This is intended more as educational material on a strategy for using renko charts. To begin with, I'll be using USOil in the examples but will include other markets as I continue through the series. The material is not intended to prescribe or recommend actual trades as the decision to place trades is the responsibility of each individual who trades as they assume all risks for their own positions and accounts.
Chart setup:
(Part 1) Double Exponential Moving Average (DEMA) 12 black line Double Exponential Moving Average (DEMA) 20 red line Parabolic SAR (PSAR) 0.09/0.09/.23 blue circles Simple Moving Average (SA) 20 blue line
(Part 2) Stochastics 5, 3, 3 with boundaries 80/20 dark blue/light blue Stochastics 50, 3, 3 with boundaries 55/45 red Overlay these two on one indicator. Refer to 'Part 2' as to how to do this
(Part 3) True Strength Indicator (TSI) 14/4/4 dark blue/ red Directional Movement Indicator DMI 14/14 ADX-dark green, +DI-dark blue, -DI-red