ProTrader – Renko Charts Review

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ProTrader is a relatively new trading and charting platform but has been one to definitely impress me. Developed by PfSoft LLC, Protrader packs a punch as it offers a great deal of flexibility when it comes to using Renko charts. Besides Renko, ProTrader also has other chart types such as Kagi and line break. Despite being impressive, I find it a bit disappointing to see that not many main stream brokers support the ProTrader trading platform.

So for now, trading with Renko charts on ProTrader, for the most part will have to be confined to the demo data feed and well, to demo trading itself. There are a few brokers who do support ProTrader platform, but none that I find to be good enough to warrant my money. That being said, Renko charts with ProTrader is surely a feast to the Renko trader’s eyes.

ProTrader – Renko Chart Configuration

Renko charts with ProTrader platform is highly customizable. However bear in mind that the functionality of building Renko charts based off ATR is missing. But considering I don’t use ATR based Renko trading I for one don’t find this limiting at all.

Renko charts with ProTrader comes with some pre-configured values as shown in the image below. These include pre-configurations from 1 through 5 pips based off the 1-minute chart data.

ProTrader Renko Charts Configuration

ProTrader Renko Charts Configuration

Traders have the option to create their own custom Renko chart configuration. To do this, just click on the ‘Custom’ tab to enter your own Renko data. For example, the chart below shows a 5 Pip Renko chart based off H4 candle closing prices. Comparing the chart below to the one above, you can see how Renko charts differ.

ProTrader - H4 Closing Price Based Renko Charts

ProTrader – H4 Closing Price Based Renko Charts

This flexibility with ProTrader means that traders can build their Renko charts based off 1m chart data as a dynamic price movement Renko chart or they can build their Renko charts based off the traditional method of using closing prices with the flexibility to choose their time period as well as select the type of Renko bricks including high low wicks, building Renko charts off High/Low instead of close and so on.

In terms of data history, ProTrader offers the flexibility to include as much of past historical Renko data as possible. The image below shows how, more Renko data can be fitted onto the charts by simply changing the amount of data to load.

ProTrader - Renko Charts Historical Data

ProTrader – Renko Charts Historical Data

ProTrader Renko Chart Review

I haven’t quite come across a Renko charting and trading platform that offers this much of flexibility. Traders can choose from the various configurations to build their own Renko charts including based off 1-minute charts with a dynamic price movement. While the ATR based dynamic Renko charts is missing, I don’t find this feature to be that limiting as I wouldn’t want to see new Renko bricks being formed every time the ATR value changes.

The ability to add as much of historical data on ProTrader makes is more reliable in terms of trend lines, support/resistance and so on.

The only disadvantage being that ProTrader is not supported by most forex brokers. However, considering that this is a relatively new platform and charting provider, we should be able to see more brokers come on board to support this trading platform.

  • Alexio

    just been having a play around with this software. Seems like a good program, however I am not entirely sure how accurate the plotting of some of the data is?

    I have been having a look at the classic with wicks plots, and the wicks don’t seem correct to my eye. For example if you take a look at USD/CAD, 350 box size. 1hr chart, on 19/1/2016. The wick there says the price went down as low as 1.44475, when in actual fact it went down to 1.44308, which is quite a big difference. Same with box on 18/1/2016 in fact. The wick goes up to 1.45567 on the chart yet if you go and look at the same data on a candlestick chart, it should actually go up to 1.45813.

    Is there something I am missing in the way these wicks are plotted or are they actually incorrectly plotted in this software?

    • Hi, its unusual what you pointed out. Are you trading with the live data feed or is that a demo feed? Never had this issue during the testing time and also during the nearly 3 months of regular usage of Protrader’s Renko charting. Would be great if you could get back on question on the data feed.

      • Alexio

        feed is fxcm live data. loaded up the fxcm demo data and it’s the same. also tried the protrader demo data and its very similar (wick goes down to 1.44487). So if you agree that there is nothing I am missing in the way these wicks are displayed then I should probably contact them to see if there is an error their end. screenshot attached.

        • Yup, I think you should check this with Protrader team. Let me/us know how it goes. Thanks

          • Alexio

            they have basically said there is errors if you plot it using higher timeframe data, and to use 1 minute instead. I have just tried that and it produces completely erroneous plots with the incorrect brick sizes for the “classic with wicks” (seems to work ok with the other 3 styles). I also pointed out though that if you have to use 1 min data there is basically no difference between the two types of charts, because there is quite a high chance of the price closing above/below the block threshold on a 1 min timeframe compared to a 1hr/day chart, which means you will get a plot similar to the high/low plots.

            in conclusion, I would probably say this software is now fairly useless until they decide to fix this problem :/

          • Any update to this issue? I’ve been looking at Protrader…

          • Alexio

            they have now said they are going to get their programmers to look into it as they have found some other errors with the plots. Will update if I hear anything about a fix.