Renkology

New participants.

You must work through the material presented here first.

Each section of the thread needs be fully understood before you can proceed to the next.
The relevant templates, indicators, templates etc. and a directory to the posts, pertaining to those materials, is presented here in a linear sequential order.

If you are directed here, it is because you have tried to jump into a conversation without adequate knowledge of what has been going on and you need to listen and learn, before you speak about things that you are not familiar with.

In part one, I will try to lay out the groundwork for the whole thread. You will not think that you are finding out a lot about Renko there at first. However it is vital to understand this material before you can move on. Even if you never trade a Renko Chart, the material presented in part one will make a lot of difference to your trading on time-based charts.

Part One: The Prospector.

Resources:

Scripts: I have a file with four scripts in it. They will be added to the templates that I use.
You will have to place the scripts in your scripts folder and edit the hot key commands to make them match the ones on the template.

Indicators for prospector:

Symbol Changer attached.
TRO My Notes attached.
Profit Tracker Black attached.
Candle Time and Spread attached.
Silver Spread attached.
Lot Size Calc attached.

Template:
Prospector Template Attached

The Gong Show.

A reminder: You really need to study the material presented up to post 129 if you want to understand what it is we are trying to achieve here. There are no short cuts to knowledge, it requires work and effort.

Here are the indicators and a template for the Renkology Offline Chart that we will be using for people who have progressed to that point where this becomes useful for them. You really can't jump to there from here, If you do and start asking questions that you are not ready to ask, you will be referred back to page one to do your homework.

Okay enough of the warnings. The Renkolgy off-line chart template and its needed resources is attached.

Post 233. Scalping begins. You can jump right in at this point but if you do, you will not be aware of the logic we will be applying to the charts. I really believe that you need to see the big picture clearly, before you can understand the in important details. If the scalping approach is not making sense, then I urge to to go back and do the homework that leads up to it. The journey is the experience, more than the destination.


PDF File - The E line Trend Line is attached. Use it in conjunction with posts 135 to 140 which cover a live trade. and introduce the E line Trend Line.

It’s been a while since I ran a thread on FF. Over the ensuing time I have been fortunate enough to talk with and even meet some of the people, who took part in Animal Farm. Several others asked me if I would continue it and I thought that could be something to do. However, looking back over the thread I don’t think that it is the best approach to open up new ideas by building on a foundation designed for a different time. A lot of the stuff there is still valid, but new thinking and new software allow for fresh approaches to the old problem of how to trade.

One of the Animal Farm Fans (Handy) mentioned to me that there is no book on Renko and I thought about that for a few days. There are chapters here and there, dozens of videos and gimmicky courses but really there is no book, that I know of, on the thinking behind Renko, what it really does and how it can be appropriate (or not) for trading.

What I’m going to attempt here, is to try and develop just such a book and battle test it as it were.
Ideas that work will stand, ideas that don’t work will be discarded. The process will be Darwinistic and I hope that something useful survives and evolves. The book will grow and as each part of it becomes useful, it will be published on the thread for anyone who wants to read it.
I have coined the word Renkology, the study of Renko, as the title.

I will start by showing you some of my latest findings as they apply to charting, somethings that are new and different to me and maybe even some new things altogether. There are so many fertile minds at work on the subject of charts and trading that I find it hard to believe that there is anything new under the sun; maybe just new ways of explaining them.
As I go along I will try any give credit where it is due to the various authors, programmers and others who have shared ideas, written good articles and developed great algorithms for us to use.

Good things stand the test of time. In these days where information is easily taken without permission and scanned books are available on-line seconds after they are published, the financial rewards of writing a trading book are minimal. The rewards of trading what’s in a book may be a different matter altogether.

If you find my materials to be of value to your trading then you can pay me by dropping off a bag of dog food at your local animal shelter, or making a donation there.

Our thread Mascot, is a rescue dog named Brady.

Indicators, set files, templates and so forth will be kept current on the first page.

Brady - my trading partner:



Okay, down to business:

I am going to hope that people who take part here come to the discussion with a good basic knowledge of the topic. I don't want to spend my time nursing beginners through the set up of a Reno chart, or how to change the color of moving average lines, or that sort of thing. If you are not familiar with the concepts here than this is not the palce for you to start. There are numerous other threads on Renko and many of them have great information. Find one at your level and go there and learn what it is you are getting into.

First off is a template to work with. I call this template prospector, because it allows you to select any pair that you want to look at in any time frame. with a couple of clicks.

This thread is ultimately about Renko but I will be working with time based charts initially. Renko charts are generated from time-based data and we have to keep that in mind.

Renko Myth #1. Time independent/price only Bricks.

So many pundits trumpet that Renko Charts are time independent. I call bull on statements of that sort. Just sit and watch a 5 pip Renko brick not do anything for several hours and you will probably agree. Or, watch several bricks form in a matter of seconds. Time is part of Renko and the time based charts that Renko is based on are essential to understand. If Renko is the scorecard, time-based charts are the game.

I am a lover of renko chart and i will follow you with interest.
A consideration that must be made concerns the indicators. There is no specific indicator for the renko chart. But as an indicator is an algorithm that reads the price, one thing is to read the price every pips (i use 8 pips briks shift 12.5) and one thing is to read a candle of m15 which could make 5 pips or 20 pips. The other important thing for me is that in general but especially in the renko chart you need 1 or at most 2 indicators because the most important thing are always HH HL LH LL and trend lines.

When a couple of people have downloaded the prospector template, indicators and so forth, I would ask you to post a chart or two here. Once I can see if I have given you everything you need, we can start.

When you have your prospector template up and running, familiarize yourself with it.



I use prospector to do an overview of the pairs that I have selected in the set file. If you haven't used the symbol changer before you will enjoy it.

Any items you place on a chart will stay specific to that respective chart. If you place a vertical line on a chart, it will show up on each chart as you cycle through them. I find the vertical line feature is very useful. A place of interest on one pair may also be of interest on other pairs and the vertical line becomes a common reference.

As you use the template, check and make sure that your scripts are correctly set to the hot keys. Test them to see that they work with the control hot key commands shown on the chart.

Once I have a few responses, I will start showing you how I use this.

Welcome aboard 19monza64.

As I mentioned, it will be a bit before we actually get to the nitty gritty of the actual Renko Charts as I will be laying out the foundation of what I do first.
To build a wall, we need to start with a good foundation.

Following the thread Wab! . Thanks!

Following with interest and will play around with the template over the next few days.

Thanks Dagaco. and OOPIP.

It's going to be fun.

Play with the prospector, it will open the door to many wonderful things.

How are you doing Wab? Long time no see. It's great to see you back. I downloaded all the indicators, scripts and template and the following is what showed up on screen. It isn't exactly the same, of course, I can add AO, and even though in the Indicators file, it shows Alligator, it doesn't show up on screen. Just thought you'd like to know. All the best of good trading fortune with this new venture.

WGT

Thanks for the feedback.

I have fixed the template to detail with the AO problem. It should work now.

Just reload the template and your chart should look like this:



Please let me know when it is correct.

Ready on board
For some reason, symbol changer did not load in my chart. If the problem occurs only with me, I would like to ask for your settings so that I can do it manually.

Wab,

Just a heads up all seems fine except the Symbol Changer doesn't load with the template Obviously easy enough to load it myself, but thought you should know.

Regards and thanks for the help.

WGT

Nor the MA on the AO which I presume is a 5.

Hi Wab - ditto me too. Can't get the Symbol Changer loaded.
Thx

New follower would like to thank you Wab and also looking forward to more content

My own version of your template in reverse black

Technical difficulties:

Apparently I can only attach a certain number of attachments on the first page and I was placing too many there. I compressed all of them into a .rar file.
Hopefully the .rar file has everything in it that we need now.

When you get a chart that looks like the one in the previous post you are ready to go.

Hi Mike.

Thanks for joining.

The black chart looks very smart. I alternate between black charts and white charts when I need a change of scenery.

I will stick with white charts here because they print out nicely and I like hard copy in my binder, for later reference.

Tomorrow, I will go over each of the indicators and its purpose.

My charts are going to be pretty bare-bone as I prefer to keep them that way. Some of what is included will not be needed after we get going.

Anyone else who has chart problems, or problems with the indicators, let me know and I will debug the issue if I can.

Thanks all for making this an interesting fist day of Renkology.

It still doesn't add the symbol changer, candle time & spread, lot size calc and silver_spread to the chart for me but I manually added it with your set file. Please check if any indicator is still missing.