Can the indicator work on MT5??
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Dislikedthis is a true gift to experienced traders. I have been using constant range bars and these beat the pants off of that script. Nothing shows the existence of a trend better than renko, I am a convert. Thanks to both posters with their efforts.
settings on my chart are 20. Happy pips to all.Ignored
Dislikedthis is a true gift to experienced traders. I have been using constant range bars and these beat the pants off of that script. Nothing shows the existence of a trend better than renko, I am a convert. Thanks to both posters with their efforts.
settings on my chart are 20. Happy pips to all.Ignored
DislikedThey do not repaint but generating renko from M1 data with a small box size leads to completely false renko charts. They look like massive triangles.
Renko is useless for backtests or on historic data unless you generate them from ticks.Ignored
DislikedI don't know... what is your box size?
If you had the renko generating live, and you have not restarted MT4, then they are correct. Otherwise, they are correct only if the box size is greater than the largest M1 bar (or whatever timeframe you're generating from).Ignored
DislikedI don't know... what is your box size?
If you had the renko generating live, and you have not restarted MT4, then they are correct. Otherwise, they are correct only if the box size is greater than the largest M1 bar (or whatever timeframe you're generating from).Ignored
DislikedActually, the reverse is true - Renko created from M1 bars with an abnormally large range MAY be inaccurate (depending on volatility within the bar) but these bars do not occur very often and, since we can only trade on "live" bars, a minor historical inaccuracy has no real impact.
To sum up:
- Current bars created from ticks are always accurate.
- Historical bars may or may not be accurate - usually they are.Ignored
DislikedLou, thank you for the clarification.
You know, just looking at a Renko chart, it's clear that if you go long on green and short on red you'll do just fine. You get in at the start of every trend, the whipsaws are few, and you have a nice trailing stop.
But it seems like you're not actually able to trade this way because the market actually does not look like this. Interbar it could go way down, or way up, so you could do better, or worse than what the Renko bars depict.
So while they look great, I'm not sure they're really tradable, at least...Ignored