Renko trading prices are very important for the trading of our method, because the same price can actually be a trade filter and then be used for a trade setup – and then be used for trade management. So, our Renko trading strategies take this in account before taking a trade setup as a trade, and then for holding the trade.
When I am asked what is the best Renko trading indicator, I answer that I don’t think there is a best single indicator. Instead choose a combination of related Renko indicators that work together and can be combined into a trade setup that gives price continuation.
Using a combination of Renko day trading indicators for your trade setups, instead of trying to find a single best trading indicator, will lead to more effective and profitable trading. I really haven’t seen a best indicator that could be traded mechanically as a system.
Renko chart trend lines and patterns are very useful as trading strategy additions. The trend lines can act as diagonal support or resistance prices, and when combined as part of a bigger chart pattern, they can provide additional method trade setups.
The Renko chart momentum hook is an important trading strategy as it indicates price continuation, making it a component in trade addon setups. Considering trade addons typically are at later prices than the initial entry, we want this hook indication that momentum isn’t ending.
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