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Attachments: Lets Automate a Simple Renko Strategy!
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Lets Automate a Simple Renko Strategy!

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  • Opened Mar 19, 2015 | Never Closes | 697 Votes
  • Poll Results
How Profitable is this Strategy ?  
Excellent
136 Votes
20%
Very Good
83 Votes
12%
Good
295 Votes
42%
Fair
96 Votes
14%
Poor
87 Votes
12%
  • Post #1
  • Quote
  • First Post: Edited at 10:34am Mar 19, 2015 10:10am | Edited at 10:34am
  •  shreyash
  • Joined Jul 2011 | Status: Member | 63 Posts
Hey,

I have been trading a simple Renko strategy for quiet some time now and it yields some very decent profits.
Now I want to automate this strategy into an EA so that we dont have to wait for Renko bars to paint for long hours.

The whole concept is about keeping the trading strategy simple yet Accurate & Profitable!

Ok guys so lets first see how to build a Renko chart.

How to Install renko EA:
1. Open 1Min Chart
2. Attach your Renko EA (i.e. Renko_Mod.mq4)
3. Settings for this EA are :

RenkoBoxSize=10.0
RenkoBoxOffset=0
RenkoTimeFrame=2
ShowWicks=true
EmulateOnLineChart=true
BuildChartsWhenMarketOffline=true
CalculateBestBoxSize=false
ATRPeriod=24
ATRTimeFrame=60
UseATRMA=true
MAMethod=0
MAPeriod=120
Click OK and DONE.

4. Open Offline Chart : File > Open Offline > Select EURUSD M2 (Double Click to Open this Chart)
5. Your Renko Chart is now Active.

What we are doing here is that we are getting the Renko_mod.mq4 EA to generate a renko chart in offline mode but updates on live basis.

Now on the current chart you can see renko bricks of 10 pips each.

Now add EMA 50 and EMA 21 indicators to your chart and we are done!

The Rules of the strategy are very simple!

Entry Criteria:

Buy after the brick color changes from red to green and 2 consecutive green bricks have formed and closed.
Our entry will be at the i.e. open of the third green brick.

Sell after the brick color changes from green to red and 2 consecutive red bricks have formed and closed.
Our entry will be at the i.e. open of the third red brick.

Filter:

As a filter we use 21EMA and 50EMA.
If the prices are above the EMAs we take only buy trades.
If the prices are below the EMAs we take only sell trades.

Exit Criteria:

1.When a brick of the opposite color is formed.
OR
2. Trail the trade as more number of bricks are formed until your trailing stop loss takes you out!.

Stop loss:

There are 2 concepts -
1. Last significant hi or low.
2. Hi or low of the last green or red color brick -
i.e. for a buy trade we will use the low of the last red brick from where the price turned.
for a sell trade we will use the high of the last green brick from where the price turned.

Additionally, you can use a trailing Sl of 20-30 pips to safe guard your profits.
You can choose one that best suits your style of trading.


If you are using trailing stop loss don't keep target so that we can let our profits run during times of long trends.

Now you chart should look something like this!

Sell Setup Example :

Attached Image (click to enlarge)
Click to Enlarge

Name: EURUSDM2.png
Size: 27 KB


Buy Setup Example :

Attached Image (click to enlarge)
Click to Enlarge

Name: EURUSDM2 buy.png
Size: 24 KB


I humbly request All the talented and senior programmers on this forum to help me code a EA based on this strategy.

Fellow Members please refer this thread to anyone and anywhere where you can find talented programmers.

As I want an EA that can trade out of the offline renko chart!

All constructive suggestions will be welcomed with open arms.

Also, if you like my strategy please dont forget to thank me!!!
Attached File
File Type: mq4 Renko Mod.mq4   20 KB | 20,367 downloads
  • Post #2
  • Quote
  • Mar 19, 2015 11:25am Mar 19, 2015 11:25am
  •  89578251
  • | Joined Jun 2013 | Status: Member | 14 Posts
No red color is showed on the bars. Why?
  • Post #3
  • Quote
  • Mar 19, 2015 12:08pm Mar 19, 2015 12:08pm
  •  medIce
  • | Joined Feb 2014 | Status: Member | 142 Posts
I might test this. I just hate that Renko is almost impossible to backtest properly. At least i havent found any good way.
  • Post #4
  • Quote
  • Mar 19, 2015 1:46pm Mar 19, 2015 1:46pm
  •  babasemi
  • Joined Jan 2011 | Status: Member | 269 Posts
Hi

Can you post template pls.
It makes everyone to be on the same page with you.

tnx
It Is Well With My Soul..(Amen)
  • Post #5
  • Quote
  • Mar 19, 2015 2:38pm Mar 19, 2015 2:38pm
  •  Jeg
  • | Joined Oct 2008 | Status: Member | 252 Posts
Hi shreyash
I am also interested in Renko charts, they look great when they are trending but how do you manage when it goes sideways? Thanks and regards
  • Post #6
  • Quote
  • Mar 19, 2015 2:41pm Mar 19, 2015 2:41pm
  •  IAmRetep
  • | Joined Oct 2014 | Status: Member | 51 Posts
Hello,
here a diagram for a "quick and dirty" EA. If you think, we can talk about it, here is the source. Made with ForexGenerator and "Copy and paste".
Have fun and let me know, how we can improve it.
Attached Image (click to enlarge)
Click to Enlarge

Name: diagram.jpg
Size: 307 KB
Attached File
File Type: mq4 renko_hunter.mq4   11 KB | 6,305 downloads
  • Post #7
  • Quote
  • Mar 19, 2015 4:37pm Mar 19, 2015 4:37pm
  •  reinerh
  • | Joined Aug 2008 | Status: Member | 275 Posts
i am curious as to how long have you been trading this strategy ?

and how many pips have you been able to generate a month approx ?

sure sounds quite logical and promising to me.

especially since you traded this manual for a while and must have some result data.

green pips to ya
  • Post #8
  • Quote
  • Mar 19, 2015 4:44pm Mar 19, 2015 4:44pm
  •  reinerh
  • | Joined Aug 2008 | Status: Member | 275 Posts
Quoting babasemi
Disliked
Hi Can you post template pls. It makes everyone to be on the same page with you. tnx
Ignored
yes i second this.
  • Post #9
  • Quote
  • Mar 19, 2015 4:59pm Mar 19, 2015 4:59pm
  •  Magix
  • Joined Feb 2009 | Status: Half in the Bag | 17,826 Posts
Quoting IAmRetep
Disliked
Hello, here a diagram for a "quick and dirty" EA. If you think, we can talk about it, here is the source. Made with ForexGenerator and "Copy and paste". Have fun and let me know, how we can improve it. {image} {file}
Ignored
A couple of things I have noticed...but overall not terrible.

1. if ((iMA(NULL, NULL,21,0,MODE_EMA,PRICE_CLOSE,current) > iMA(NULL, NULL,50,0,MODE_EMA,PRICE_CLOSE,current)) && (Ask > iMA(NULL, NULL,21,0,MODE_EMA,PRICE_CLOSE,current)))

This is looking for the ASK to be > than the Moving Average, where as this specificity could actually miss out on the beginning of trend trades.

2. if ((Close[3] > Open[3]) && (Close[2] > Open[2]) && (Close[1] > Open[1]))

A little wordy, because in dealing with Renko, all bricks being the same size, you can simply state, (Close[1]>Close[3]);

Though I am not exactly sure this would make much of a difference...might just me being all sensitive n shit.

Personally...If it were me working the code, I would prefer to look for the beginning of the trend on confirmation, so that on longs and exit if the price closed against the Moving average...

if ((iMA(NULL, NULL,21,0,MODE_EMA,PRICE_CLOSE,current) > iMA(NULL, NULL,50,0,MODE_EMA,PRICE_CLOSE,current))&& (Bid< iMA(NULL, NULL,21,0,MODE_EMA,PRICE_CLOSE,current)) && Close[2]]<iMA&&Close[1]>iMA).....

And work the closing on:
if (Close[2]>iMA...&&Close[1]<iMA).....

This would eliminate a lot of the chop and extend the range of the trend.

It will still suck hard as an EA, but would allow you to be a lot more selective in your trades and eliminate a lot of the DD in a sideways channel.

My dos centavos
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • Post #10
  • Quote
  • Mar 19, 2015 5:09pm Mar 19, 2015 5:09pm
  •  medIce
  • | Joined Feb 2014 | Status: Member | 142 Posts
My Mt4 Freeze after opening offline chart... Any idea what to do?
  • Post #11
  • Quote
  • Mar 19, 2015 5:22pm Mar 19, 2015 5:22pm
  •  Magix
  • Joined Feb 2009 | Status: Half in the Bag | 17,826 Posts
Quoting medIce
Disliked
My Mt4 Freeze after opening offline chart... Any idea what to do?
Ignored
Buy a new computer...
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • Post #12
  • Quote
  • Mar 19, 2015 5:28pm Mar 19, 2015 5:28pm
  •  medIce
  • | Joined Feb 2014 | Status: Member | 142 Posts
Quoting Magix
Disliked
{quote} Buy a new computer...
Ignored
It is new Lenovo with 16gb ram, 4th gen i5, geforce 840 4gb, 1tb ssd. If thats not enough them what is?
  • Post #13
  • Quote
  • Mar 19, 2015 5:31pm Mar 19, 2015 5:31pm
  •  Magix
  • Joined Feb 2009 | Status: Half in the Bag | 17,826 Posts
Quoting medIce
Disliked
{quote} It is new Lenovo with 16gb ram, 4th gen i5, geforce 840 4gb, 1tb ssd. If thats not enough them what is?
Ignored
Proper installation of the Meta4, outside of your system32...

&&

Dropping all of the charts that you don't use.

Renko is a huge resource hound, so is meta...the combination can tax the most serious system if there is too much going on at the same time.

Right click on market watch screen.
Remove all.

This helps.

Delete historical charts of anything you are not watching
Remove the zillion indicators from any open charts and try again.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • Post #14
  • Quote
  • Mar 19, 2015 5:41pm Mar 19, 2015 5:41pm
  •  IAmRetep
  • | Joined Oct 2014 | Status: Member | 51 Posts
Ok, I'm out of the office until Monday, more then. On the fly, "((Close [3]> Open [3]) && (Close [2]> Open [2]) && (Close [1]> Open [1]))" is necessary because bar number 2 can have another color and so your suggestion is not true, right?
I think the recognition of a trend is simple. It starts with 3 same colored bars and ends when a bar with a different color occurs.

Is there anybody out there who can help me, setting a tester within an offline chart?
  • Post #15
  • Quote
  • Mar 19, 2015 5:58pm Mar 19, 2015 5:58pm
  •  Magix
  • Joined Feb 2009 | Status: Half in the Bag | 17,826 Posts
Quoting IAmRetep
Disliked
Ok, I'm out of the office until Monday, more then. On the fly, "((Close [3]> Open [3]) && (Close [2]> Open [2]) && (Close [1]> Open [1]))" is necessary because bar number 2 can have another color and so your suggestion is not true, right?
Ignored
Nope.

Really, as it is already written, makes no difference...

I did state that it's just wordy...doesn't mean it isn't as effective if not the flat out same.

All at the same time, if you check the charts previously posted...

When FASTMA>SLOWMA, price still went below for confirmation, typical trend change and then bought back...

I still thing that for longs, and for a greater run cycle, if(FASTMA>SLOWMA&&Close[2]<FASTMA[2]&&Close[1]>FASTMA[1])return (buy);, would be the way to go...

Close on if(Close[2]>FASTMA[2]&&Close[1]<FASTMA[1]);

Plus, it's your code...why the fuck would you listen to me anyways?

Do whatever you want or whatever the op wants...was just a suggestion.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • Post #16
  • Quote
  • Mar 19, 2015 6:20pm Mar 19, 2015 6:20pm
  •  IAmRetep
  • | Joined Oct 2014 | Status: Member | 51 Posts
[quote=Magix;8150988]{quote}

Ok guy, have you had an off day? Go and buy a book on polite conversation! Hear from you next week
1
  • Post #17
  • Quote
  • Edited Mar 20, 2015 7:05am Mar 19, 2015 6:37pm | Edited Mar 20, 2015 7:05am
  •  MathTrader7
  • Joined Aug 2014 | Status: Trading | 2,063 Posts
Here is the first version of the EA I just created. It has not been tested yet. I just started running it on a demo account on my VPS. Use this EA at your own risk.

Note: In order to enable trading on an offline chart, you have to uncheck the Offline chart option in the Common tab of the Renko chart properties (press F8 to bring up the properties window).

Edit: There is a bug in this version that may prevent the EA from opening SELL positions. I fixed the bug in Version 1.1 (see Post 45).
Attached File
File Type: ex4 MathTrader7_RenkoEA.ex4   122 KB | 4,822 downloads
"Life is what happens when you're busy making other plans." -John Lennon
  • Post #18
  • Quote
  • Mar 19, 2015 6:49pm Mar 19, 2015 6:49pm
  •  mozhixing
  • | Joined Feb 2015 | Status: Member | 51 Posts
I will forward test it from today, thanks.
  • Post #19
  • Quote
  • Mar 19, 2015 7:04pm Mar 19, 2015 7:04pm
  •  Magix
  • Joined Feb 2009 | Status: Half in the Bag | 17,826 Posts
[quote=IAmRetep;8151020]
Quoting Magix
Disliked
{quote} Ok guy, have you had an off day? Go and buy a book on polite conversation! Hear from you next week
Ignored

Bit of a delicate peach, aren'tcha?
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • Post #20
  • Quote
  • Mar 19, 2015 8:08pm Mar 19, 2015 8:08pm
  •  sirwolf
  • | Joined Aug 2006 | Status: Believe and Achieve Proverbs 16:3 | 725 Posts
Quoting MathTrader7
Disliked
Here is the first version of the EA I just created. It has not been tested yet. I just started running it on a demo account on my VPS. Use this EA at your own risk. {file}
Ignored
Does this have to be applied to a Renko CHart? I have never used them before. Thanks!
Believe and Achieve!
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