Installing Renko has pretty easy steps. First is you need to open daily chart. You need to attach your Renko Indicator and then just set your indicator like RenkoBox Size = 10- RenkoBox Offset = 0 – Renko TimeFrame = 4 – ShowWick = false
– EmulateOnline = false – StrangeSymbolName = false and then just click ok.
When there is a 10 pip move and it did not show a time, the reko bar will form. This is basically the dillema with the system, even with range bar. It is best to use the price rather than the time. So if my target is already reached, I just simply get out.
You can use the risk by 20 pips or 2 box of renko. If you use a wick then just hit stop loss and then just wait for the next signal. The biggest problem that can be encountereds when attached to M1 and the other timeframe can get a false picture.