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TASC 2014-07 | Exploring Charting Techniques, #1 (Vervoort)

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Traders' Tip text

In Wealth-Lab, Renko charting style can be applied to the current chart from the Function toolbar > "ChartStyle". To make the chart closely approximate "Modified Renko" as presented by author Sylvain Vervoort in his article from July 2014 issue, just strike Ctrl-Y (or choose "Chart style settings" from the chart's right-click context menu) and enable "Overlay HLC chart". The way the Wealth-Lab backtesting engine is designed, trades at market price occur at the opening price and the correct market prices are always reflected for trade execution when working with Renko bricks.

As an example of applying a trading technique to the "Modified Renko" charts, Wealth-Lab users can download the "Renko Basic Rev A" strategy and switch the chart to HLC view as instructed. Downloading a public strategy is as easy as invoking the "Open Strategy" dialog (Ctrl+O), clicking the "Download..." button, making sure you'll get all available items by unchecking "Published since...", and clicking "Begin Download".

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Figure 1 shows tradable Renko chart on the Daily chart of AXP (American Express).

Note: There is no Strategy code this month.

Eugene
Wealth-Lab team
www.wealth-lab.com

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