Trade Tiger - Tips, Tricks and Hints

[ankur07090]

That's the beauty of Renko Ankur.

Basically Renko will print the next brick only if the price closes above/below the ART Range (e.g 13 points in Nifty) So unless price moves and closes above/below the ATR range, another brick will not be printed. Hence in full day chart of Nifty for Fri. (Trading time 435 minutes) the Nifty Renko 1M chart has only 7 bricks.....

Trust this clarifies.

Thanks, now i understand about bricks creation.
In trader tiger do we have option to select price movement(range) also is there any significance of selecting time frame.

 

[DSM]

Yes Ankur,

It is possible to change the indicator criteria. Right click on the chart, Go to Study, Choose Modify Study, and modify parameters.

As presently am just observing 1M Renko chart with default parameters (in conjunction with 5M Candlestick chart) am following default values which are good in my view. Am sticking only to the smallest 1M TF, but that is fine, as day traders, we look to pick up and get into the short term intra-day trend.... Though have observed the brick size will not change unless the TF is significantly higher.

For swing trade, we can look at higher TF... and to be able to trade that with confidence, we will have to have spend greater time observing the Renko charts and be comfortable with SL levels while at the same time filtering out the noise...

My 2C.

Thanks, now i understand about bricks creation.
In trader tiger do we have option to select price movement(range) also is there any significance of selecting time frame.

 

[DSM]

Instead of Rel. Com, first decided to check Renko on Nifty, as being an index, it will be more liquid and will have lower volatility (as compared to Rel. Com with an lot size of 8,000)

So analysing the chart, came across many 'Perfect' trades and setups. And ofcourse, there is always a catch to such perfect trades. When the analysis is too good to be true, we need to be skeptical and recheck the data.

The problem comes up with a GAP UP/GAP DOWN scenario. Say we are long as per system, and there is a GAP DOWN of 100 points. Now looking at Renko chart and our rules, we need to exit @ two bar contra moves. But Renko will print on open multiple bricks down (as against our 2 brick limits) So will need to weed out such scenario.

Will post analysis on Nifty 5D 15M Renko Chart, allowing for GAP adjustments. It will be interesting however to do analysis on swing positions in Nifty live.......

Hi TP,

After your post, was reflecting later in the evening on Rel. Com's intraday performance. And for clues to trade, I do look at the chart in higher TF : 2 Day 15M and 30D 240M (4H Chart) And when I did so, it was not very surprising to note why Rel. Com. failed to move in a strong uptrending market. I compared the 2 charts : 30D 240M Candlestick and 30D 240M Renko. Both show clear weakness. Am posting these charts for your reference.

I will look at the data of Rel. Com. 240M Chart from Renko to find if a viable and directional option strategy can be used - as it would mean taking a swing position and holding it for a period of a few days to a weak atleast.....

Charts below :

 

[DSM]

Posting Nifty 5D 15M Renko Chart with theoretical entries marked for Swing Trades. Data analysis with adjustments for GAP's will be calculated and posted later.

Renko Chart is default (Daily ATR)

Instead of Rel. Com, first decided to check Renko on Nifty, as being an index, it will be more liquid and will have lower volatility (as compared to Rel. Com with an lot size of 8,000)

So analysing the chart, came across many 'Perfect' trades and setups. And ofcourse, there is always a catch to such perfect trades. When the analysis is too good to be true, we need to be skeptical and recheck the data.

The problem comes up with a GAP UP/GAP DOWN scenario. Say we are long as per system, and there is a GAP DOWN of 100 points. Now looking at Renko chart and our rules, we need to exit @ two bar contra moves. But Renko will print on open multiple bricks down (as against our 2 brick limits) So will need to weed out such scenario.

Will post analysis on Nifty 5D 15M Renko Chart, allowing for GAP adjustments. It will be interesting however to do analysis on swing positions in Nifty live.......

 

[DSM]

 

[DSM]

Swing trading with Renko. Analysis of Nifty 15th - 22nd Jan on 15M Chart with default Renko values. Shows net gain of 424 points (after adjusting for favourable data on account gap) - where Renko will print bricks with same TF. The adjusted data is marked down in purple cell.

The results seem too good to be true it can be explained by the fact that all the trading days have been trending. So a good system would have been able to obtain similar result or more.

The real test for the system will be when the market trades in range, and there is possibility of more stops being hit. Testing the system in real time and over longer TF will reveal the real potential, flaws and reality of trading with Renko. Let's see......

Summary of Renko Trades :

 

[deepstock]

Hi DSM,
In TradeTiger, is there some tool which we can backtest our strategy, like the Strategy Tester in MT4?

Thanks

 

[DSM]

Hi DeepStock,

Unfortunately no. However, there is a roundabout way - as it is easy to extract data in XL in any intraday format and test your strategy manually considering your rules for entries, exits, SL and TSL.

Sample of XL data for Nifty below :

Hi DSM,
In TradeTiger, is there some tool which we can backtest our strategy, like the Strategy Tester in MT4?

Thanks

 

[hmp]

How to do Daily, ATR 1.5%,7.40 setting in trade tiger ?
Regards

 

[DSM]

HMP,

Right click the chart, and choose Renko, and the default value will appear....

How to do Daily, ATR 1.5%,7.40 setting in trade tiger ?
Regards