/stock closes above the previous close, all of the day’s volume is considered up-volume.
When the security/stock closes below than the previous close, all of the day’s volume is considered down-volume.
So, the OBV increases or decreases during each day in correlation on whether the price closes higher or lower compared to the close during the previous day.
The main assumption is that On Balance Volume movements precede price changes. As the volume is the main fuel behind the market, OBV is designed to anticipate when major moves in the markets would occur. It is believed that “smart money” can be seen accumulating into the security/stock by a rising OBV and when the public comes along into the security/stock, both the security and the OBV will increase. The numerical value of OBV is statistically irrelevant.
• We use the Renko brick to identify key support/resistance levels, to determine the market trends and to place our stop-loss and take-profit targets
• We use 10 simple moving average to determine the short-term trend
• On Balance Volume (OBV) to determine if market’s volume is flowing into or out of the traded instrument
1. A new green renko bar forms above the SMA10
2. We only take trades in the direction of the SMA. When the Renko bars are traded above SMA10, we look for long entries
3. We filter the signal with the On Balance Volume. We look for a new high in the OBV, which indicates that buyers are stronger than sellers, and the price is likely to increase. When OBV increases in tandem with the price, the upward trend is confirmed.
4. Stop loss will be placed 2 Renko bars below the entry point.
5. We can exit the position manually if the price falls below the simple moving average.
6. Minimum take profit should be Renko bars into the future, to cover the spread and commissions. When the price reach this target, we can move our stop loss to break even and let the trade ride, or we can use a trailing stop to capture a larger part of the move.
Chart no.1 long signal
Chart no. 2 long signal
1. A new red Renko bar forms below the SMA10
2. We only take trades in the direction of the SMA. When the Renko bars are traded below SMA10, we look for short entries
3. We filter the signal with the On Balance Volume. We look for a new low in the OBV, which indicates that sellers are stronger than buyers, and the price is likely to decrease. When OBV decreases in tandem with the price, the downward trend is confirmed.
4. Stop loss will be placed 2 Renko bars above the entry point.
5. We can exit the position manually if the price increases above the simple moving average.
6. Minimum take profit should be Renko bars into the future. When the price reach this target, we can move our stop loss to break even and let the trade ride, or we can use a trailing stop to capture a larger part of the move.
Chart no. 3 short signal
Chart no. 4 short signal
Renko charts are one of the most valuable instruments, which offer a great value to patient traders. This Renko trading strategy was designed for Forex and stock market, but you can also test it on Bitcoin cryptocurrency or other instruments. If you want to use it on other instruments, you must backtest the right brick size, study historical data and try different combinations.
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