The key with using Renko is the box sizes you choose. If you make the range to wide for example $10 each way, you could miss substantial moves. If you set the boxes too low, it will swing too often... I like using it because it takes the emotion out of trading which is a good thing. You can day trade with it, you'll just need to keep a tighter range on the boxes.
As a price action trader, renko or range bars are a huge life-saver. So much more clarity, and it removes time, which is a completely irrelevant variable
How is time completely irrelevant? If something goes from $100 to $150 in 1 hour, and from $150 to $160 in 6 months, you're telling me there is no useful information within that?
@@doctormoobbc I know I'm late to the party but I agree with first comment, time is completely irrelevant to trading, you only get paid when price moves not when time moves, so to your example, if you get $50 in an hour or in 6 months , you didn't get that $50 because of time factor, you got that because of price movement factor. True price is the tick, timeframe is just a way to read ticks nothing more. Thats why there is no "best timeframe to trade" because 50 pips is 50 pips whether you are on M1, H1 or D1. Personally, I stopped trading using timeframe charts because I realized not only is it too subjective, but its irrelevant too. Im only interested in price movement not time, that's why I trade using range bar charts. Price is the only important thing in trading, the rest is all subjective.
Loved when you said “Combination no man has seen before”. Agree Renko with an excellent indicator may help me as I have a hard time sticking to trends. I have explored this idea before.
Day 3: I've binged most of Patrick's content, going in the order he has suggested, I've learnt a lot. The most valuable thing I've learnt is that you can listen to youtube videos at 2x speed. Game Changer.
Whoa thanks VP there is definitely something there. My current two indicators are giving me in the 70 to 80 percent range and I havent found a volume indicator yet. I tried my same system out on daily Renko ATR candles and it's the first time I achieved a hundred percent accuracy on the usdmxn. I was only going for one brick and then getting out but I was able to get a hundred percent accuracy on twelve trades backtested over the last three years. I actually would have got more profit tweaking it and only getting 77% win rate but it seems on renko 100% accuracy is not the most profitable. Renko atr candles are so easy to backtest because you just look and know if the brick closes you hit the atr already no more calculating haha CHEERS you are the best and no one ever motivated me.to.backtest before now I backtest 1 to 4 hours daily like my life depends on it. There is NO ONE better than VP!!!!
Thanks for the consistent clarity! Forex WAS a total mindfield. I think my favourite thing is you always look at both sides. It's objective and not some conflict of interest pushing agenda. I think people can tell. Its certainly what I think!
Every opportunity you choose, you loose one simultaneously ( that's the fun part) Using this with ATR and dividing it in half for the pip value when scalping. Works well for me
My pops saved a few Ataris, Coleco visions, and a few other gems I can't remember. He has all of his video games too. I relived his childhood. I'm glad I got to experience it as a child. Thanks for bringing up great memories while I was searching for a Renko video.
After 2 years , and as I am following the contrarian episodes I want to thank you . This serves well our buy and hold strategy … on a side note u can find a new version of renko that forms a brick according to ATR .. Good job man .. cheers vp
it's true.......Bravo VP you are the first "renko-ist" saying the truth......i programm 20 EA based on renko strategies and non worked.....with or without hedging......but i find out how price is moving (price moves and then zig zaging untill ALL MA come closer take back all the gains from the move and then the banks take the price to the next extreme move). after one year of programming and backtesting I made a brilliant EA with RENKO+MAs from all timeframes, continuing trades and lines for the trader to put as top and bottom to create a non trading zone when the price is zig zaging. I don't sale it.....I will make a tutorial video and i will send to VP for checking the pro and cons......after a month i double my acount and i am really happy with my progress But i know that i was lucky and it happent to find me same big trends! Best Channel in trading world!
I like how you took the time to explain what it is and list the pros and the cons giving a much clearer view of what renko actually does. Thanks for the upload.
Long-time Renko trader here. As VP says, if you only have a few minutes a day, Renko is probably not for you. But if you are an active algo trader, it's ideal. When you're using code, Renko solves a host of issues with scanning for price action patterns and with risk management, and some indicators do work far better. The most significant issue is finding an algo-capable platform that handles Renko properly. I've got a list of over 50 platforms that have issues with Renko. Many can't really handle it at all because they have a time-based heartbeat. And sadly, the most popular platforms don't really cut it. MT4 and 5 are problematic, because most Renko add ons form the bars from 1 minute candles. This is hopelessly inaccurate unless you're trading VERY slow. There are possible workarounds but they are painful and may break with upgrades. Renko in TradingView is both low resolution and buggy. I posted a feature request for usable Renko that received a lot of support, but they eventually came back and said they have no plans to fix the issues. Outside the US your best option is probably Dukascopy JForex, particularly for live trading. It offers a VERY powerful Java SDK with excellent features for Renko Backtesting is tick-level, so while it's accurate it's painfully slow. And backtest reporting is beyond crude - you have to handle it yourself. But Dukas is an excellent broker that can still offer attractive leverage for active traders, so on balance it's probably the best option. An interesting alternative is the fairly recent paid version of Zorro Trader which claims exceptionally fast tick-based backtesting with the option to build any type of bar you like. It's a quirky but very powerful platform that's used by some serious people. It used to have some show-stoppers for Renko Trader but it seems that these have been addressed. I'm about to take a closer look. Sierra Chart, Ninja and MultiCharts are other options, through they have their own issues. CTrader has been promising Renko backtesting "real soon now" for some time, but it's worth keeping an eye on.
Uhmm, these Renko bars seems a different game to play! I am on the process of developing my strategy at the moment, so probably it's better if I hone my skills first. If - well, when - I will end up with a nice and consistently profitable strategy, then maybe I will consider expanding my arsenal with Renko. I don't want to bite more than I can chew right now! Thanks VP for all the cues and hints here!
VVVVVVVVVVPPPPPPPPPPPPPPP!!!!!!! DUDE...FINALLY...YOU'RE...THE...MAN! That tid bit at the end, regarding adding indicators is GOLDEN! I've already started exploring and will be king of this strategy...thanks for the info!
I'm 70, and just started to understand Renko, I absolutely love them. So for all of you over 50 do your best to try to understand Renko and your trading will improve dramatically. At least mine did.
I use Hienken Ashi daily bars. And Renko for my trigger. If daily hienken ashi bar closes green than i only take /get in once a green renko is green. Unfortunately, im not willing to share the whole algo.
The highest respect that i can pay is admitting that what you say is always something i take into consideration so thank you again for the great information.
Just on Tip from me, change the input of your indicator, for example do not use closeprice, instead use ema/sma/atr be creative and maybe some magic is going to happen. To me it happend, but without this man here I would never had come to this idea One example of Magic on EURGBP (H4), just generated from automatic system: Total-Trades: 191 slHitTrades: 20 (10.00 %) beHitTrades: 169 (88.00 %) Open-Trades: 2 Rating-Begin: 2017-09-28T00:00 Rating-End: 2019-03-22T20:00 Trades per year: {2017=40, 2018=119, 2019=32} 2017:0 trades per week. 2018:2 trades per week. 2019:0 trades per week.
This was definitely an interesting topic. I knew of Renko bars, but never really liked them so i never bothered to play around with it. Ever since i committed my self to NNFX way of trading, i stopped chasing strategies. And we all know by now (i hope) that strategy hopping is one of the worst mistakes a trader makes. I will continue my journey, the regular NNFX way, since ive devoted so much time and work into it already. I will though keep Renko bars in the back of my mind as a "maybe" option, in case i dont see progress after 2-3 years (maybe thats too short... will revise in the future). Thanks again VP
Thank you man you have changed my game for sure.... I've watched this video right after testing Renko combinations with another indicators, and wanted to hear what you have to say about it and boom you nailed it. THANKS AGAIN
VP. Really cant till you how this blow my mind. I was adjusting the setup and adding indicators on this for the last 4 days and results are amazing. This can be my confirmation and exit indicator to trade daily if I apply the setup correctly. Thanks for sharing this. I am really regretting that I didn’t find this channel long time back. Thanks again.
I made and make a ton of pips with this in swing trading. In my humble opinion and experience it’s not very good for scalping but very good for longer trades
Surely it’s about scale. If you could do it for swing trades, then a person could do it for intra day. Even the seconds have pushes and pullbacks, just as the daily.
Thank you for this videos and podcasts. I follow you on Spotify and I listen your podcasts 24/7! Your podcasts help me in psicology on trading and learning English. So helpful, again THANK YOU! KEEP DOIN GREAT JOB!
It's been my opinion that time-based charting is inherently flawed. Time does not move price, it's an extraneous variable. It just makes intuitive sense to us humans, because our perception is time-based. That's why there's so much god damn noise. So my recommendation is either remove the time element, like renko does, or replace time with what does move price - volume. I'd love to have the programming knowledge to be able to play with this stuff.
you will come up with combinations no man ever have seen before even on a regular spot fx without renko there's like 12k indics out there VP, and doubt there's even two people that use the same setup with same options etc... great vid once again btw
Damn, on every con you gave, a possible solution instantly poped out in my mind! Nice vid! Made me want to nerd out for a week to play with it in mql. Thanks!
Your're correct, Trading view has the ATR option. However, you will experience REPAINTING if you choose the ATR option (on Tradingview) because as the ATR figures change throughout the day so you will the renko bars. To prevent the bars from repainting you must choose the "traditional option". Hope this helps!
Heyyy the renko talk! Glad you looked into it further after our email a couple months ago. Very powerful once the user has an understanding of how to set the bar size and, of course, an understanding of price action.
Reading through the comments, I noticed that most of them are more in-depth with some offering their personal trading methodologies which is just awesome. Personally, I never took to using Renko Charts beyond some backtesting and a few demo trades however, found that they are indeed very atheistically pleasing to the eye. But don't be a hater because of what I believe, it's just my opinion and observation. I think the biggest "ah-ha" moment was found in the blog where VP illustrates what can happen in both ranging and trending markets and the very fact that all of the amazing indicators we find to use in our algo won't work correctly, essentially negating the point of what we are trying to do. Not to belabor the point, but based on what he says, it strikes me as trading with a handicap of sorts...indicators don't track correctly, candles don't reflect on what's really going on and just the fact that unless you specify just the correct amount of range in your Renko candle setting, your results (and ROI) are going to be somewhat unpredictable. I am truly grateful that someone else has done the heavy lifting (nodding at you , VP) so we can spend our time making wise(r) choices.
Why do you believe that indicators don't track correctly and candles don't reflect what's really going on? Renko indicators track price, not price + time. We get our alpha from price, not from time. In my backtesting, I find that time is much the least predictive variable (big moves can be both fast and slow). So from that perspective, Renko indicators are cleaner because they eliminate a variable that generally just adds noise. The main argument for candles, as VP says, is if you want to trade at a predictable time of day. Otherwise, in my experience Renko is superior, particularly for algo work with price action, where it makes life much easier.
First time I heard about Renko was on Joseph Nemeth's TH-cam channel. He combined it with Heiken Ashi and some other indicators. It looked fascinating and pretty. I tried it out then, but I started observing those little nuances peculiar to Renko. That got me confused at that time. Funny thing is I almost wasted my one Ask VP chance on Renko. Thank God I waited.
that was a very good point you made, renko is not based on a timeframe so new bricks can happen anytime. however, i do beileve renko along with other other unconventional or uncommon indicators can be programmed into a decent trading stratedgy
I have been applying to Fibs to Renko Charts with almost hundred percent success. A system that is based upon price movement would be the best plase to use fibs. So it guess some people have their quirks. But I can show my trade sheet and it almost perfect and Fibs always factor into my TP.
VP do you know Joseph Nemeth. Your way of thinking and his thinking looks pretty same for me. I suggest you check him maybe you can find something...He is out of the box thinker just like you. But his trading uses EA... different type of EA's. Not only the .ex4 common file that we know. Thats why i love you both. Opposite side of spectrum but same goal! Go get Him!😎
Renko repaints like crazy. Same issue as multiple time frame indicators. As many great signals you get you get more bad signals. The Renko indicators repaint too. I was so excited when I found it and forward tested it for months on crypto. It also does not backtest on tradingview just like heiken ashi. Thanks for the video.
Hey VP should I still use the ATR to calculate TP&SL, even though the main body of the candlestick equals 10 pips, the movement including wicks can be greater than 10 which can make the ATR show a higher number.
hello. you mentioned your strategy takes around 15 minutes per day. on average, how many trades do you get per day, and how many per week? around how long are u in a trade?
If you watch all his videos you'll see. He only trades 1 time per day using his system. If there's no trades to make, then 0 trades that day, when his system tells 5 trades, he takes 5 trades. Watch the videos and podcasts, it's the best forex channel on youtube.
I was fascinated with Renko when I first started trading. Before I started jacking around with the settings you could bet that they were right at least 70% of the time. Its the reversals that kill you though. They are horrible when the regular bar charts are in a sideways channel.
Great explanation sir. It's little sad that renko is still so underground and not much info is out there, but on the other hand I feel free to test every crazy idea I had, because there is not much rules like in standard Japanese candles.
You know how long I've been looking for this indicator.... everyone's charging and scamming for this indicator....I'm on the rite path...good drop.. VP
it's built in for free on tradingview, you can also find free versions on the mt4 marketplace (on the program) so you wont have to bother with the hassel of downloading an mt4 indicator
Some time ago I discovered that my systems back test results are much, much better when run on Haiken Ashi chart type. Net profit 3-4x more than on regular candles. I'm currently forward testing it but it is not so ass kicking as it looks from back test. Will try Renko as well.
Hello, great video ! I have a question, i know that timeframe is not a thing on renko, but when i put an indicator on trading view with ranko, when i change the timeframe, values change on the indicator for some reason, and the chart change a little bit to, even when i have for example "10 pips per box" , do you know why this happen?
But be careful when back testing, though, when using the ATR-based renko, as the results won't be "absolute" as if you were to have a set renko block number, just saying.
Thank you VP for bringing this intelectual challenge to all who are interested in becoming profesional traders. My question is if you can use renko bars for spot gold trading?
PLEASE CHOOSE YOUR BOX SIZE CAREFULLY, AND ALWAYS FORWARD TEST ON DEMO BEFORE TRADING LIVE (my Renko experience being an indicator on MT4 with an offline chart)! Hey, all, I just started using Renko for day-trading along with my algo, and my experience is showing that you should always try to pick a box size that best fits *GENERALLY* the ATR of whatever timeframe you're using. For example, using a 1-minute timeframe on EUR/USD, its ATR could be around 1.5 pips. If you start using too small or too big of box sizes for your Renko bars, you will get some very odd results backtesting vs. forward-testing. It almost functions like reverse re-painting of indicators. In another example, using the Daily timeframe, if you have too small a Renko box size, like 3.0 pips, everything will look very smooth and clear on backtesting. When forward-testing, everything becomes very chaotic. Be so, so careful!
Have not seen this one yet. I will watch all of them chronologically later this year. But to the title. Yes, I want to be. Hope it is possible to be successful wirh renko.
How i do it is i look at my volume first. if i have volume then i look at my main indicator. if my 2nd indicator tells me to do the same thing as my main indicator i enter the trader
I honestly never thought of the double going the opposite way and yes tons of people say to wait for one full bar of color change then take that direction ha........barely ever worked in my experience. Looks good at first and then you test it out in demo and its not nearly as great.
Renko rules usually imply 2 and 2. enter after 2 and exit after 2. But of course, there will still be times when you get chopped up for other traders dinner lol
@@NoNonsenseForex Ok. Lastly would there be any use for the Harmonic Scanner or Pitchforks? That's why I joined IML. They like to use them in combination.
The Renko Chart seems to have a lot of similarities to a Point and Figure Chart. Either way tho VP, if you didn't continue to use Renko.... I'm probably not going to pursue it either, at least for now. Not until I'm consistent with the No Nonsense way of trading!!!
Thanks VP. I guess I need to establish a good system with normal charts first before trying out renko. Guys, what volume indicators have you tried out yet and whats your experience? Will be grateful if you can share your ideas.
Trading view renko are a mess - you will not learn about what renko can offer looking at their charts - they have no similarly to real renko - it is pathetic actually - many traders have begged them to implement them properly and they just ignore them
hello, im using oanda renko with Atr and traditional settings free. biggest cons has been entries for me cos no alert system. any idea how to improve on entries?
@@ifiwherearichman 1 year late but if you upgrade to premium account it will unlock 1 second charts for renko (basically live renko how it should be used)
The idea FIBS and trend lines don't work on Renko is just false - we have been using Renko for years in fact most indicators work better on Renko - the question is more whether or not you want to use them but if you do they work extremely well
I realize this is an older video, but I bought a script that auto-adjusts the brick sizes and ATR depending on the market or you can use a fixed brick size. It can also show the Renko bars as time-accurate. The Renko bars are at the bottom, with regular candles on top so you can watch them both at once. Currently using it on BTCUSD on Bybit 1 hour. Brick size 72.7080159326 at the moment. Using Alertatron to auto trade. Just do a search for Quantum Trading online-not my site. Or Quantum Renko on Tradingview. They have MT4, Trade Station and Ninja Trader as well. Since you mentioned non-common indicators, I'll check out more videos. And you said Holy Grail at the same time Da Vinci Code is on tv, so it means something lol
So what indicator do you personally recommend to use with renko? In my personal experience, I have seen that Stoch is a great indicator with renko FOR REFERENCE ONLY on entries and exits. However, you gotta be careful to use patience as sometimes and I am sure you know, the "bottom or top" is not really the bottom and top. You exit and you miss out on 50 or 100 more pips, happened to me countless times while only using stoch in the beginning. lol To counter that I added the use of RSI and cci/macd as confirmation unfortunately it gets crowded on my chart and I hate that but it works. I like to zoom in on my renko bricks but I want my indicators zoomed out for best results, ahhhh in a perfect world. :( Just curious if you have any recommendations yourself?
Ooh I wonder if this would suit an EA? I haven't got time to watch charts all day so manual Renko is out of the question for me - but a robot on the other hand...
Hey VP I've noticed that if a new Renko brick appears and then retraces in the opposite direction. If I then refresh the chart, the brick has disappeared and price appears to be on the previous brick? I'm using the Renko chart you used. Hope you can help.
Thank you for the video. I agree that you will miss many of the trades and it does not adhere to the life patterns of how people live. So it is easier to trade heiken ashi as a better way to trade for the average person. Thanks for the video.
Once again, I'd like to thank my co-host, Howling Wind for joining us today.
to reply to @15:20 about them not being adjustable the renko bars have an atr option so the size adjusts to the atr
Do you use renko charts, if I had to guess I'd say not?
Nice catch! Wish this was an option back when I was messing around with them.
I currently don't.
Okay thanks VP!
I literally just sent you a Renko question 2 days ago and your answer just cant get any better than this.
The key with using Renko is the box sizes you choose. If you make the range to wide for example $10 each way, you could miss substantial moves. If you set the boxes too low, it will swing too often... I like using it because it takes the emotion out of trading which is a good thing. You can day trade with it, you'll just need to keep a tighter range on the boxes.
As a price action trader, renko or range bars are a huge life-saver. So much more clarity, and it removes time, which is a completely irrelevant variable
How is time completely irrelevant? If something goes from $100 to $150 in 1 hour, and from $150 to $160 in 6 months, you're telling me there is no useful information within that?
@@doctormoobbc I know I'm late to the party but I agree with first comment, time is completely irrelevant to trading, you only get paid when price moves not when time moves, so to your example, if you get $50 in an hour or in 6 months , you didn't get that $50 because of time factor, you got that because of price movement factor. True price is the tick, timeframe is just a way to read ticks nothing more. Thats why there is no "best timeframe to trade" because 50 pips is 50 pips whether you are on M1, H1 or D1. Personally, I stopped trading using timeframe charts because I realized not only is it too subjective, but its irrelevant too. Im only interested in price movement not time, that's why I trade using range bar charts. Price is the only important thing in trading, the rest is all subjective.
Tradingview has time frames for Renko.
Loved when you said “Combination no man has seen before”. Agree Renko with an excellent indicator may help me as I have a hard time sticking to trends. I have explored this idea before.
Day 3: I've binged most of Patrick's content, going in the order he has suggested, I've learnt a lot.
The most valuable thing I've learnt is that you can listen to youtube videos at 2x speed. Game Changer.
2x speed... GENIUS!
Great video, VP. Using the 10 or 20 SMA with the OBV; plus with the two bricks above, two bricks below rule are all great filters for trades.
Whoa thanks VP there is definitely something there. My current two indicators are giving me in the 70 to 80 percent range and I havent found a volume indicator yet. I tried my same system out on daily Renko ATR candles and it's the first time I achieved a hundred percent accuracy on the usdmxn. I was only going for one brick and then getting out but I was able to get a hundred percent accuracy on twelve trades backtested over the last three years. I actually would have got more profit tweaking it and only getting 77% win rate but it seems on renko 100% accuracy is not the most profitable. Renko atr candles are so easy to backtest because you just look and know if the brick closes you hit the atr already no more calculating haha CHEERS you are the best and no one ever motivated me.to.backtest before now I backtest 1 to 4 hours daily like my life depends on it. There is NO ONE better than VP!!!!
Thanks for the consistent clarity! Forex WAS a total mindfield. I think my favourite thing is you always look at both sides. It's objective and not some conflict of interest pushing agenda. I think people can tell. Its certainly what I think!
Every opportunity you choose, you loose one simultaneously ( that's the fun part)
Using this with ATR and dividing it in half for the pip value when scalping. Works well for me
how profitable have you find it compared to the no-nonsense trading way, ? am still backtesting renko.
My pops saved a few Ataris, Coleco visions, and a few other gems I can't remember. He has all of his video games too. I relived his childhood. I'm glad I got to experience it as a child. Thanks for bringing up great memories while I was searching for a Renko video.
After 2 years , and as I am following the contrarian episodes I want to thank you . This serves well our buy and hold strategy … on a side note u can find a new version of renko that forms a brick according to ATR .. Good job man .. cheers vp
it's true.......Bravo VP you are the first "renko-ist" saying the truth......i programm 20 EA based on renko strategies and non worked.....with or without hedging......but i find out how price is moving (price moves and then zig zaging untill ALL MA come closer take back all the gains from the move and then the banks take the price to the next extreme move).
after one year of programming and backtesting I made a brilliant EA with RENKO+MAs from all timeframes, continuing trades and lines for the trader to put as top and bottom to create a non trading zone when the price is zig zaging. I don't sale it.....I will make a tutorial video and i will send to VP for checking the pro and cons......after a month i double my acount and i am really happy with my progress But i know that i was lucky and it happent to find me same big trends! Best Channel in trading world!
@Labgr can u share it with me, pls.
Good stuff...wanna get there...
Can you share??
I like how you took the time to explain what it is and list the pros and the cons giving a much clearer view of what renko actually does. Thanks for the upload.
I feel like I have an advantage with this indicator since I spent my childhood watching Renko and Stimpy.
Agree...RENKO is definitely an excellent noise filter. Suggest testing with an MA line overlay. Thanks VP for covering RENKO! 🏆🏆🏆
100 ema is ok.
Long-time Renko trader here.
As VP says, if you only have a few minutes a day, Renko is probably not for you. But if you are an active algo trader, it's ideal. When you're using code, Renko solves a host of issues with scanning for price action patterns and with risk management, and some indicators do work far better.
The most significant issue is finding an algo-capable platform that handles Renko properly. I've got a list of over 50 platforms that have issues with Renko. Many can't really handle it at all because they have a time-based heartbeat. And sadly, the most popular platforms don't really cut it.
MT4 and 5 are problematic, because most Renko add ons form the bars from 1 minute candles. This is hopelessly inaccurate unless you're trading VERY slow. There are possible workarounds but they are painful and may break with upgrades.
Renko in TradingView is both low resolution and buggy. I posted a feature request for usable Renko that received a lot of support, but they eventually came back and said they have no plans to fix the issues.
Outside the US your best option is probably Dukascopy JForex, particularly for live trading. It offers a VERY powerful Java SDK with excellent features for Renko Backtesting is tick-level, so while it's accurate it's painfully slow. And backtest reporting is beyond crude - you have to handle it yourself. But Dukas is an excellent broker that can still offer attractive leverage for active traders, so on balance it's probably the best option.
An interesting alternative is the fairly recent paid version of Zorro Trader which claims exceptionally fast tick-based backtesting with the option to build any type of bar you like. It's a quirky but very powerful platform that's used by some serious people. It used to have some show-stoppers for Renko Trader but it seems that these have been addressed. I'm about to take a closer look.
Sierra Chart, Ninja and MultiCharts are other options, through they have their own issues. CTrader has been promising Renko backtesting "real soon now" for some time, but it's worth keeping an eye on.
Real good info here. Thanks.
Uhmm, these Renko bars seems a different game to play! I am on the process of developing my strategy at the moment, so probably it's better if I hone my skills first. If - well, when - I will end up with a nice and consistently profitable strategy, then maybe I will consider expanding my arsenal with Renko. I don't want to bite more than I can chew right now!
Thanks VP for all the cues and hints here!
VVVVVVVVVVPPPPPPPPPPPPPPP!!!!!!!
DUDE...FINALLY...YOU'RE...THE...MAN! That tid bit at the end, regarding adding indicators is GOLDEN! I've already started exploring and will be king of this strategy...thanks for the info!
I'm glad I finally became the man!
I'm 70, and just started to understand Renko, I absolutely love them. So for all of you over 50 do your best to try to understand Renko and your trading will improve dramatically. At least mine did.
I use Hienken Ashi daily bars. And Renko for my trigger. If daily hienken ashi bar closes green than i only take /get in once a green renko is green. Unfortunately, im not willing to share the whole algo.
The highest respect that i can pay is admitting that what you say is always something i take into consideration so thank you again for the great information.
Trading Using Renko + Heiken Ashi
Since 5 Year's Ago 💪💪
how's that coming along?
Ditto
Really!
Then I guess u can teach us how to go about it, like where to download it unto mt4 platform and tilt it around
I have renko, but how to you use Heiken Ashi with it...
When I add it to the renko chart, it just mimics the renko bars
Just on Tip from me, change the input of your indicator, for example do not use closeprice, instead use ema/sma/atr be creative and maybe some magic is going to happen. To me it happend, but without this man here I would never had come to this idea
One example of Magic on EURGBP (H4), just generated from automatic system:
Total-Trades: 191
slHitTrades: 20 (10.00 %)
beHitTrades: 169 (88.00 %)
Open-Trades: 2
Rating-Begin: 2017-09-28T00:00
Rating-End: 2019-03-22T20:00
Trades per year: {2017=40, 2018=119, 2019=32}
2017:0 trades per week.
2018:2 trades per week.
2019:0 trades per week.
Rafiki(VP) you never disappoint.
Man I’ve started using Renko and it has absolutely changed everything for me, WOW!!! Thanks VP, u da 🐐
Depends on what method, fixed brick size or determined by ATR
ATR bricks are better IMO. i adjust them right before frankfruit start
Are you saying fixed brick size goes double the amount when it reverses? And bricks determined by atr doesn't?
This was definitely an interesting topic. I knew of Renko bars, but never really liked them so i never bothered to play around with it. Ever since i committed my self to NNFX way of trading, i stopped chasing strategies. And we all know by now (i hope) that strategy hopping is one of the worst mistakes a trader makes. I will continue my journey, the regular NNFX way, since ive devoted so much time and work into it already. I will though keep Renko bars in the back of my mind as a "maybe" option, in case i dont see progress after 2-3 years (maybe thats too short... will revise in the future). Thanks again VP
can you update on your current progress?
How are you going 3 years later? Did you become a successful trader?
Harry we need to know if you've now become a successful trader. Tell us lol
People can take 10years to finally be profitable…so I respect you and your journey😌
Thank you man you have changed my game for sure.... I've watched this video right after testing Renko combinations with another indicators, and wanted to hear what you have to say about it and boom you nailed it. THANKS AGAIN
VP. Really cant till you how this blow my mind. I was adjusting the setup and adding indicators on this for the last 4 days and results are amazing. This can be my confirmation and exit indicator to trade daily if I apply the setup correctly.
Thanks for sharing this. I am really regretting that I didn’t find this channel long time back.
Thanks again.
Howto install them..could you advise
I made and make a ton of pips with this in swing trading. In my humble opinion and experience it’s not very good for scalping but very good for longer trades
Surely it’s about scale. If you could do it for swing trades, then a person could do it for intra day. Even the seconds have pushes and pullbacks, just as the daily.
Thank you for this videos and podcasts. I follow you on Spotify and I listen your podcasts 24/7! Your podcasts help me in psicology on trading and learning English. So helpful, again THANK YOU! KEEP DOIN GREAT JOB!
It's been my opinion that time-based charting is inherently flawed. Time does not move price, it's an extraneous variable. It just makes intuitive sense to us humans, because our perception is time-based. That's why there's so much god damn noise. So my recommendation is either remove the time element, like renko does, or replace time with what does move price - volume. I'd love to have the programming knowledge to be able to play with this stuff.
you will come up with combinations no man ever have seen before even on a regular spot fx without renko there's like 12k indics out there VP, and doubt there's even two people that use the same setup with same options etc... great vid once again btw
Damn, on every con you gave, a possible solution instantly poped out in my mind! Nice vid! Made me want to nerd out for a week to play with it in mql. Thanks!
hi..mind sharing some of the solutions to the cos? i have some too..you can email me vicvic01@gmail.com..cheers
Tradingview renko automatically adapts to ATR.
Your're correct, Trading view has the ATR option. However, you will experience REPAINTING if you choose the ATR option (on Tradingview) because as the ATR figures change throughout the day so you will the renko bars. To prevent the bars from repainting you must choose the "traditional option". Hope this helps!
@@gfx8900 absolutely correct! Noticed that a long time ago.
@@gfx8900 quick question what do you set the number at for the daily?
@@gfx8900 how do you choose the traditional option? is it like the first one, if you write ATR?
@@hfxtrading2298 depends on the instrument ur trading, the number will have to change from indices to currencies to crypto
Heyyy the renko talk! Glad you looked into it further after our email a couple months ago. Very powerful once the user has an understanding of how to set the bar size and, of course, an understanding of price action.
I usually track a macro and micro "time chart" to make an entry/exit decision for Renko. Ex: 1/10 scale for daily and and 1/20 for an hourly
I just started playing with Renko auto-trade EA. Thanks for posting this video.
Love using renko, works so well with wave theory , makes reading charts easy. And good reversal entry.
what's wave theory ?
Reading through the comments, I noticed that most of them are more in-depth with some offering their personal trading methodologies which is just awesome. Personally, I never took to using Renko Charts beyond some backtesting and a few demo trades however, found that they are indeed very atheistically pleasing to the eye. But don't be a hater because of what I believe, it's just my opinion and observation. I think the biggest "ah-ha" moment was found in the blog where VP illustrates what can happen in both ranging and trending markets and the very fact that all of the amazing indicators we find to use in our algo won't work correctly, essentially negating the point of what we are trying to do. Not to belabor the point, but based on what he says, it strikes me as trading with a handicap of sorts...indicators don't track correctly, candles don't reflect on what's really going on and just the fact that unless you specify just the correct amount of range in your Renko candle setting, your results (and ROI) are going to be somewhat unpredictable. I am truly grateful that someone else has done the heavy lifting (nodding at you , VP) so we can spend our time making wise(r) choices.
Why do you believe that indicators don't track correctly and candles don't reflect what's really going on?
Renko indicators track price, not price + time. We get our alpha from price, not from time. In my backtesting, I find that time is much the least predictive variable (big moves can be both fast and slow). So from that perspective, Renko indicators are cleaner because they eliminate a variable that generally just adds noise.
The main argument for candles, as VP says, is if you want to trade at a predictable time of day. Otherwise, in my experience Renko is superior, particularly for algo work with price action, where it makes life much easier.
First time I heard about Renko was on Joseph Nemeth's TH-cam channel. He combined it with Heiken Ashi and some other indicators. It looked fascinating and pretty.
I tried it out then, but I started observing those little nuances peculiar to Renko. That got me confused at that time. Funny thing is I almost wasted my one Ask VP chance on Renko. Thank God I waited.
isnt Joseph Nemeth a Hungarian scammer?
that was a very good point you made, renko is not based on a timeframe so new bricks can happen anytime. however, i do beileve renko along with other other unconventional or uncommon indicators can be programmed into a decent trading stratedgy
Yeeees! Thanks for this VP and a extra special thanks for not swearing in this video! Here's to Renko and it's unchartered galaxies!! I'm in!
I have been applying to Fibs to Renko Charts with almost hundred percent success. A system that is based upon price movement would be the best plase to use fibs. So it guess some people have their quirks. But I can show my trade sheet and it almost perfect and Fibs always factor into my TP.
Hey! which point of fibo do you use as the guide? 0.67?0.23-?
I literally use fibo like a 2t measuring tube
Great timing for this topic VP as I only started studying Renko charts. Thanks😊
I have hated homework my whole life......
Until now ;)
Did you just "yahatee" in Pablo language?
I have never done my homework before, untill now
Hey. Do you think mixing Renko and Ichimoku clouds can do wonders.?
VP do you know Joseph Nemeth. Your way of thinking and his thinking looks pretty same for me. I suggest you check him maybe you can find something...He is out of the box thinker just like you. But his trading uses EA... different type of EA's. Not only the .ex4 common file that we know. Thats why i love you both. Opposite side of spectrum but same goal! Go get Him!😎
Do you know Ron Jeremy? You think like him, looks the same, I suggest you check out his videos.
Excellent video! FULL of useful information for viewers!
Renko repaints like crazy. Same issue as multiple time frame indicators. As many great signals you get you get more bad signals. The Renko indicators repaint too. I was so excited when I found it and forward tested it for months on crypto. It also does not backtest on tradingview just like heiken ashi. Thanks for the video.
Been waiting patiently for this one. I knew Renko was coming sooner or later.
Hey VP should I still use the ATR to calculate TP&SL, even though the main body of the candlestick equals 10 pips, the movement including wicks can be greater than 10 which can make the ATR show a higher number.
@No Nonsense Forex
who are you sir?
do you have any public performance track records? (not asking about trading acc detail)
hello. you mentioned your strategy takes around 15 minutes per day. on average, how many trades do you get per day, and how many per week? around how long are u in a trade?
If you watch all his videos you'll see. He only trades 1 time per day using his system. If there's no trades to make, then 0 trades that day, when his system tells 5 trades, he takes 5 trades. Watch the videos and podcasts, it's the best forex channel on youtube.
@@flaviusduca7750 what is the winning rate?
With Renko you have to be around to trade, that means in the middle of the night, evenings, that is a no go for me :)
I rarely comment under a TH-cam video but dude this video is really inspiring, thanks for the work
I was fascinated with Renko when I first started trading. Before I started jacking around with the settings you could bet that they were right at least 70% of the time. Its the reversals that kill you though. They are horrible when the regular bar charts are in a sideways channel.
I appreciate you sharing this. I wouldn't have seriously considered this. It's very.. different, that's for sure.
quality vid and thumbs up. in video one renko has a wick and others don't. Any idea why is that?
Not sure, it's been awhile. Unfinished candle maybe?
Awesome!! Does elder ray work with this?
Great explanation sir. It's little sad that renko is still so underground and not much info is out there, but on the other hand I feel free to test every crazy idea I had, because there is not much rules like in standard Japanese candles.
That may not be a bad thing, keeping it on the DL is less manipulation, trust me on this.
You know how long I've been looking for this indicator.... everyone's charging and scamming for this indicator....I'm on the rite path...good drop.. VP
it's built in for free on tradingview, you can also find free versions on the mt4 marketplace (on the program) so you wont have to bother with the hassel of downloading an mt4 indicator
www.ovo.cz you can download a 15 day tester
After download Renko in mt4, it shows up as offline? How could I switch it to online for an update, please? Thanks
Thanks VP great info. Think I'll stick to regular charts and indicators. To quote Mr Horse "No sir, I don't like it"
Some time ago I discovered that my systems back test results are much, much better when run on Haiken Ashi chart type. Net profit 3-4x more than on regular candles. I'm currently forward testing it but it is not so ass kicking as it looks from back test. Will try Renko as well.
Did some backtest on renko as well, looks even better than HA.
Marcin Wozniak i believe it repaints so it’ll look crazy good.. i hate repainting anything waste of time smh
Hello, great video ! I have a question, i know that timeframe is not a thing on renko, but when i put an indicator on trading view with ranko, when i change the timeframe, values change on the indicator for some reason, and the chart change a little bit to, even when i have for example "10 pips per box" , do you know why this happen?
u dont have to set those values arbitrarly, u can use the ATR
But be careful when back testing, though, when using the ATR-based renko, as the results won't be "absolute" as if you were to have a set renko block number, just saying.
Thank you VP for bringing this intelectual challenge to all who are interested in becoming profesional traders. My question is if you can use renko bars for spot gold trading?
Of course, just set your pip levels high. ATR on Daily XAU/USD right now is 1091 pips.
are you still using renko. Is it still succesful
I wonder if Renko is the 6th part of the Algorithm?? Must keep watching...
PLEASE CHOOSE YOUR BOX SIZE CAREFULLY, AND ALWAYS FORWARD TEST ON DEMO BEFORE TRADING LIVE (my Renko experience being an indicator on MT4 with an offline chart)!
Hey, all, I just started using Renko for day-trading along with my algo, and my experience is showing that you should always try to pick a box size that best fits *GENERALLY* the ATR of whatever timeframe you're using. For example, using a 1-minute timeframe on EUR/USD, its ATR could be around 1.5 pips. If you start using too small or too big of box sizes for your Renko bars, you will get some very odd results backtesting vs. forward-testing. It almost functions like reverse re-painting of indicators. In another example, using the Daily timeframe, if you have too small a Renko box size, like 3.0 pips, everything will look very smooth and clear on backtesting. When forward-testing, everything becomes very chaotic. Be so, so careful!
how profitable have you found reko to be compared to the nonnonesene way
use 5 min ATR then and forward testing is really the only way to get any real data bu the ATR is the only thing that SHOULD change
I love this dude!!! NO HOMO!!!
same here lol
You forgot to say no homo@@bagchasers7002 😁
Opinions? Which is better for swing trading renko or kagi charts?
Have not seen this one yet. I will watch all of them chronologically later this year. But to the title. Yes, I want to be. Hope it is possible to be successful wirh renko.
Just apply simple 13 SMA on chart and buy above SMA and sell Below SMA works well just see to it there is no immediate resistance or support
what brick size and what time frame you using?
Another con with Renko are the disappearing blocks. So just realize that when you set your stop loss.
Can you please explain/teach us how to use main confirmation + 2nd confirmation + volume indicator to make your decision?
How i do it is i look at my volume first. if i have volume then i look at my main indicator. if my 2nd indicator tells me to do the same thing as my main indicator i enter the trader
I so much appreciate this insight on Renko you gave me and found it to be a brilliant and inspiring presentation, thank you.
My brick is based on 11 points but it me alot on ranging market i trail my sl as well can you give some tips how i can do better in ranging market
I honestly never thought of the double going the opposite way and yes tons of people say to wait for one full bar of color change then take that direction ha........barely ever worked in my experience. Looks good at first and then you test it out in demo and its not nearly as great.
Renko rules usually imply 2 and 2. enter after 2 and exit after 2. But of course, there will still be times when you get chopped up for other traders dinner lol
Kurtis Nauss Very true. Using that rule in conjunction with a 20 or 10 SMA and OBV works as a good filters for trades.
@@fentonfairway5793 do you put 10 or 20 sma over the chart or overOBV
Could be up to a 29 pip move to reverse. If by chance price was one pip away from forming a new continuation block.
Do I even need to be a part of "I Markets Live" to trade this way? I currently pay a subscription.
Doubtful
@@NoNonsenseForex Ok. Lastly would there be any use for the Harmonic Scanner or Pitchforks? That's why I joined IML. They like to use them in combination.
This is an Awesome Opportunity for this willing to put in the work and find the right indicator ;)
Please How do i get the renko charts and how to install it on my MT4 Platform.
Iam Daniel. Thanks for the videos.
The Renko Chart seems to have a lot of similarities to a Point and Figure Chart. Either way tho VP, if you didn't continue to use Renko.... I'm probably not going to pursue it either, at least for now. Not until I'm consistent with the No Nonsense way of trading!!!
Thats what i was thinking, point & figure charts. Price verses time.
Thanks VP. I guess I need to establish a good system with normal charts first before trying out renko. Guys, what volume indicators have you tried out yet and whats your experience? Will be grateful if you can share your ideas.
You can try OBV indicator.
Trading View has renko indicator based on ATR (paid version has more renko settings)
if i were to use RENKO i would absolutely use it with ATR as its setting. I am going to do some testing on tradingview and see what i can come up with
Trading view renko are a mess - you will not learn about what renko can offer looking at their charts - they have no similarly to real renko - it is pathetic actually - many traders have begged them to implement them properly and they just ignore them
hello, im using oanda renko with Atr and traditional settings free. biggest cons has been entries for me cos no alert system. any idea how to improve on entries?
@@ifiwherearichman 1 year late but if you upgrade to premium account it will unlock 1 second charts for renko (basically live renko how it should be used)
Can you also use Renko bars on stocks? Or is it primarily for FOREX?
The idea FIBS and trend lines don't work on Renko is just false - we have been using Renko for years in fact most indicators work better on Renko - the question is more whether or not you want to use them but if you do they work extremely well
Indicator lover!!!!!
Thank you VP.
Looking forward to seeing you one day!!!!!!!!!!!!!!!
We will get it!!!!
I realize this is an older video, but I bought a script that auto-adjusts the brick sizes and ATR depending on the market or you can use a fixed brick size.
It can also show the Renko bars as time-accurate. The Renko bars are at the bottom, with regular candles on top so you can watch them both at once. Currently using it on BTCUSD on Bybit 1 hour. Brick size 72.7080159326 at the moment.
Using Alertatron to auto trade.
Just do a search for Quantum Trading online-not my site. Or Quantum Renko on Tradingview. They have MT4, Trade Station and Ninja Trader as well.
Since you mentioned non-common indicators, I'll check out more videos. And you said Holy Grail at the same time Da Vinci Code is on tv, so it means something lol
Simple and Powerful explanation. Thank you
I have watched this video a couple of times. It's awesome and very inspiring. Thanks for posting it!
So what indicator do you personally recommend to use with renko? In my personal experience, I have seen that Stoch is a great indicator with renko FOR REFERENCE ONLY on entries and exits. However, you gotta be careful to use patience as sometimes and I am sure you know, the "bottom or top" is not really the bottom and top. You exit and you miss out on 50 or 100 more pips, happened to me countless times while only using stoch in the beginning. lol To counter that I added the use of RSI and cci/macd as confirmation unfortunately it gets crowded on my chart and I hate that but it works. I like to zoom in on my renko bricks but I want my indicators zoomed out for best results, ahhhh in a perfect world. :( Just curious if you have any recommendations yourself?
I don't have anything good here. Check the NNFX discord forum, they have an entire Renko section.
Ooh I wonder if this would suit an EA? I haven't got time to watch charts all day so manual Renko is out of the question for me - but a robot on the other hand...
Forex G.O.A.T!!
Amazing video full of info also wisdom and inspiration which never see in any TH-cam channel before 👍🏻
Hey VP I've noticed that if a new Renko brick appears and then retraces in the opposite direction. If I then refresh the chart, the brick has disappeared and price appears to be on the previous brick? I'm using the Renko chart you used. Hope you can help.
There are some ATR based Renko out there. All you gotta do is search and find em. Also gonna try to figure out how to stop indis from repainting
Thank you for the video. I agree that you will miss many of the trades and it does not adhere to the life patterns of how people live. So it is easier to trade heiken ashi as a better way to trade for the average person. Thanks for the video.
careful when backtesting Renko bricks, 30% of entry and exit signals slide on the brick making the results way to positive