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Renko

Updated Renko Strategy Combined with a Weekly ChartWeekly candlestick Linear Regression indicator x3 with STD set to 1, 2, and 3 respectively. I set the color gradient to 25% on 1, 15% on 2, and 5% on 1 to differentiate the color. On the weekly charts, I set the lookback period to 45 for 45 weeks Pivots (standard pivots) on a Yearly timeframe x2. One set to 'traditional' and one set to 'camarilla' (I'll cover the static volume profile and the opening range and the volume range in an update to this at a later date) Renko charts I use the same configuration for the Linear Regression with the exception of the lookback period which is set to 90 blocks. Renko charts are not truly time based though time does play a factor in how they're implemented in trading view. I don't use pivots on the Renko charts. On both charts, you can see from the settings how the moving averages are configured On both charts, I use a dual Stoch overlayed configured at 5,3,3 and 50,3,3 Commodities channel Index Directional Movement Index I configure these indicators with a 5/50 combination regardless of the Renko or the weekly candlestick chart I track the following markets and with these Renko settings Crude oil: close/traditional/blksize=2.5 S&P 500 mini: close/traditional/blksize=50 Natural Gas: close/traditional/blksize=0.2 Soybean Meal: close/traditional/blksize=5 Aussie Dollar: close/traditional/blksize=0.005 Bitcoin: close/traditional/blksize=1000 With bitcoin trading 24x7, it's a create market to practice with using the Trading view 'paper trading' broker My intent is to expand on this setup with ideas on how to trade against these configurations:
NYMEX:CL1!Education
by mxb1961
BTCUSD 4hr renko 500 brick sizeIs the bottom in? Who knows? The Renko chart does not predict tops of bottoms but it shows a clear trend in one direction. Money is made in the middle, not catching the tops or bottoms - that's gambling. Either that or you're a market manipulator yourself. Anyway, we are still below the red moku cloud and the lagging line is still below price action. So this indicates that the trend is still lower. I would point your attention towards the circled area. notice we tried to consolidate in this area but ultimately got rejected back down? As long as the price action has not gone above a green moku cloud and the lagging line has not gone above the price action, we are still remaining bearish. As investors, it is not yet time to cost average in. As speculators, it would be better to stay on the sidelines for more clear indications of a trend to trade. Not financial advice, but I would not touch this for now.
BITSTAMP:BTCUSDShort
by tanreu
ETH CAN'T DECIDE WHAT TO DOAlthough I view crypto market as a bear, I am not saying it can't have one more bounce. And if we take a look at the 2nd biggest coin ETH we can clearly see that price is still moving inside this big channel. This is renko 1d chart with a block size 1% of max price - 48$. There was 2 attempts this year to break this channel, but every time price has bounced of it. And right now price is trying to bounce one more time. To get out of it bears need to break 2600-2500 zone, otherwise bulls will make another mini rally. (Which can also lead to a bigger rally). So at the moment I am looking forward to further confirmation to see the direction chosen by the market. Do you think bulls will make another bounce here?
by FallingWedge
3
Breakdown can not be confirmed yetAlthough the breakdown occurred in the weekly timeframe, it is still early to confirm. The reason is that in the Renko daily time frame, bitcoin is still above the support level. Until the breakdown is confirmed, it will be difficult to tell if it is a breakdown or a trap. But there is a point in the TSI indicator that increases the likelihood of facing a real breakdown. The TSI has a negative bias and has a descending crossover. However, I would rather be patient to have a confirmed breakdown signal.
by cryptoonchain
BTC met All conditions for the continuation of the downtrend1 minute ago Renko_Ichimoku Analysis: Bitcoin met all three conditions for the continuation of the downtrend in Ichimoku analysis: 1- the red Cloud 2- New red brick below the red Cloud 3- The lagging span below the red cloud Weis wave Renko Volume: The volume in the recent downtrend wave is greater than the uptrend waves in the range area. It seems that we have to wait for the downtrend to continue. This support level of 34,000 $ should be broken down to confirm the downtrend
by cryptoonchain
3
Renko charts - Clean out the noiseI recently attended a talk by Stephen Hoad on behalf of the STA for the CISI, where he discussed his use of Renko charts. Well, it piqued my interest and I decided to take a closer look myself. Renko charts were invented in Japan, they ignore time and just use price changes that meet a minimum requirement, which to my mind sounds exactly like Point & Figure charts (I love these). Instead of X-Columns and O-Columns, Renko charts use price “bricks” that represent a fixed price move. These bricks are sometimes referred to as “blocks” or “boxes.” They move up or down in 45-degree lines with one brick per vertical column. Bricks for upward price movements are one colour while bricks for falling price movements are filled in another colour. In the example attached I have a chart of the US Dollar Index, where upward price moves are green and downwards are red. This example uses a 0.5 brick size. Please note the irregular time span along the y-axis . Also note that it uses an average true range of 14 days. For an explanation of average true range (ATR) please follow this link school.stockcharts.com N.B when adding indicators say a 20-period moving average, this will be based on the last 20 Renko values NOT the last 20 days. I always think that these types of charts look optically ‘cleaner’ or clearer than the more typical bar chart. They completely ignore time, and a brick is only drawn if price moves by a set amount. If it moves less than the set amount, no brick is drawn. In contrast to fixed price bricks, using ATR values results in fluctuating brick sizes. The default ATR is based on 14 periods and the Average True Range fluctuates over time. The brick size is based on the ATR value at the time the chart is created. Should the ATR value change the next day, then this new ATR value will be used to set the brick size. Also note that ATR values are based on standard charts, such as close-only, bar and candlestick. Disclaimer: The information posted on Trading View is for informative purposes and is not intended to constitute advice in any form, including but not limited to investment, accounting, tax, legal or regulatory advice. The information therefore has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. Opinions expressed are our current opinions as of the date appearing on Trading View only. All illustrations, forecasts or hypothetical data are for illustrative purposes only. The Society of Technical Analysts Ltd does not make representation that the information provided is appropriate for use in all jurisdictions or by all Investors or other potential Investors. Parties are therefore responsible for compliance with applicable local laws and regulations. The Society of Technical Analysts will not be held liable for any loss or damage resulting directly or indirectly from the use of any information on this site.
ICEUS:DX1!Education
by The_STA
Bitcoin Renko-Chart - BTC in falling wedge but also bear flagBitcoin Renko-Chart - BTC in falling wedge but also bear flag The falling wedge more likely breaks out to the upside... the bear flag more likely to the downside. This overall Renko-Chart shows the history until 2015 and before we don't see a break through of the green trendline there is no reasons for concerns IMO - are you with me? Drop me a nice comment if you'd like me to analyze any other cryptocurrency. *not financial advice do your own research before investing
BITSTAMP:BTCUSDLong
by Crypto4Everybody
1
In which direction will the Kumo cloud breakout?Bitcoin has been in the range area for more than 3 months, and the prolongation of this period has tired analysts. During these three months, analysts have had differing views on where the breakout will take place. The movement in the swing zone should end gradually and we should see a bitcoin breakout. During this period, not even a confirmed spring or upthrust has been performed. Bitcoin is now inside the Kumo cloud (in Renko chart), respecting the support and resistance of the Kumo cloud. There seems to be nothing left until the Kumo cloud breakout. Now we have to wait and see In which direction will the Kumo cloud breakout?
BITSTAMP:BTCUSD
by cryptoonchain
1
BTCUSD 4hr renko 500 brick size- The Moku cloud is still conflicted between red and green, signaling market indecision. - The long wick to the top of the current brick shows that while we tried to rally above 40.5k, we couldn't hold it long enough to make a stand there. - We are still under the green cloud, which means bulls are not ready yet. - At the previous brick, we didn't manage to get above the 10 SMA, which would be another signal of an uptrend. - Lagging indicator in the cloud, which is a no touch zone. Note that the Renko chart is simple a trend indicator not a top/bottom finder, and it is telling us there is no clear trend yet.
COINBASE:BTCUSD
by tanreu