For those who use Renko charts, what do you find is the optimal box size or ATR setting for day trading forex pairs like $GBPUSD or $USDJPY? I've been experimenting but can't quite dial in a consistent setup that reduces noise without lagging too much.
For Renko, I generally stick to a fixed box size that's a multiple of the average daily range for the pair. For USDJPY, maybe 10-15 pips, but you'll have to adjust based on current market conditions.
Optimal timeframe for Renko is a bit of a misnomer since Renko isn't time-based. What you're really asking about is the optimal brick size. I'd suggest starting with a smaller ATR for day trading and slowly increasing it until the noise subsides, but not so much that you miss entries.
It really depends on your strategy and the volatility of the day. I've found that a dynamic ATR setting works better than a fixed box size for forex day trading, especially with pairs like GBPUSD.