NITRO Variations for Open-minded Traders

Hi!!
I'm analyzing with some tools a larger amount of renko data...and i'm finding interesting things...that maybe we can adapt to trading...
For example...i'm analyzing the probability of continuation of a trend...i'm trying quite every indy...moving averages, hour limitations...and until now...there is notning...I repeat...nothing that in the long time can push up the probability above 70/75% if we talk of scalping...the reality is that renko without indys has quite the same probability...and every indy can do nothing more than overoptimize the syste.....but I think I will go deeper on this in a new thread maybe...

As per ma crosses...it's like with other charts...it will perform very well during trends but it will suffer during ranging periods..anyway the best combination that i've found is the 5/20 ma cross...

If we talk of short term trading (not scalping) the best solution that i've found is using:

10pips bricks on EURJPY
TRIX setted to 9
Wait for a TRIX 0 cross (it happens on average once every 1 or 2 day)
Wait for a close of the brick...the close has to be in the direction of the TRIX cross, if it's not...do not trade.
Enter with 20 SL and 30 TP
This strategy will give you a 55% win rate on average...with a positive risk/reward...it's not a fast gain strategy, and the trades don't happen too often...but it's pretty stable...
With a 20 SL and 20 TP the win rate will be 65%...

About scalping...as I said i'm finding some very interesting things...
I think we can reach a near to 70% hit rate with a 1:1 or 1:2 risk/reward...and this would be very good...
but i reserve to do some other research...
The only thing that i'm sure is that a 90% hit rate is an utopia...it can happen some day during a month, it can happen with an overoptimization of the system...it can happen with a human trader filter if the trader is very good....but not in the long time...

You will significantly increase the probability if your entry coincides with a breach of a pivot level. I'm somewhat surprised that pivots don't get mentioned anymore.

Just one of countless examples where pivots point the way.

These are 10 pip renko bricks on heiken ashi candles. The green line on the lower right is the coral THV trend indicator. I only go long if price is above it. I never do counter trend trades.

Have you worked on this idea lately FOREXflash?
Would love to be able to display multiple renko chart sizes as shown in window to the right of your screen shot.

Has anyone tested the MultyBoxRENKO indi lately?
I see last two 5 pip bricks down on my chart but it was still showing a buy signal until the third down brick was formed, wonder if this is how it's supposed to work?
However there was only two previous up bricks.
The 20 pip renko sell signal was correct as I could see a real 20 pip renko chart on my other pc.

Or maybe the indi works better with it's default even renko brick size settings?

Hi
Can some1 please explain what is the mean of a Wick in a Renko Chart

Appreciate your help

Regards
forexZak

Here is it. I hope you can see the picture. Wick is the pin on the top or bottom of the renko bar. It shows how far price moved before the next bar was formed.

Thanks SoonDock

I have following Question if someone can help me understand


To my understanding, when we talk about Renko with 5-pips each Bar, that mean all Renko Bar should be 5-Pips.

I have a Renko Bar chart with 5-Pips. However, I noticed that there are some Bars on the Chart which are 10-to-16 pips.

Appreciate help in understanding this.

Regards

This is telling you you don't have a renko chart

Google and learn how to set up a Renko chart, that info can be found also with a search in FF, many Renko threads

cheers

Thanks GoldSurfer,

But I am using Commercial Reliable Renko script s-Reko.ex4. I will also search on google as well.

And I also read at least four complete threads about renko on FF. What I have noticed is that Commercial Renko as well as Ver 3.2 which is latest on FF do not move price in the same direction as it should be. they rather show wick only.

The theory behind Renko is PA. So If price moves certain pips in the same direction the script or indicator or EA should make the block in that direction rather than making a wick and waiting if price confirmed moved in the same direction then it creates the renko bar in that direction. Due to this some of the indicators on Renko Chart do not behave properly.

Again, these are my observations, some have other experience.

Thanks again

Kind Regards
ForexZAK

Hi,
Can you re attached the Nitro Indicators.

Thanks,