We use ninZaRenko, which is a simple yet very powerful renko bar developed by ninZa.co – the home of professional NinjaTrader indicators.
ninZaRenko is the most popular NinjaTrader renko bar trusted by thousands of traders worldwide, including professional and institutional traders. You can download ninZaRenko for FREE at https://ninza.co/product/ninzarenko
We at RenkoKings chose ninZaRenko over the traditional renko bar because ninZaRenko has a “Wick” which is not available on the traditional renko bar. ninZaRenko is customizable for both the Brick Size and the Trend Threshold. This allows us to change our setups for different markets. For example, we will use a different ninZaRenko set up for ES (S&P) vs. the NQ (NASDAQ).
The “Wick” also gives us the advantage to identify reversals in the market, the standard renko bar does not offer this information.
Renko Charts Eliminate all of the “noise” in the market so you can see where the Market is going…
See the picture below, which chart is easier to trade?
Grab & Slide the Arrows Left and Right to see the Chart Clean up
Renko bars are just a different way of looking at the market. It is the exact same data on your chart right now displayed in a different format.
Renko bars have a pre-set fixed Brick Size that plot on your chart with relation to price movement. The next bar only prints when the price movement exceeds the previous brick size. The benefit is reduced noise and it smoothes out the price action on your chart.
Most traders are using time-based candles such as the 3min, 5min or 15 minute candlestick. Renko bars are NOT time dependent. Renko bars are price dependent only. What that means is each Renko bar on your chart simply shows the price movement of the market. It does not tell you how long it took to move from level to level.
Now ask yourself, does it really matter how long it takes for price to go from support to the next resistance level? Who decided that we should only use time-based charts? Why were we all taught to start with a 5 minute chart?
After a little bit of time of watching a live market, you will begin to see that the ninZaRenko that we at RenkoKings use, is superior for identifying potential moves in the market. Compare the charts and decide for yourself which one is clearer and simpler to trade.