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

Quoting Hutch
{quote} You are correct. I don't use the standard MT4 candlestick but use the attached scalper candles that I think are better. {file}
I have installed your scalper candles and other indicators. ps, see my chart as attached. This is not a Renko chart. But for trendline_fast indicator, I don't get 3 lines (but only 1 line) ?
Attached Image (click to enlarge)
Click to Enlarge Name: Hutch chart.png Size: 29 KB
@salimc - try using google or youtube to learn how to set up renko charts.
Quoting salimc
{quote} I have installed your scalper candles and other indicators. ps, see my chart as attached. This is not a Renko chart. But for trendline_fast indicator, I don't get 3 lines (but only 1 line) ? {image}
To get 3 lines you have to set them up individually with 5, 10 and 15 periods. Once you do that you will have the 3 indicators with the correct setting.
Quoting Hutch
{quote} To get 3 lines you have to set them up individually with 5, 10 and 15 periods. Once you do that you will have the 3 indicators with the correct setting.
Thanks . You are trading DAX, USDDKK,DJ etc. volatile pairs with this system?
Quoting Hutch
{quote} Sorry for the delay in answering. Here is the information you requested. Please note that the 3 trendalt alerts have bar counts of 5, 10 and 15 respectively. The Renko box size is 500 or $5. {file} {file} {file} {file} {image}
But these are scalper candles or Renko Box !!
Quoting salimc
{quote} Thanks . You are trading DAX, USDDKK,DJ etc. volatile pairs with this system?
I never tried this system on time based charts only with Renko. Looking at the chart you posted it's obvious that it also works good on time based charts. This system works best on high ATR pairs and CFDs. As you can see on the USDDKK chart that you posted the 100-day ATR is 342 pips so there are more opportunities to win big trades without taking unacceptable risks. On the other hand this is not as good on low ATR pairs such as EURUSD with a 100-day ATR of 57 pips even using 2 pips Renko bricks. I like the DAX but it's hard to find good regulated brokers with an account protection fund in case the broker goes bust. To trade 1 DAX lot you need a margin of $13,000 if you have a margin of 100 to 1 so you need an account of at least double that amount in case of drawdowns.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD-Renko 2 pips.png Size: 35 KB
Quoting salimc
{quote} But these are scalper candles or Renko Box !!
Same as the EURUSD chart I just posted above they are both scalper candles and Renko boxes. The way to produce them without interference from bars or candlesticks is to use line graph with color "None" that you set up in the properties of the chart.
Attached Image
I few pointers for anyone trying to trade renko on indices:

1.- its NOT "pips" its "points" and yes the size of the bricks can "look big" but the decimal its included thats why it seems to be "big" (doh)

2.- ATR will mess up the renko charts because they always resize the bricks to try and "fit" them in a somewhat fixed interval of painting.. Use a fixed size, mark important levels and trade what the charts its telling you, thats all you need, dont be a freaking noob !!! renko its super easy to trade with just the basics, thats all its needed

no 2 sessions are the same and the present session can NOT be adjusted based on a past session or "timeframe" or anything.. period, dont fall for that ilussion: again use a fixed size and just wait for the signal, thats the beauty of renko! if nothing its going on, nothing worthy will be painted on the chart

3.- a trick: go to options and activate show BOTH bid AND ask price so you can see the real spread and how far (again for real) your targets are.. increase the brick size slowly until those 2 lines seems to disapear (the bricks will be big enough to swallow the spread)


Good luck to everyone
Quoting Hutch
{quote} Same as the EURUSD chart I just posted above they are both scalper candles and Renko boxes. The way to produce them without interference from bars or candlesticks is to use line graph with color "None" that you set up in the properties of the chart. {image}
Hutch,

What broker you are using for US30? Those Forex brokers offer US30 has high spread on US30. AMP future has low spread. However, AMP uses MT5.
US30 is moving fast and manual trading is hard to catch fast moving trend. By the time you recognize a setup, multiple Renko bricks already created.
Quoting NoNonSenseFX
{quote} Hutch, What broker you are using for US30? Those Forex brokers offer US30 has high spread on US30. AMP future has low spread. However, AMP uses MT5. US30 is moving fast and manual trading is hard to catch fast moving trend. By the time you recognize a setup, multiple Renko bricks already created.
Here is your answer. As you can see Americans are not allowed to trade CFDs (at least with US brokers). Fortunately I'm an American not living in the US.
The Renko bricks are of $5 each so you can easily catch the trend before it reverses on you.
Attached Images (click to enlarge)
Click to Enlarge Name: Oanda CFD Margin.png Size: 41 KB Click to Enlarge Name: OANDA - DAX.png Size: 46 KB
Quoting havo
ATR will mess up the renko charts because they always resize the bricks to try and "fit" them in a somewhat fixed interval of painting
I don't understand your statement because the ATR indicator doesn't modify anything it only reports the past. I opened a new 1H chart to see if the Infoboard indicator would show the same ATR data as that of the Renko chart. As you can see below it does show the same data for the 10 day ATR and today's Hi-Lo
Attached Images
Quoting Hutch
{quote} I don't understand your statement because the ATR indicator doesn't modify anything it only reports the past. I opened a new 1H chart to see if the Infoboard indicator would show the same ATR data as that of the Renko chart. As you can see below it does show the same data for the 10 day ATR and today's Hi-Lo {image} {image}
Oh... i thought you were using ATR to find the "proper" renko box size; if you use it for something else its cool then, but just dont use it for the actual renko block size, its a dumb and noob aproach that will rekt your account sooner than later =)

never mind then
Quoting Hutch
Nice to see that you had 2 winners but you cannot judge a system on only 2 trades. The higher the size of the Renko bricks used the less losers you will have. Try it with 100 pips and you will see. The reason for this is that the DAX moves quickly especially at the open of the Frankfurt Stock Exchange and later at the open of the New York Stock Exchange. You will get a losing trade when the trendalts move quickly from above/below the zero center line but with 500 pips Renko bricks this is rare. It’s quite normal that closing the chart and reopening...
The indicator repaints. I noticed a renko candle close down with two of the three lines below 0. When the next candle closed up, all of a sudden there was only one line below 0 for the previous down candle.
Quoting havo
{quote} Oh... i thought you were using ATR to find the "proper" renko box size; if you use it for something else its cool then, but just dont use it for the actual renko block size, its a dumb and noob aproach that will rekt your account sooner than later =) never mind then
I use ATR to find the best pairs to trade. High ATR pairs provide more trading opportunities than low ATR pairs. Trading USDDKK with 100-day ATR is 342 offers a lot more opportunities than trading the EURUSD with a 100-day ATR of 57 pips
May i ask the forum
I have 2 instances of MT4 open
1 on my server and 1 sometimes on my laptop
Please see attached pic
How come there is a difference in the midline of the BBands?
Settings are the same
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 48 KB
Quoting scamMEplease
{quote} The indicator repaints. I noticed a renko candle close down with two of the three lines below 0. When the next candle closed up, all of a sudden there was only one line below 0 for the previous down candle.
That’s exactly what i told him, trendalt repaints. No good to base trading decisions on it.
Quoting Hutch
{quote} Same as the EURUSD chart I just posted above they are both scalper candles and Renko boxes. The way to produce them without interference from bars or candlesticks is to use line graph with color "None" that you set up in the properties of the chart. {image}
Thanks for your explanation.
hello dear friends.

a like to see a EA than open a sell on each bearish renko brick, with a trailing stop ajustable by the bricks(Ts=2 bricks, 4 bricks, 3 bricks)
and when a bulish renko appears close all the sell orders opened. and vice versa for the buy orders.
Has anyone done this yet?
Quoting Hutch
{quote} Congratulations you obviously solved the problem yourself. FF is a great community where traders help other traders.
No I didn’t solve this myself It’s the few tips I got from you guys
Thanks again
I ran it for a short period- a couple of days it opened a few trades but some did not work as in the strategy tester Will watch again this week
I have a couple more doubts

1 If at the end of the week after trading is closed I turn off the computer. At the restart if I have an open trade will the ea take it into account and manage the trade?

2 I have only one instance of my mt4 platform on the desktop. I have 3 pairs opened with the Renko creator and am running the same ea on all the three. Would there be any conflict? Do I need to change the magic number for all the instances of the ea on the different pairs?

I will send you the strategy test I have done. Share your thoughts on what you think with your trading experience
Thanks
Is there a script that I can just drag to a chart to open an offline chart that I have already created with Renko indicator. I just want a short cut to opening an offline chart without going to offline manually to open the offline chart.
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