Dear Why brinks in renko Vanished after getting formed , on which methodology did renko built charts i,e closing basis or High Low basis in Kite and PI.
you need to set how many points for each brick. once that many points crossed one brick will be made. without reaching that points if it is moving up and down then brick will be flutuating.
Never look beyond candlessticks they are made up of iron,renko repaints so its highly unreliable they may look good to eyes
Thanks for the Reply Dear , but still after fixing it god vanished.
In zerodha renko charts, the time frame also matters e.g. if you have selected 5 min time frame, even after making renko brick, if the price retraces below your specified box parameter within 5 minutes it will vanish. Only solution is to select one minute time frame in order to minimize repainting (vanishing)
Well what you are saying is absolutely correct. what actually happens is that lets say you have a brick whose size is 10 points, then when the prices start to fall the price will first drop by 10 points (hence the brick will disappear). Then only a red brick starts to get formed.
I am strongly against trading with renko manually as it is humanely not possible to take a position when the prices goes up/ down suddenly. But in my view it’s a great tool if u r automating trade.
Renko is better with 1MIN timeframe or lower with tick data. Use 20EMA as well. if brick closed above 20EMA, and 50EMA is in Uptrend then buy.
I use renko but differently. Five minute Renko, with supertrend, awesome indicator and donchian channel. When the brick is outside the top of the channel and awesome oscillator is positive and green take long position. Exit when awesome oscillator turn red
Suppose if i select a time frame of 10 mins and 5 point brick size… In 10 mins if price goes above by 5 points for twice and goes down by 5 points once… Will 2 green and one red will forms? or only one green forms(i.e., 5+5-5 = +5)? Kindly reply me
Renko is best to use with Tick Data or At least 1Min data. Don’t try with any other time frame. it is useless with other timeframes.
If it turns immediately after one bar… It will lose ? Then how can we trade in those case? Renko is price based it changes up and down more frequently in 5 Min charts… Kindly suggest me… How to trade in those cases?
@haribabu What should be brick size whether it be traditional or ATR? If traditional(manual) what should be it size?
It uses LTP , the same is shown on marketwatch.
Is LTP different from tick data?
There can be thousands of trades in one second but we receive on average 2 to 3 ticks per second via internet. Tick means any information, it is not possible to capture all ticks via internet. Also in above case I believe tick has different meaning.Anyhow it doesn’t matter much what data is used in this case.
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