Advantages of Renko Bars

I’ve just received the second ea I’ve designed from the programmer yesterday and I’m busy testing it with various brick sizes and minor tweaks. Renko is so amazing and is so much vaster then using time based bars for a few reasons (imo).

First of all there’s less fake outs, price has to move x pips before a new bar is created. (Obviously if you’re using 5 pip bricks you’ll have more fake outs then 20 pip bricks.)

One of the biggest advantages if you’re trading manually is that it’s really easy to see patterns and also whether the market is trending or ranging. I think it’s much easier then with time based charts.

For automated trading it’s the price that determines whether your signal candle criteria is met, not time. Which is much better because it’s the price that matters most not the time.

If you’ve been following my post on the fx genius, I’ve finished my testing and shelfed it with the “not worth my time” category. The only broker I know that has really fast execution without requotes (except during news) is Oanda and of course they don’t have mt4. They also charge a monthly fee for their api.