A wonderful book written by "Prashant Shah" named "The profitable trading with renko chart" has been mentioned many technical indicator in this book. But today we are going to tell about an indicator who does a lot of amazing work inside the Renko chart. The Indicator name is "Brick Indicator" works on very simple calculations. Inside it, it is seen how much Brick Bullish was and how Brick was Bearish. Which shows whether the trend is upwards or downwards. At the same time, inside it we use the line of EMA. So that we can catch the trend quickly.
Brick Line Formula: - Numbers of periods bullish candles - Numbers of periods bearish candles
With this line, we put the line of EMA, so that the signals of the market get even better.
Thank you for your contribution. Yes, an awesome book indeed! I now find it comical how many folks I see literally trading noise and wasting countess time on meaningless and non-profitable trades like a broken record. Perhaps the problem is Youtube, where scalping is glamorized because it gets views and is falsely considered fast, yet rarely increases your brokerage account in the correct direction. Yes, Renko is boring, but the end goal is one thing, $$$$$$. I used to have well over a hundred trades a week before Renko where I made my broker wealthy with collected fees. Now I barely make 10 trades a week, often much less. Think of it this way folks, markets spend approximately 75% of the time consolidating. If you are staring at charts all day, you are likely wasting 75% of your time and that can be clearly seen in Renko when a bar doesn't move sometimes for days. Because you are on lower time frames in a microscopic world, you don't realize most of the time. This book will teach you to use a 1M chart for swing trading. Imagine getting that level of detail into a consolidated view where price action and resistances literally pop out.
SurekhaPawar
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Sir, this brick indicates very good support to annalys to stock buy or sell thanks lots dear
vishal17
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Free Wale id me Brick line add huva Box add nahi huva kai karna padega SIR