How do I switch to a renko chart on version 7?

[OathMark1]

I'm seeing everywhere in the help manuals that there is renko, but I don't see anywhere how to switch it on. Please advise.

[bltdavid]

I'm seeing everywhere in the help manuals that there is renko, but I don't see anywhere how to switch it on. Please advise.

Two different methods, depends on which one you need,

**1**
File -> New -> Chart
After highlighting your instrument, click 'New' button in lower left

At top of right panel, in section called 'Period'
Pulldown the 'Type' menu and select 'Renko'
('Renko' appears towards bottom of the dropdown list)

**2**
If your chart already exists
Right click for the context menu, select 'Data Series'
then it is same thing as above
In 'Period' section, pulldown 'Type' menu, select 'Renko'

See attached screenshots

[OathMark1]

Thank you very much, David. I was looking for this for months now, and this will make the millions roll. I'm sure.

[koganam]

Thank you very much, David. I was looking for this for months now, and this will make the millions roll. I'm sure.

Careful now. Renko is often a nasty liar; sometimes, at any rate.

ref: http://ninjatrader.com/support/forum...ad.php?t=69783

[OathMark1]

What do you mean by that? Did you mean that the technical patterns are deceiving because they do not behave like the time candles, or do you mean that the data itself is somehow inaccurate?

[koganam]

What do you mean by that? Did you mean that the technical patterns are deceiving because they do not behave like the time candles, or do you mean that the data itself is somehow inaccurate?

I would say both, but not quite: the data is not inaccurate; the information that it portends is another kettle of fish. A reading of the thread to which I referred you might be enlightening. Just read it with an open mind.

It is a rather long thread that starts out with something else, and when we dug in, finally managed to understand the spectacular results, and why they would lead to the poorhouse.

A shortcut to the nitty-gritty might be this single post. http://ninjatrader.com/support/forum...16&postcount=1

[OathMark1]

It looks to me like that conversation was between algo traders, and their discussion was about how their systems don't line up with Renko.

I'm a manual day trader. I scalp in the futures markets for a prop fund like probably a lot of people on this forum.

What do you think about using the Renko chart for scalping like I do? No algos.

[koganam]

It looks to me like that conversation was between algo traders, and their discussion was about how their systems don't line up with Renko.

I'm a manual day trader. I scalp in the futures markets for a prop fund like probably a lot of people on this forum.

What do you think about using the Renko chart for scalping like I do? No algos.

A bit of a strange question. What is a so-called Algo, other than a computer programmed to do what a human would, just faster and with more consistency? Are you by any chance suggesting that because you intend to trade manually, any vagaries of price display disappear? Well, I guess you may be right. I was just cautioning you to be careful, as Renko does not display the full extent of price travel, and especially so when it is the most important, which is why so many have gone broke before us, victims of the Renko deception.

In any case, how do you intend to reliably test your method, whatever it is?

Finally, let me ask you something. Would you really believe someone, who could be lying up to 66% of the time? Then why believe a chart that does the same?

Here is an explanation of why Renko can be lying about up to 66% of the price movement on a bar.

ref: http://ninjatrader.com/support/forum...19&postcount=3

And here is why your stop gets hit and Renko leaves you confused as to why. It is just another manifestation of the Renko "false price display" problem.

ref: http://ninjatrader.com/support/forum...56&postcount=5

All the best.

[OathMark1]

I guess I'll look for the anomalies for a while to see it for myself.

I don't think that the authors of the posts you showed me are talking about the same thing.

I want to use the renko 1 tick brick chart actually because I've see other pro futures scalpers with pit experience and brokerage management experience using it. It will probably take a few weeks of looking at the time candles and the one tick renko bricks to be able to interpret the action.

I can interpret market price action like I can read a classic child's story tale on a 5 min chart. I want to do the same thing with a renko chart and for some reason I don't think the 1 tick brick chart lies. I was looking at it today, and it stayed in line with the 5 min chart.

[koganam]

I guess I'll look for the anomalies for a while to see it for myself.

I don't think that the authors of the posts you showed me are talking about the same thing.

I want to use the renko 1 tick brick chart actually because I've see other pro futures scalpers with pit experience and brokerage management experience using it. It will probably take a few weeks of looking at the time candles and the one tick renko bricks to be able to interpret the action.

I can interpret market price action like I can read a classic child's story tale on a 5 min chart. I want to do the same thing with a renko chart and for some reason I don't think the 1 tick brick chart lies. I was looking at it today, and it stayed in line with the 5 min chart.

As long as it works for you, that is all that counts. I was just alerting to you to a potential nuance/problem that I and many others missed when we first looked at Renko.

All the best.