RENKO ON NORMAL CANDLES AZT
APPLYING RENKO ON NORMAL CANDLES
Limitations on Renko traditional charts:
Trading view free/pro users cant access Renko charts for intraday.
It shows wrong back testing results. When we apply strategy on Renko charts/Heikin ashi , it would show best profit curve but that’s unreal because Renko and heikin ashi have so much of variation from real market price.
Above all it actually has chance to mislead people that Renko is best always.
Therefore we are going to setup an alternative Renko strategy which can be applied on normal candlestick charts.
Advantages of Renko strategy with normal candles over traditional:
The price is related to real markets and logic is related to Renko block building this strategy will reduce slippages when applied on real markets.
Trading view free users /pro users who cannot access Renko charts can use this to apply Renko on normal charts.
Therefore Renko charts design are in such a way that it filter out minor price movements to make it easier for traders to focus on important trends and price action. This makes trends much easier to spot, Because we can remove those small fluctuations, so price trends may be easier to spot, and that feature makes Renko charts the preferred price chart for some traders.
A Renko chart is constructed from a series of bricks. whose creation is determined by fluctuations in price. For Instance when a price rises, an up brick is placed on the chart and, with drop of prices a down brick is added.
We will demonstrate you on how you can find one simple Renko strategy and automate its trades
Limitations on Renko traditional charts:
Trading view free/pro users cant access Renko charts for intraday.
It shows wrong back testing results. When we apply strategy on Renko charts/Heikin ashi , it would show best profit curve but that’s unreal because Renko and heikin ashi have so much of variation from real market price.
Above all it actually has chance to mislead people that Renko is best always.
Therefore we are going to setup an alternative Renko strategy which can be applied on normal candlestick charts.
Advantages of Renko strategy with normal candles over traditional:
The price is related to real markets and logic is related to Renko block building this strategy will reduce slippages when applied on real markets.
Trading view free users /pro users who cannot access Renko charts can use this to apply Renko on normal charts.
Therefore Renko charts design are in such a way that it filter out minor price movements to make it easier for traders to focus on important trends and price action. This makes trends much easier to spot, Because we can remove those small fluctuations, so price trends may be easier to spot, and that feature makes Renko charts the preferred price chart for some traders.
A Renko chart is constructed from a series of bricks. whose creation is determined by fluctuations in price. For Instance when a price rises, an up brick is placed on the chart and, with drop of prices a down brick is added.
We will demonstrate you on how you can find one simple Renko strategy and automate its trades