Renko chart strategy

#1
Hi All,

I have tried renko charts on forex and find it mostly accurate with very less whipsaws. Hence i was wondering that can this be applied on Nifty or Stock futures.

Below are my queries and request all seniors/experts to help out,

1. What should be the candle size for Nifty Future
2. what should be the candle size for stock future, like the ones trade around base price 300-500 with lot size 500-100
3. which is the best platform to plot renko charts ? ( I have checked this in zerodha Pi and i feel the chart it plots is not upto the professional level)
4.What are your thoughts about point and figure charting?

Cheers,
Ironmaidon
 

NJ23

Well-Known Member
#2
How did you decide the bar size in the forex market?
 
#4
Hai,
Try the follwing renko box size and experience how amazing it works.
GOLD
Renko box size =36
Renko time frame=16
CRUDE
Renko box size=1661
Renko time frame= 16
BANK NIFTY
Renko box size=7090
Renko time frame=16
NIFTY
Renko box size=2444
Renko time frame=16
These are the settings i am using in metatrader.
 
#6
Hai,
Try the follwing renko box size and experience how amazing it works.
GOLD
Renko box size =36
Renko time frame=16
CRUDE
Renko box size=1661
Renko time frame= 16
BANK NIFTY
Renko box size=7090
Renko time frame=16
NIFTY
Renko box size=2444
Renko time frame=16
These are the settings i am using in metatrader.
Hi didnt understand when u wrote time frame...can u plz explain...as renko is independent of time
 
#7
Hai,
Try the follwing renko box size and experience how amazing it works.
GOLD
Renko box size =36
Renko time frame=16
CRUDE
Renko box size=1661
Renko time frame= 16
BANK NIFTY
Renko box size=7090
Renko time frame=16
NIFTY
Renko box size=2444
Renko time frame=16
These are the settings i am using in metatrader.

Can you please share the Indicators and Templates for MT4 ...

Thanks a lot
 
#8
hai,
when drag and drop the renko EA in the chart of Mt4 ,a slab will open and ask for setting, in that frame u have to adjust the time frame so that u can find 16mts chat in offline ,
mt4 user can easily understand
 

boarders

Well-Known Member
#10
first of all you need tick data for renko chart
renko charts are independant of time so if you interpolate it with any time frame other than tick, then you are cheating yourself like the cat who drinks milk with shut eyes thinking no body is watching it, meaning the tick data on which renko is dependant, will be compressed with the introduction of timeframe, thus will not plot the true price movements as and when it happens and therefore you will not know the actual price movements which happened within every preiod of timeframe set value.
if you have been making profit trading your method, then you have been just plain lucky.
 

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