I want to start this new year with one of the most important decisions that need to be taken when you decide to move from time based charts to **no-time-based** ones.

It’s like deciding which timeframe is best to be traded on a particular instrument.

Like for timeframes it all depends on the kind of trading that you want to do. You can use small boxes size (a very few pips like 2 or 3) for scalping. More for medium term trading and tens of pips for longer terms ones.

For an average calculation I use a simple yet quite effective method.

I open a H1 chart of the pair I want to trade. I apply an **ATR** (Average True Range) with period=24 to it. And then I apply a 120 period simple moving average to the ATR. Doing so I calculate a sort of weekly average volatility. The value of the moving average of the ATR can be something like 0.0014 which means 14 pips.

I use to round that value to the closer 5 pips so if I have a result of 14 pips I use 15 pips, if I have 12 pips I use 10 and so on.

Let’s see what’s the actual “best” box size for some of the pairs commonly used:

**AUDUSD 10 or 15**(13)- AUDNZD 15 (15)
- EURCHF 10 (8)
- EURGBP 10 (9)
- EURJPY 20 (18)
- EURNZD 30 (30)
**EURUSD 15**(14)- GBPCHF 20 (18)
- GBPJPY 25 (23)
**GBPUSD 15**(17)- USDCAD 10 (12)
- USDCHF 10 (11)
- USDJPY 10 (11)

For Gold you’ll have higher values like 3.49 that means 349 pips ($3.49 boxes). And here are value for some commodities:

**GOLD 350**(349)- SILVER 10 (9)
- OIL 20 (19)

We are trying to develop a **special version of Renko charts** with box size automatically adapted based on the above solution,Â so to have **ATR based Renko charts** on MT4 ðŸ˜‰

That’s all for today and I hope you’ll enjoy trading on **Renko charts**.

In the coming days we’ll release the first “tools” for trading **no-time-based charts** ðŸ˜‰

**Have a great 2014!**

Andrea and Paolo

Looking forward to Renco charting. I was always tempted to explore this but never took the plunge you could say.

Pip On

Todd

Hello sir,

Thanks for this information. I have a question though.

What is the purpose of the rounding up or down to the nearest(closer) 5 pip bar?

Would it noe bet better to use the actual bar size given by the ATR calulation and optimize the EA based on this?

I am rtunning 15 pairs this week including gold. I am using a basic MA cross EA to determine if rounding is better or not. Your input would be greatly appreciated.

FI

Ciao,

You’re right.

So right that I decided not to round up in our version of the RenkoLiveCharts but use the exact value.

I wrote this so that you don’t have to “adjust” box size too often if you do it manually.

But as we implemented in the RenkoLiveChart EA and it’s completely automatic, rounding is no longer needed ðŸ˜‰

Cheers,

Andrea

Thanks Paolo!

I’ve been trying to calculate the ATR Bricksize like you discribed using the 24 ATR and 200 MA but i dont get any Level (like in you png). Is there any further step to beware?

Thanks alot!

Dustin

Sorry – got it on my own!

Please were is the download link, not found. I like your job, wish to have it.

cheers.

Hi chuks, thanks for your interest, please fill in the form on this page: http://pimpmyea.com/free-renko-kit-signup-page/

Hi Paolo and Andrea.

You won’t believe what I am about to tell you but here goes. Today is 14th November 2014 and at around 11h30 local time(GMT+2) South Africa my best friend and partner in FX trading and I were discussing the absolute advantages of trading price over time. I have set up a Renko charting system on the GBP/USD pair and was amazed at the number of pips x 15 that have been generated on a short run for the last 3 days. 17 boxes x 15 pips = 255 so far.

We decided to search for an EA using Renko and I came home and started to Google for it. To my surprise after checking a couple of websites out I found myself on pimpmyea.com. You are busy with exactly what we were discussing about. OK. We are very VERY interested in the HART EA.What you say it can do is, as I have said, exactly what we were talking about. you say elsewhere on this sight that we can get the HART EA for free. What do we have to do?

Looking forward to hearing from yo soonest. Graham.

Hi Graham, please check this link: http://pimpmyea.com/elite/

How do I trade renko charts with a time based chart broker?

Hi,

you can use our free RenkoChartLive EA that generates Renko charts on the MT4 platform.

You can get it here:

http://pimpmyea.com/free-renko-kit-signup-page/

Cheers,

Andrea