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A green Renko brick would form only after the price will advance 20 pips. Conversely, a red Renko brick would form only after the price declines 20 pips. As you can tell, the time intervals between each brick are inconsistent. Important note: When you trade with Renko charts, the price needs to travel double the price distance of your brick size in order for the Renko brick to change color. For example, if the brick size remains 20, it means that we need to actually move 40 pips for a red brick to be printed after we had a green brick.
Trading Renko charts with wicks can be a very powerful tool in your trading arsenal. Bricks with wicks give us further clues on the battle between the bulls and the bears. The wick will simply show you how many pips it went in the opposite direction. How to choose the right Renko Brick Size? If we want a dynamic reading of the price through the Renko blocks, we can use a brick size that is determined by the ATR Average True Range.
Instead of picking a random brick size, this will give you dynamic support and resistance levels that are more accurate. The ATR will automatically detect the right brick size that is more in tune with the price action. When selecting your Renko brick size, ask yourself the following questions: What are my objectives as a trader?
What are my time constraints? What is the cost of trading? Am I opening small positions or larger positions? Do I consider myself risk-tolerant or risk-averse? If you are pursuing large, lower-risk positions over longer periods of time, then it will make sense to use a larger Renko brick size.
On the other hand, if you are pursuing high-risk positions that require paying close attention to volatility, then smaller bricks will be better. Next… Learn how to trade Renko charts successfully by following simple 4 trading rules. See below: How to trade Renko charts successfully When used the right way, Renko charts can be extremely helpful. To kick things off, here are 4 trading rules to use and make any Renko trading system more accurate: If the prior Renko brick is green red ahead of a major risk event, the probability that the price goes up down is extremely high.
Double top and double bottoms have a higher probability of success then compared to the candlestick chart To confirm a breakout use the 2 bricks rule. We decided to put the theory to the test with a little trade example. Let's see how profitable Renko chart trading really is.
See below: Is Renko trading profitable If you still struggle with the standard candlesticks chart, we believe Renko trading can be more profitable for you. With Renko charts, you have a much clearer view of the price action. But, how profitable are Renko charts? In order to discover how profitable is Renko trading, we backtested one of the best Renko trading systems out there. The result is quite a smooth equity curve that even the most successful trader envy.
The first simple Renko system is an indicator based strategy that uses price-momentum divergence to identify trend reversals. We like to use a period RSI indicator. So, the period is the same as the ATR Renko brick size. See the Renko chart scalping below: After we spot the momentum divergence an entry signal is triggered once we get a reversal.
On the Renko chart, a trend reversal is set in motion once the brick changes color. In this case, when we spot a bearish divergence, enter a short position after the brick turns red. For bullish divergence, wait for the brick to turn green.
We exit our profitable trade once another reversal pattern is formed in the opposite direction of our trade. As a method to protect our account balance and not lose too much, you can place your SL above and below the swing point developed after your entry. A lot of the noise inherent in regular time-based charts are eradicated. So, if you trade with Renko charts, spotting divergence and trend reversals are a lot easier.
The RSI is the best indicator to use with Renko. Renko Trading Strategy 2 Another profitable Renko strategy you can use is to focus only on the bricks. No additional technical tool is required for this system. This Renko price pattern looks for two consecutive bricks of the same color and both bricks have wicks. It can be at the end or middle of a trend.
This pattern has a very high rate of success if traded in the right context. As such, traders can decide to buy whenever the Renko Chart starts to plot blue bars and sell on red bars. Traders can also opt to enter a trade based on a predetermined number of bricks moving in the same direction. Buy Trade Setup When to Enter? Wait for price to reverse up and the Renko Charts to form three blue bricks. Determine the price corresponding to the high of the third blue brick and set a buy stop order at that price level.
Set the stop loss at the price corresponding to the low of the brick three bricks behind the probable entry point. When to Exit? Trail the stop loss at the price corresponding to the third brick behind the current Renko Charts brick. Allow price to hit the trailing stop loss while in profit. Sell Trade Setup When to Enter? Wait for price to reverse down and the Renko Charts to form three red bricks. Determine the price corresponding to the low of the third red brick and set a sell stop order at that price level.
Set the stop loss at the price corresponding to the high of the brick three bricks behind the probable entry point. Conclusion There are many ways to trade the Renko Charts. The sample above is just one. Traders can adjust the number of boxes they would use to determine an entry, as well as the number of pips they would set as a basis for the Renko bars.
The Renko Charts indicator is a very useful tool for trading momentum and trends. However, traders need to spend some time getting used to it. Renko Charts do not coincide with candlesticks.
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