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I did a ton of backtesting w/ RENKO a while back, but it is all flawed as Ninja doesn't work w/ RENKO properly on Auto Strat's and there is a bit about that just search for it if you could.
I have yet to see anyone have a profitable system using it. Seems like everyone right now is on Range bars.
I spent probably 6 months playing with it on MT4, NT7 and TS. Using that with SuperTrend was an interesting toy, but you get chewed up again upon a sideways market. Plus, you have to make sure you are seeing all the price like BetterRenko does vice just the default RENKO.
What I have seen in this forum is that, yes, the Ninja Renko's are flawed. I have done some studying using MedianRenko and Aslans WickedRenko, so far The WickedRenko looks the best but the Median is good as well. I plan on NOT using the NT Renko's.
Thank you,
Over simplified? Yes, you are right. I would like a simplified explanation, build on that and add nuances and refinements.
My big concern is stop placement.
The simplified answer, as far as I'm concerned, is there is no edge in using Renko and I advise staying away from it. It is a grade C- indicator at best.
Place your stop at a point where you don't want to lose any more money.
Oh Renko how you show me direction.
Oh Renko you are nearly perfection.
You keep me from chop.
You keep me from slop.
I'll ride with you Renko until the trend end. :sarcastic:
Plus, you have to make sure you are seeing all the price like BetterRenko does vice just the default RENKO.
