Scanning for Renko breakouts

FLtrader

I am interesting in scanning for opportunities with Renko entry and exit points. Does anyone have any suggestions?
Thanks,
Mike

markd

It doesn't look like you can scan for Renko values. I don't see any Renko options in the Advanced Scan page drop downs. The only non-standard chart options seem to be for Ichimoku charts. The Renko documentation page doesn't address scanning for Renko values, but maybe they are on the way. @gord might know. I'm guessing they are not available because the data for every symbol scanned would have to be converted to customized Renko values before the scan conditions could be tested - a very resource intensive process.

In the meantime, you might be able to use Price Channel crossovers to approximate Renko breakouts. You would have to determine what Renko parameters you would want to use (ATR value or point value), format a chart that way and then look for the crossovers. Then put the same symbol on a standard chart, add a price channel and play with the channel parameter until you get something close. I'm not sure that would really work but maybe worth a try.

FLtrader

Thanks for your suggestion. I will try and review the results. I am also going to use point and figure scans to see if I get some signals there. Thanks, Mike