Smart Renko Basics

Here we will explain how to use Smart Renko in brief. Since renko chart is already popular tools among trader, we will leave out too much details here. You can always google the keyword Renko chart to know more about how to trade with renko chart.

Smart Renko is a hybrid between renko chart and candlestick chart. Smart Renko keeps the spread view of the renko bricks on the candle stick chart and then it also keeps the normal renko chart on the bottom.

The advantage of Smart Renko is that you can use the analysis of renko chart together with the analysis of candlestick chart at the same time.

Just like normal renko chart, Smart Renko chart need to decide the good number for brick height. From my experience, you can the brick height near the 1 standard deviation. However, you must use the brick height in the round number because standard deviation might come in decimal numbers. So be sure to round up those decimal numbers into good integer numbers.

Another consideration is that your brick height should be in the factor of 100 or 1000 pips for your trading. That is like 5, 10, 20, 25, 50, 100, etc. From my experience, these factored number can serve better for your brick height. If you do not choose sensible brick height, then you might not able to see anything on your charts. So be sure to choose the sensible brick height.

Finally do not forget that in Smart Renko, your analysis in Renko chart can be transferred to Main chart by double clicking over the Trend lines.

If you want to dig deeper, please google on renko chart. You will see a lot of articles about Renko charts and how to trade with them.

In addition, some feature of Smart Renko is built inside the Price Breakout Pattern Scanner.

Here are the links for the Price Breakout Pattern Scanner

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