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.
Understanding Renko charts and trading them starts with making Renko bricks. It is important to know how new bricks complete in either direction, especially if your charting program shows an overlap between a completed brick and an uncompleted counter brick.
Why Start Day Trading Renko Charts?
After many years of day trading tick bar charts, the decision to switch to day trading Renko charts was based on the clarity of the Renko bricks fixed price moves -vs- the irregular and random size of tick bars.
Additionally, besides the Renko charts method being simpler to trade than tick bar charts, it has also been clearer to teach other traders.
A Renko chart is a type of chart that plots pre-determined fixed movements of price as Renko bricks. This chart type does not use time or volume and can help eliminate the ‘noise’ from other chart types. This additional chart clarity is a reason we use Renko charts for our day trading method.
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