Marty, all the indicators react best to the original Ninja Renko. 2 Renko and 3 Renko are best for day - trading. If you use ' Smart Renko ' ' Better Renko ' or whatever they are called, you will not receive these rich signals. I have tested them all with the same set of indi's. Based on Ninja Renko they work best.
It is even possible, that Sierra's Renko - formula does not create same results.
Thanks for responding all the way from Germany. One of my clocks is Frankfort time, as I enjoy trading Dax on Frankfort open through our CME. A friend of mine in Houston, TX was born in Berlin. She speaks German, I don't!
I am sure you are correct on this statement: It is even possible, that Sierra's Renko - formula does not create same results.
I was comparing volume bars with Renko both with an Heiken-Ashi computation on each, respectively this morning. Interestingly, I found in quiet times that a 25 or 50 bar volume chart adds some perspective to impending action. But the 2 tick Renko, as you pointed out, was certainly useful. The arrows on attachment 2, Region 1 are based on price hi's and lo's (up arrows are: =IF(AND(C4<C5,D4<D5,AV4<AV5),E4,""), c = hi, d = low of the bar, av is a fisher transform rsi). Sorting out mid range "false" turns is an ongoing study.
For the originator of this thread, here is another interesting link, posts 1 and 2, concerning the difference between Renko and range bars, conceptually.