Anyone use anything else than time based charts for day trading?

Discussion in 'Technical Analysis' started by Howard, Mar 3, 2019.

  1. Howard


    Hi, everyone,

    Anyone use anything other than time based charts for trading?

    Renko? Range? Volume? Tick?

    I'm supplementing my time based charts with faster volume charts and find them to offer some additional insights. That is, I can read what's happening inside a 1-minute bar and the pace of printing bars tells me also about the volume transacted which can be useful...

    I know some people speak well of range/renko charts, but haven't personally found them useful or applicable. At least not yet.

    I have however seen some modified renko charts which looks a bit interesting. Unirenko?

    Thanks in advance for any comments.

    Yogi_baba likes this.
  2. speedo


    The Japanese variations look good but I've never figured how to use them effectively as they are slow to change. I use tick charts as I like my charts to reflect the pace of the market and they are endlessly variable as to market conditions. Everyone has to find what form of charts speak to them in clear signals...experiment.
    VPhantom, NQurious, Howard and 3 others like this.
  3. When I was a daytrader I used the orderbook and time and sales more than charts.
    Howard likes this.
  4. I used to trade by time based charts and volume charts also (along with other oscillators) and it was not easy, especially for knowing when to take profit or when to put stop orders.
    Bookmap heatmap gives me more clarity with that, and I don't think I can get back to bare again.
    murray t turtle likes this.
  5. Howard


    I also like volume based based charts for the reasons you've mentioned.

    Any thoughts on tick charts vs equivolume?

    I'm not sure it matters, but I've seen some people express skepticism towards tick charts due to the way ticks/trades are aggregated in futures trading.

    I use a 500 volume chart on ES these days. This is my fastest chart and I use it to aid execution and for finer detail than my 1-minute chart provides.
  6. Howard


    They sure look interesting, cornerstone.

    May I ask if it has increased your profitability yet or are you just experimenting with them?

    I might want to trial them some day soon myself. :)
  7. MattZ

    MattZ Sponsor

    @Howard, I can't comment on the effectiveness of Renko methods, but if you are looking for good software that has a lot of Renko Charts functionalities, I would use Sierrachart. They have a lot of functionalities around this feature. if you are looking for highly visually appealing charts, I would test Multicharts and TradingView as well.
    Howard likes this.
  8. Handle123


    murray t turtle and Howard like this.
  9. speedo


    Really see little difference in the way they print.
    murray t turtle and Howard like this.
  10. "Almost EVERYBODY" uses "time" on the X-axis. Your objective as a trader is to "tune in to the market" and do what it's doing. How are you going to do that if you're trying to consider something the market is not? Sheesh!

    For all you "volume bar" junkies... did you ever consider that your "1000 volume bars" are also a reflection of the "TIME it takes to trade 1000"? IOW, a volume bar is just a "time bar by another name". (I know, I know.... some say "volume" is important, so you MUST include volume somehow in your decisions or you're some kind of trader-dickhead!) What if volume is actually irrelevant and you're deceiving youself giving it any weight? Just a thought.

    Seems to me that everyone on this thread is spinning their wheels trying to "reinvent the wheel".

    KISS baby, as always. :)
    Last edited: Mar 4, 2019
    #10     Mar 4, 2019
    murray t turtle likes this.