Does anybody trade using something other than the normal candles?
I’ve been using Renko charts and Heiken Ashi candles. They’re so much better for trading, I can’t believe they’re not used more on here.
Compare these 2 charts. Look how much smoother the HA candles are for identifying direction. I have some EMAs on that chart, but I don’t even use them anymore, the candles tell you so much more than a standard one.
And look at this Renko chart, it’s so obvious what the trend is and what price is doing. It filters out so much noise and you can just trade where price is going. S/R is more obvious, double tops are more obvious, ranges are more obvious.
I’m finding HA + Renko absolutely brilliant for scalping without indicators. I’d thoroughly recommend them to anybody trying to read price and ask questions about how to use the charts. The candles are different and you use different features for what they’re telling you. I probably don’t use them how they’re intended, but I can see when price is turning before the candles change colour and it’s right most of the time and cost averaging gets me the rest of the way.
3 Likes
Here’s my system that I’ve been using to scalp with these charts. I’ll post more information at the weekend when I’m home.
1 Like
I see Ctrader’s superior features has opened you up to many other strategies… As a coder, you will realize that they are difficult to get a signal from for Algo’s to use…
I use HK Candles most of the time, it adds automatic smoothing without having to increase periods on many Indicators… Or as you are using it, you can scalp / trade (TF dependent) the markets off HK Candles alone.
One of the issues of HK Candles is they don’t give accurate price levels… The price that is displayed will vary from true Price Action levels… The higher the timeframe the greater the variation…
So I coded an Algo that converts normal price action TF (or Tick) Candle levels to HK Candles… (Above) NAS100 (NASDAQ) 15m TF set to Hm15…
2 Likes
I had an MT5 indicator that drew HA candles, but they were more aligned with price. Must have been a different formula. I don’t think it matters too much because I’m using it to identify turns in the price.
I’ve not seen a Renko chart before and that’s probably my favourite.
I can’t code my strategy easily, but that doesn’t matter too much. I enjoy manual trading too, particularly scalping. I really can’t believe how so many people talk about MT4 and MT5 as if they’re the go to tools for trading. It’s not even close. As soon as I tried demo on CTrader, I knew I was changing over within 5 minutes. The phone app is loads better too, although I do like the MT5 app’s simplicity.
1 Like
