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Renko

andyf52andyf52 ✭
in Other Charting Tools
If renko charts are only based on price and time plays no part, then if chart parameters are the same why is a daily chart different to a weekly chart.

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    markdmarkd mod
    Not a Renko user, so others correct me if this is not right:

    There are more data points in a daily versus a weekly chart (5 versus 1 if using the close, 10 versus 2 using high-low), so more opportunities for boxes to get drawn if price fluctuates a lot during the week.

    The difference would probably vary depending on box size and whether you choose close or high-low.
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    KevoKevo ✭
    One of the public chartlists suggested day traders use Renko charts. I think this is because reversals can be spotted. I figure the same is true for Daily and Weekly. I think Renko removes a lot of details and information that Candlesticks would show since Candlesticks are more sensitive.
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