Renko chart trading system and script
You can't withdraw your earnings, because we are not selling the PTMC now and your Balance value is currently approximate. We will notify you when you be able to withdraw from Agent's balance. In this article I would like to present Renko charts, which are quite different renko what almost every beginner learns. Most common chart types are candlestick and bar charts. Also line and solid charts are quite easy to find in various platforms and data sources. But when it comes to other types of charts, many traders have no idea what else is there. Most beginners, if not all of them, learn candlestick charts and very often basics of Price Action and Technical Analysis. They are getting used to wicks, bodies, different ranges, positions and meaning of traditional candles invented in Japan. Actually, Renko charts have been introduced first in Japan too, but never became so popular. First very important fact which may confuse you is that Renko chart basically does not use time as a factor. Each box is equal in terms of height and width, and the most important thing is fixed pips range from Open. So, one box opens immediately after previous is closed, and closes after certain number of pips is passed. Therefore, depending on current volatility, one box may be formed in couple minutes, couple hours or just in a blink of an eye when important data is released. Therefore two different days or sessions may have different number of bricks because of differences in volatility. Calm day, like holiday Monday on Forex, may have only couple boxes, while first Friday when Non-Farm Payrolls is released, may have dozen or more. This type of chart system no wicks at all in standard version and shows price movement only if it exceeds certain range, however there is a good reason for that. Displaying only meaningful movements allows you to filter all the noise out, therefore you are able to react only when market shows signs of picking specific direction. Wiping most of the noise out makes it easier to tell what trend is prevailing and where key technical levels are placed. Many sources system that Technical Analysis and swing patterns apply to Renko charts as well as to common chart. Some traders use technical indicators like Moving Average with Renko to chart trend or reversal. Trading with Renko chart has some specific advantage comparing to traditional OHLC charts, and that is predictability. In case of Renko you have strict conditions that have to be met to induce certain change. On the screenshot below you can see position placed 31 pips above last brick's script point - to trigger the trade price would need and add 2 upward boxes to our chart creating pretty common reversal pattern. Our Stop Loss is 21 pips lower because two red bricks, if they came next, would scratch our plan. Certain con of such chart style is that you cannot see price movement. You do not see dynamics and counter-movments smaller than predefined value. Some renko recommend to use Average True Range indicator to determine what Renko value is valid at certain point in time. It sounds like good idea, but remains unclear how often should we update bricks' values and how would it affect our system's performance. Also it would decrease meaning of volatility factor on which Renko chart us based. Of course you have to base somehow on instrument's volatility whether it's stock index, FX pair or commodity futures. But then it seems not good to change brick value too often, but it would be better to fit it to trading system and time horizon. Obviously, Renko chart does not contain time factor, but still price movement needs time. For swing traders 5 or even 10 would be good. Looking for good box value, you need to consider the fact, that too low value will show minor swings too much noisebut when you set value too high, then some major swings may look as a minor ones. Therefore, trading 'golden mean' looks like good idea. Nonetheless, Renko chart type seems fascinating and require lot of research before trader might use it properly. If you believe that script is the key part of trading, then you will find this tool interesting for sure. Have not tried PTMC yet? There is no better way to boost knowledge than to use it! Start trading with PTMC now! Terms and conditions of the present Agreement are binding for the Company chart for the Referral Partner. The Agreement contains all the terms and conditions that shall regulate relations between the Company and the Referral Partner. The Agreement shall enter into effect as soon as the Referral Partner registers on the PTMC official website and shall remain valid until the termination of the Agreement. Please note that the Company reserves the right to revise, modify, change or remove clauses of the Agreement at any time at its sole discretion. Please check periodically terms and conditions of this Agreement on the Company website. 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A client shall be considered as the acquired by the Referral Partner under the condition that the Client has not be previously registered as the client of the Company. The Referral Partner shall not be entitled to refer his close relatives in case if the Referral Partner is an individual; or close relatives of the founders in case if the Referral Partner is a legal entity. The Referral Partner shall not be entitled to refer his own accounts. Account owned by the Referral Partner and those owned by his close relatives if the partner is an individual, as well as private accounts of founders or accounts of trading close relatives if the partner is a legal entity shall not be considered as those that the Referral Partner has acquired. Accounts detected to be registered by the Referral Partner himself in order to get money renko dishonest means shall not be considered as those that the Referral Partner has acquired. 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The Company reserves the right under its sole discretion to reject the registration of any entity or person to the Referral Partner, including the case if such entity is involved in fraudulent activities. If the Referral Partner appears to belong to one of the categories described in clause script. If any activity conducted by the Referral Partner is contrary to international law, morality, public order, good faith etc. The Company shall pay referral revenue to the Referral Partners after the Company receives payments for the software license paid by the acquired Clients. The Company shall provide the software paid by the acquired user after the fact the payment has been carried out. The Company shall enable Clients to conduct trading operations using PTMC software by providing them with logins and passwords to the trading terminal. The Company is responsible for calculations of the referral revenue. In case if the Referral Partner wishes to check the calculations, the Referral Partner may request his Clients to provide the necessary statements. The Company shall not provide Referral Partners with the payment statements of the Clients. The Company agrees to pay referral revenue to the Referral Partner in accordance with Appendix 1 of the present Agreement. In case if revenue is charged for the allegedly fraudulent accounts the Company reserves the right to cancel the revenues from such accounts and exclude such Referral Partners from the Renko Program. Under the above mentioned circumstances the Party that fails to fulfill its obligations is obliged to inform the other Party through written notification within five business days from the moment of their onset and cessation. The equivalent of the above mentioned referral revenue is calculated immediately as soon as the acquired client pays for the software and displayed in the user profile of the Client on the official PTMC website. This percentage is determined by the total number of the Clients acquired to the Company by the Referral Partner. The percentage is calculated according to the table attached below. Crediting of the referral revenue shall be made on a monthly basis and shall be calculated within the first 10 days of and calendar month. Any other payments are possible only in case if the Company and the Referral Partner agreed it in an amendment agreement. You need to enable JavaScript in order to visit our trading Features Brokers Pricing Forum Blog B2B partnership. PTMC About us Brokers Features Download Pricing B2B solutions Press about us Community Forum Blog Codebase Feature Request Referral program CROSS TRADE Support FAQ Documentation PTMC API Contact us. Restore password Log in. Renko charts — trading based on volatility Trading there, Protraders! Advantage Trading with Renko chart has some specific advantage comparing to traditional OHLC charts, and that is predictability. Disadvantage Certain con of such chart style is that you cannot see price movement. How to set Renko value? Join PTMC community to post your comments. Rules and agreement referral program. The Company and the Referral Partner and and accept the obligations under the Agreement. To become an Referral Partner a user must: Register on the Company website PROTRADER. Conduct advertising campaigns chart the interest of the Company. Rights and obligations of the Referral Partner 2. The Company shall not be responsible for the consequences of such recommendations and advice 2. It is forbidden to the Referral Partner to use the following types of advertisement: Advertisement with the false information contained. Rights and obligations of the acquired Clients 3. Rights and obligations of the Company 4. The Company maintains records of all trading operations made by the Clients. The Company determines method of the referral revenue calculation at its sole discretion. How to make your own Trading System. Custom indicators in Protrader. Simple Manual Trading System Part 1 - Moving Average and Pivots. Simple Manual Trading System Part 2 - Optimization. Simple Manual Trading System Part 3 - Setting SL and TP. Trend strategy implementation example. Simple Manual Trading System Part 4 - Trading trends with Heiken Ashi. Simple Manual Trading System Part 5 - Emotions in trading Vs. System of trading algorithm: Optimization of the trading algorithm: PTMC is a professional trading platform that combines all the best charting and analytical tools to trade on system financial markets. PTMC is based on Protrader technology. PFSOFT Ukraine Office Mechnikova Street, 10BDnipro, Ukraine. 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