Renko Bars are not the most populartrading strategy but they are quite effective for filtering out thechoppy periods and when used judiciously can be quite profitable.
As an example, I have two charts of EURUSD from this morning, one just prior to a sudden drop and onetaken a few minutes after the drop. You can see how the chart workedwell for me using the Awesome Oscillator for entry and the TSIOsc forexit. I also watch the TSIOSC for warning of a pending shift intrend.
Traders use different bar sizes fortheir Renko charts and that is a matter of preference. Some peoplelike a 2 pip bar and others use up to 50 pips, depending on how oftenthey want to trade and be at the screen watching charts.
Some trading platforms have a Renko chart built in as an indicator and many do not, meaning that a custom indicator has to be used. Sometimes in the case of a custom indicator there is quite a demand for machine resources which limits the number of charts that can be used .
There are custom indicators for both Metatrader4 and Metatrader5.
Renko trading is a great strategy in that a person can see clearly the entries and place stop losses that work well based on the size of the Renko bars on that particular chart.
I have not found any trailing stop expert advisers that will work on a Renko chart, they have to be attached to the regular chart for that currency pair.
Nor have I found a trade manager that will work on a Renko chart, again the trade manager has to be attached to a regular currency pair.
Those are a couple things that make trading with Renko bars a little awkward.
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