Using Renko to get support/resistance levels

This is practicing IchimokuScholar's strategy of using Renko to get SR levels. AFAIK, you may get the following settings for it:
* Traditional, 1% of first day's closing value
* ATR, 0.5 (can set ATR value to whatever you like—I'm still reading on this)
* Red line, weekly SR
* Greens, HH... possible levels for counter trend confirmation or confidence gainer

Commentaire:

Here's how it looks changing it back to normal candles

Commentaire:

Check out how Chikou pinpoints these SR levels too

With another confirmation via VPVR

Commentaire:

$270 level doesn't seem to be showing up on the preview, at this time at least. Like so:

Commentaire:

Closer look at the SR levels around Sept 6th-11th, which seems to not be indicated in the OP

Commentaire:

Linear chart prints out the Renko chart a lil better than if its in Log. Here's an example with $BABA 1W

Commentaire:

Renko seems to be best on Linear vs Log

Commentaire:

PA surpassed first SR level. Confirming a trend reversal IMO

Commentaire:

^ * Short term of course

Next target, $229+ will give more confidence