These came up in the "ask any question" thread, and between them are very good questions.
Many have use Renko bars of various types. There are a bunch of them, all using the idea of range instead of time or number of transactions (tick bars) or volume (volume bars).
If you've used any of the Renko variants, what has your experience been? How would you compare them to time or any other type of bar? And is the bar type actually that important in trading, anyway, aside from selecting different timeframes, since they are all fundamentally displaying the same thing (price) in only slightly different ways?
Share your thoughts and let's see what comes out of it.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
I use a form of renko bar with wicks and they are fundamental to my trading system. My system is based on volume and price action, and more specifically how smoothly price moves through price levels (i.e. how much relative volume at each bar). I have always preferred bar types that present price action in a more "clean" and organized fashion. There is a lot of noise in most charts. I exclusively trade the ES E-mini futures, and I have found the ES tends to organize itself quite nicely to a 4 Tick renko bar chart. I mostly scalp for 4 Ticks at a time with occasional runners and my setups and trades are accurate to the Tick. Im actually surprised more people dont use Renko charts. I find them quite powerful when you are a price action trader - when you incorporate volume you can start to see why certain setups fail.
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Thanks for this post. If you do not mind can you post your renko chart? Are these renkos available to download on this forum? I have been playing with ninzarenko myself
Sorry I don't really share my charts since there is a lot of IP with custom indicators I have had coded, etc., including the bars. But the bar type that is the most similar is SveRenko which you can download for free:
