I want to trade tatasteel using renko charts. what is the best range (0.05 to 1)? will it be same for all the stocks. how to know what is the best parameter for a particular stock?
hElLO tRaDeR,
The renko box size is manually defined based on the current market price of a stock.
The box size represents the value of change in the Price of a stock in INR.
http://tradingqna.com/32976/pls-share-your-views-on-renko-v-s-heikin-ashi-charts?show=32987#a32987
You can follow this general guideline when defining the renko box size
CMP 0 - 100 = .10
CMP 101 - 200 = .20
CMP 201 - 500 = .25 and so on
How you decide this range ? And what it means ?
thank you for the reply
How you decide this range ? And what it means ?
In the above example .10 represents 10 paisa , .20 represents 20 paisa.
Visit this link to learn more about Renko Charts:
https://www.tradingview.com/stock-charts-support/index.php/Renko_Charts
Ok thanks for the quick reply but how the brick gets created based on .25 or .5 ? For a 15 mins chart ?