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Attachments: Renko Bounce Trade
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Renko Bounce Trade

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  • Post #1
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  • First Post: Edited Jan 14, 2021 2:55am Dec 17, 2014 6:46pm | Edited Jan 14, 2021 2:55am
  •  MathTrader7
  • Joined Aug 2014 | Status: Trading | 2,060 Posts
Entry rules:
BUY: If a bearish Renko candle intersects the indicator's lower band or closes below the lower band, and the next Renko brick is bullish, open a BUY position, set the stoploss level three bricks plus spread away from the entry point.

SELL: If a bullish Renko candle intersects the indicator's upper band or closes above the upper band, and the next Renko brick is bearish, open a SELL position, set the stoploss level three bricks plus spread away from the entry point.

Exit Options:
1. If the position is in profit, exit after the first reverse brick.
2. If price has touched the opposite band, close the position.
3. Use a profit target based on a fixed Risk to Reward ratio 1:N (N>1).

Example:
Attached Image (click to enlarge)
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Name: EURUSDM3.png
Size: 45 KB


How to create a Renko chart:
1. Download MathTrader7_RenkoChartCreator.ex4 and copy it into your <Experts> folder.
2. Enable DLL import in Options menu.
3. Refresh your MT4 platform's navigator window (or restart MT4).
4. Open a M1 chart (e.g., EURUSD, M1) and attach the above EA to the chart.
5. From <File> menu, select <Open Offline> and choose (EURUSD, M2) chart.
Note: If you see few Renko bars on the M2 chart, close all the charts, open history center of MT4 and download M1 data.

How to install the indicator:
1. Download MathTrader7_ATRBands.ex4 from the attachments and copy it into your <Indicators> folder.
2. Refresh your MT4 platform's navigator window (or restart MT4).
3. Attach the indicator to the Renko chart [leave the default input settings].

>>Thread Rules:
1. In this thread we only discuss Renko Bounce Trade presented here. I will IGNORE anyone who writes any irrelevant post in this thread.
2. You post any commercial link (directly or indirectly) and that would be your last posts.

--- Update 2021-01-14 ------
Version 1.10 of an adaptive version of the indicator released. In this version the indicator algorithm tries to find the best parameters to reduce the number of false signals. I have also fixed the problem with multiple Alerts.
Attached File
File Type: ex4 MT7_Adaptive_ATRBands.ex4   53 KB | 29 downloads | Uploaded Jan 14, 2021 2:55am

Note: THIS IS AN EXPERIMENTAL VERSION. PLEASE REPORT ANY BUGS YOU MAY ENCOUNTER.

---- Update 2018-08-13 -----
Version 1.00 of the Renko Bounce EA released. This version has been programmed from scratch.
Attached File
File Type: ex4 MT7_RenkoBounceEA.ex4   60 KB | 824 downloads | Uploaded Aug 13, 2018 2:53pm

Note: THIS IS AN EXPERIMENTAL VERSION. PLEASE REPORT ANY BUGS YOU MAY ENCOUNTER.

--- Update 2018-07-13 ------
Version 2.30 of the indicator released.
Attached File
File Type: ex4 MathTrader7_ATRBands.ex4   46 KB | 974 downloads | Uploaded Jul 25, 2018 3:24am
"Life is what happens when you're busy making other plans." -John Lennon
  • Post #2
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  • Dec 17, 2014 8:27pm Dec 17, 2014 8:27pm
  •  Masterrmind
  • Joined Jun 2013 | Status: Master chaos and you master trading | 10,554 Posts
I wish you well with your thread however there is nothing new about this renko bar strategy.

It has been around for a very long time indeed.

Applied correctly it will and has served many traders well.

Is your idea of this thread to expand upon the renko idea with timely entry and exit strategies?

In other words will you be adding to or refining this method as the thread progresses or will it remain as it is?

Which pairs will you trade? Only EU or others?

How will you identify and trade during a ranging market?

I see this thread as being potentially useful hence the reason for my questions.

Good trading,

Masterrmind..........
Master your Mind then Master your Trades
  • Post #3
  • Quote
  • Dec 17, 2014 10:39pm Dec 17, 2014 10:39pm
  •  insider999
  • | Joined Mar 2013 | Status: Member | 61 Posts
Hello,
What is the indicator you are using, Bollinger-like? I do not use Metatrader platform.
Thanks
Insider
  • Post #4
  • Quote
  • Dec 18, 2014 1:47am Dec 18, 2014 1:47am
  •  Mr.Ma
  • | Joined Aug 2014 | Status: Member | 438 Posts
Thanks for sharing your method here!!!
This sounds very interesting to me.

But I have some questions on it

Which brick size do you trade?
Do you trade this System on an intraday basis?
Which pairs do you trade?
  • Post #5
  • Quote
  • Dec 18, 2014 5:48am Dec 18, 2014 5:48am
  •  Intrepidpips
  • Joined Aug 2011 | Status: Mos P from Cape to Cairo | 2,427 Posts
Quoting Mr.Ma
Disliked
Which brick size do you trade?
Ignored
The man said 10 pips!
Let it turn and find your entry.
  • Post #6
  • Quote
  • Dec 18, 2014 9:21am Dec 18, 2014 9:21am
  •  MathTrader7
  • Joined Aug 2014 | Status: Trading | 2,060 Posts
Quoting Masterrmind
Disliked
I wish you well with your thread however there is nothing new about this renko bar strategy.
Ignored
Thanks :-)

Quoting Masterrmind
Disliked
Is your idea of this thread to expand upon the renko idea with timely entry and exit strategies? In other words will you be adding to or refining this method as the thread progresses or will it remain as it is?
Ignored
Yes! Indeed I would update the strategy as I find a new better idea for entry, exit, MM, etc.

Quoting Masterrmind
Disliked
Which pairs will you trade? Only EU or others?
Ignored
Please see the first post (I have updated it).

Quoting Masterrmind
Disliked
How will you identify and trade during a ranging market?
Ignored
I am working on a method to identify a ranging Renko interval by observing the volume and price action...

Quoting insider999
Disliked
Hello, What is the indicator you are using, Bollinger-like? I do not use Metatrader platform
Ignored
The indicator uses the ATR value instead of standard devision in Bolinger Bands.

Quoting Mr.Ma
Disliked
Which brick size do you trade?
Ignored
As I mentioned in the first post, I use 10 pips bricks.

Quoting Mr.Ma
Disliked
Do you trade this System on an intraday basis? Which pairs do you trade?
Ignored
Please see the first post (I have updated it).
"Life is what happens when you're busy making other plans." -John Lennon
1
  • Post #7
  • Quote
  • Edited at 11:06am Dec 18, 2014 10:49am | Edited at 11:06am
  •  arya.aryaee
  • | Joined Oct 2012 | Status: Member | 301 Posts
Dear Mathtrader7!
thank you for share your idea!
this is my first serious inter community in a thread! sorry for a bad writing in english
i am testing line fractal : the next coming fractal without line as entry and the open right fractal line extended as target! what is the mates opinion?

Attached Image (click to enlarge)
Click to Enlarge

Name: fractal line.png
Size: 111 KB


Attached File
File Type: mq4 LineFractal.mq4   17 KB | 2,027 downloads
  • Post #8
  • Quote
  • Dec 18, 2014 11:04am Dec 18, 2014 11:04am
  •  FXerha
  • | Joined Oct 2014 | Status: Member | 226 Posts
Interesting..
FXerha
Simple & effective All Time Profit: -9,318
  • Post #9
  • Quote
  • Dec 18, 2014 11:30am Dec 18, 2014 11:30am
  •  dwt
  • | Joined Sep 2006 | Status: Member | 34 Posts
Quoting MathTrader7
Disliked
{quote} The indicator uses the ATR value instead of standard devision in Bolinger Bands.
Ignored
Could you please be more specific about your bands indicator

  1. Is the center line an MA? If so, what type of MA, and over how many bars, please?
  2. Is your ATR a simple average or exponential average ATR? Again, over how many bars?

Thanks in advance.

dwt

PS. What I think you are describing here is commonly known as a Keltner Channel

  • Post #10
  • Quote
  • Dec 18, 2014 12:24pm Dec 18, 2014 12:24pm
  •  MathTrader7
  • Joined Aug 2014 | Status: Trading | 2,060 Posts
Quoting arya.aryaee
Disliked
Dear Mathtrader7! thank you for share your idea! this is my first serious inter community in a thread! sorry for a bad writing in english i am testing line fractal : the next coming fractal without line as entry and the open right fractal line extended as target! what is the mates opinion? {image} {file}
Ignored
In my opinion, your strategy is kind of breakout trading, which I am interested in not only on Renko charts but also on normal bar charts. However, a big problem with a breakout strategy is the fake breakout that may happen multiple times in a ranging market. If you have been runing this system for a while, please let us know what are the results so far.
"Life is what happens when you're busy making other plans." -John Lennon
  • Post #11
  • Quote
  • Dec 18, 2014 1:01pm Dec 18, 2014 1:01pm
  •  arya.aryaee
  • | Joined Oct 2012 | Status: Member | 301 Posts
Quoting MathTrader7
Disliked
{quote} In my opinion, your strategy is kind of breakout trading, which I am interested in not only on Renko charts but also on normal bar charts. However, a big problem with a breakout strategy is the fake breakout that may happen multiple times in a ranging market. If you have been runing this system for a while, please let us know what are the results so far.
Ignored
i was testing it for a while in composite with similarity dis-similarity method. but i will test it for renko bar and let you know the result
  • Post #12
  • Quote
  • Dec 18, 2014 1:27pm Dec 18, 2014 1:27pm
  •  Krystyn
  • | Joined May 2013 | Status: Unlearning Crap | 82 Posts
SL is not realistic. It should be at least 3 x brick + spread otherwise you'll be wicked out not knowing what just have happened. Both examples from 1 post are probable loosers not winners (the second one looks like obvious looser not 160 pips winner).
Use axe Luke...
  • Post #13
  • Quote
  • Edited at 2:37pm Dec 18, 2014 2:24pm | Edited at 2:37pm
  •  MathTrader7
  • Joined Aug 2014 | Status: Trading | 2,060 Posts
Quoting Krystyn
Disliked
SL is not realistic. It should be at least 3 x brick + spread otherwise you'll be wicked out not knowing what just have happened. Both examples from 1 post are probable loosers not winners (the second one looks like obvious looser not 160 pips winner).
Ignored
Thanks for your point. Indeed, I do not put a server side stoploss level, I use a commercial trailing stop EA that I cannot share it here. I may write a Trailing Stop script for MT4 platform later. For the moment, I updated the first post accordingly.
"Life is what happens when you're busy making other plans." -John Lennon
  • Post #14
  • Quote
  • Dec 18, 2014 11:58pm Dec 18, 2014 11:58pm
  •  jeetvirk
  • | Joined Feb 2013 | Status: Member | 818 Posts
Hi MathsTrader thanks for simple system took trades AU +40 and EA +30.

Test it more on london open.

thanks regards
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Name: EURAUD-ProM2.png
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  • Post #15
  • Quote
  • Dec 19, 2014 1:45am Dec 19, 2014 1:45am
  •  jeetvirk
  • | Joined Feb 2013 | Status: Member | 818 Posts
GA stop loss move to BE
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  • Post #16
  • Quote
  • Dec 19, 2014 2:06am Dec 19, 2014 2:06am
  •  jeetvirk
  • | Joined Feb 2013 | Status: Member | 818 Posts
Took 15 pips on GA should have waited more but i achieved my target. This GA trade i mixed with price action analyses. GA tried to to two fake out move then finaly went up side.
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  • Post #17
  • Quote
  • Dec 19, 2014 5:13am Dec 19, 2014 5:13am
  •  MathTrader7
  • Joined Aug 2014 | Status: Trading | 2,060 Posts
Quoting jeetvirk
Disliked
Hi MathsTrader thanks for simple system took trades AU +40 and EA +30. Test it more on london open. thanks regards {image} {image}
Ignored
I'm glad to hear that you are successfully using the system.
"Life is what happens when you're busy making other plans." -John Lennon
  • Post #18
  • Quote
  • Dec 19, 2014 5:49am Dec 19, 2014 5:49am
  •  jeetvirk
  • | Joined Feb 2013 | Status: Member | 818 Posts
Thanks Maths Trader.

Missed GA entry . I hope you dont mind if i am putting my views how i am comparing Price action with Renko. sorry for my english. any suggestion from senior members are welcome.

thanks
regards
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  • Post #19
  • Quote
  • Dec 19, 2014 5:58am Dec 19, 2014 5:58am
  •  Esosa
  • | Joined Jun 2012 | Status: Member | 252 Posts
Quoting jeetvirk
Disliked
Thanks Maths Trader. Missed GA entry . I hope you dont mind if i am putting my views how i am comparing Price action with Renko. sorry for my english. any suggestion from senior members are welcome. thanks regards {image} {image}
Ignored
You are doing a great job. Am new to renko myself but your postings have been educative trying out this system.
  • Post #20
  • Quote
  • Dec 19, 2014 6:09am Dec 19, 2014 6:09am
  •  jeetvirk
  • | Joined Feb 2013 | Status: Member | 818 Posts
Quoting Esosa
Disliked
{quote} You are doing a great job. Am new to renko myself but your postings have been educative trying out this system.
Ignored
Me too new to renko but when i mix renko with 1 min chart things becoming more easy. Now what i am doing is, when Renko bars As per entry rules by MathTrader come into band i move to 1 min chart and start analysing there like SR, Congestion Zone, Fakeout, Trend on which i made my decision and SL.

thanks
regards
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