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Renko Magic

  • #21
  • Dec 18, 2013 9:48pm Dec 18, 2013 9:48pm
please tell me how can i make my chart like you as i am fail to do that and renko chart install is not possible form me. so please help me install 10 pips renko chart...............
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  • #22
  • Dec 19, 2013 3:14am Dec 19, 2013 3:14am
Quoting rana420
please tell me how can i make my chart like you as i am fail to do that and renko chart install is not possible form me. so please help me install 10 pips renko chart...............{image}

Ok Rana 420. Seems you donīt know what renko chart is and how to use it. So I suggest that before you strat trading it, do a google search to learn more about this. There are several sources and videos about renko trading.
How do you create the offline chart using renko ? Follow the steps below :
1. copy the file from post #2 s-Renko bars.ex4 to your expert folder. restart your MT4.
2. open a 1M chart for the currency you will use. Turn the auto scoll off. And press the [HOME] button. Keep pressing it untill it loads all the data avaiable. That means untill it stop loading. You will need go back at least 2 months.
3. Attach the EA (s- Renko bars) to this 1M chart. At the first field of settings set the range to 10. Press Ok.
4. Wait a little untill you see a message on your chart saying " Off Line window handle ="
5. Go to File, Open off line chart and choose the pair you used with period M2 ( for example EURUSD M2 )
6. Youīre done. Load the template and thatīs all.

Donīt close the 1M chart. You will have to leave it always opened. And do the same for each pair you want to use.
  • #23
  • Dec 19, 2013 6:31am Dec 19, 2013 6:31am
Quoting guilherme
{quote} There is a big difference between recalculating indicators and repainting ones. I wont explaing here. Just google it. Indicators are meant to recalculate. And this one is not a repaint indicator. You could see it your self while you didnīt change the time frame. When you did it you made the indicator recalculate. Thatīs why we use renko. There is no time frame. It is what it is.
Not true. I have just watched it repaint 3 closed bars on 2point renko without refreshing the chart in any way. Also the signal_Am is a repainter in that the last closed bar can change.

Correction. It is still repainting, its now changing values 8 closed bars back.
  • #24
  • Dec 19, 2013 6:38am Dec 19, 2013 6:38am
This looks very promising......! It looks like we're on to something here. I am still doing some evaluations. More feedback to come later.

Happy Trading !!!!
  • #25
  • Dec 19, 2013 8:25am Dec 19, 2013 8:25am
As I said yesterday. Guilherme put the spin on repaint and recalculate. No difference. The indicator is useless. Period.
  • #26
  • Dec 19, 2013 12:01pm Dec 19, 2013 12:01pm
ok guys !!! thanks for the advice. if it repaints..... it repaints.....
But it worked for me anyway.

I am trying something else without those renko am and the solar wind. And without the others too. So it will be a new system using renko.
Will keep in touch.

If you guys have any idea to use non repainting indicators with renko.... we can share some experience here.
  • #27
  • Dec 20, 2013 3:37am Dec 20, 2013 3:37am
If it 'works for you' then why change? Yes it uses repainting indicators but if you are still making profit then why change (or have you just been caught out badly)?

As a side note i have been looking at renko (on and off) for many years. It looks incredible but trading it is a very different story. You need to be aware of a few things with renko. Firstly that the regular size of the bricks can make most indicators useless. Basically they tell you nothing that isnt 100% plain from looking at the chart itself. A stochastic (5,3,3) for example will signal a move from OB if you get only 4 bars then a reversal. Time bars allow smoother changes and indicators are much more reliable. The other thing is that the maths makes it almost impossible to have a mechanical strategy. It has a very bad initial R:R and there is no way to get an exit signal without giving back a stupid amount of points.
An Example:
If you have 5 point bars you need a reversal of 10 points from open to get a reversal bar. This means the max range of a 5 point renko could be 14 points. As you often get single reversal bars you would need to have an initial stop of 3 times the bar size to be safe. This means 15 points. You need at least 3 bars to give a 1:1 R:R. So you want to follow the trends to maximise profits since going for a straight 1:1 isnt going to work (unless you can nail the entries and i have never seen any reliable way to do this on renko). Look at the charts and see how many times you get a single reversal bar in a nice long trend. It happens ALL the time so you cant just say 'exit on a reversal'. Even if you do that you need 2 bars in a row and even then you get out at 0. If you use the same method as the initial stop that means from a 5 point bar you have a 15 point initial stop, you get 20 points in profit but you only come out with 5 points profit (assuming perfect (lucky) execution and very low spread. 15 points profit gets you out at 0 again. It is simply NOT profitable to run a strategy like that. The biggest issue with renko then is that the maths simply doesnt add up.
  • #28
  • Nov 23, 2015 10:00pm Nov 23, 2015 10:00pm
a major advantage I can see of renko is MEGA reduction of noise and elimination of volume. dealing with price action only there are some very big advantages but also some flaws for example, a setup does not always play out exactly to a mechanical rule. and why should it given markets are not static, they are dynamic. all I want to do is trend follow with a reliable entry and that appears to be a conundrum in any trading situation because you never know when it will turn. are there any other indicators that work reliable on renko?
  • #29
  • Dec 23, 2015 7:11pm Dec 23, 2015 7:11pm
Quoting shivam332
{file}{file}{file}
Hi,
I have one question
Why isnt my renkochart with solar wind joy not working?
  • #30
  • Jan 25, 2016 7:03pm Jan 25, 2016 7:03pm
Quoting Javier79
{quote} Hi, I have one question Why isnt my renkochart with solar wind joy not working?
I think you should read the entire post from the beginning. Learn how to open a Renko chart first then install indicators after!
You should be able to do this simple task otherwise don't bother trading.
  • #31
  • Jan 26, 2016 7:52am Jan 26, 2016 7:52am
I did i can't get the solar wind joy to work nor do i get my charts in that manner as in the picture above
  • #32
  • Feb 15, 2016 4:32am Feb 15, 2016 4:32am
Hi !

I would need info
I set 'Range=10' but M1 show range=100 : is this normal ?
'Range' seems to bee multiple of 10. If i set '1' then M1 show range=10 (but impssible to attach profile, Mt4 crash)

Thanks !
  • #33
  • Mar 2, 2016 7:49am Mar 2, 2016 7:49am
Hey would anybody know\have an editable copy of the PB channel? I've been looking for ages and can't find anything. I'm looking to make some modifications to it.
  • #34
  • Jun 17, 2016 3:28am Jun 17, 2016 3:28am
Quoting guilherme
ok guys !!! thanks for the advice. if it repaints..... it repaints..... But it worked for me anyway.
true, it does repaint, but the attached to the first post seem to be the one doesn't repaint.

and yes, it works anyway ... sure i would not use it on 1 minute chart ... but for the sheer fun of it .. i just did exactly that,
add an alert on +7 and -7 Threashold .. and guess what 6 trades, 5 won in Time (2hour 46 minutes trading = 16 pips)
with zero brain on the 1 minute chart .. (well maybe i was lucky)

as for the Solar Winds vs Fisher ... i use repainting Solar Winds on my "normal" strategy to find Exit points, and i must say it works like a charm, also Solar wind does greatly work as a secondary confirmation to enter in a ongoing drop (like after pullback if you late entering or somethings)

nobody say it's the perfect thing, but it does the job it's supposed to do suprisingly well.
  • #35
  • Jun 30, 2016 11:51pm Jun 30, 2016 11:51pm
Quoting shivam332
Hi I'm not the creator of this system. guilherme is the creator of this awesome system! Hello everyone, this is Shivam from India. I find this system very useful and I'd like to share it with you guys. Renko chart with solar joy indicator is a complex trading system based on a renko chart and price action. Currency pairs: All Recommended brick size = 10 pips Rules for buy Support area formed; Candle open above the cloud; solar wind joy indicator is blue Renko am dot is blue and crossed up. Rules...
Hi, I love this strategy, thanks for sharing!
the cloud you're using is the ichimoku kumo, right? could you please share what setting are you using for it?
Thanks!
  • #36
  • Jul 5, 2016 2:46pm Jul 5, 2016 2:46pm
Quoting rana420
nice system and i think that it is very helpful for the newbies. i have downloaded that and i think that all is ok but i can not install renko chart like you {image}
hi, would you mind to let me know the settings of the cloud you are using with this method please, it is the kumo from ichimoku, right? what settings ?
thanks.
  • #37
  • Feb 8, 2017 9:19pm Feb 8, 2017 9:19pm
Quoting nullx8
{quote} true, it does repaint, but the attached to the first post seem to be the one doesn't repaint. and yes, it works anyway ... sure i would not use it on 1 minute chart ... but for the sheer fun of it .. i just did exactly that, add an alert on +7 and -7 Threashold .. and guess what 6 trades, 5 won in Time (2hour 46 minutes trading = 16 pips) with zero brain on the 1 minute chart .. (well maybe i was lucky) as for the Solar Winds vs Fisher ... i use repainting Solar Winds on my "normal" strategy to find Exit points, and i must say it works like...
hello, are you talking about the solar wind joy indicator in the first post ?
  • #38
  • May 13, 2017 9:47pm May 13, 2017 9:47pm
Quoting shivam332
{file}{file}{file}
Can you tell me the ma' that is for your triling stops?
  • #39
  • Oct 26, 2017 8:11pm Oct 26, 2017 8:11pm
Quoting shivam332
Hi I'm not the creator of this system. guilherme is the creator of this awesome system! Hello everyone, this is Shivam from India. I find this system very useful and I'd like to share it with you guys. Renko chart with solar joy indicator is a complex trading system based on a renko chart and price action. Currency pairs: All Recommended brick size = 10 pips Rules for buy Support area formed; Candle open above the cloud; solar wind joy indicator is blue Renko am dot is blue and crossed...
can you share the mq4 file for the forex streagiest sr indicator..
Success is a Journey Not a Destination....... kind regards ramzam
  • #40
  • Oct 27, 2017 8:51am Oct 27, 2017 8:51am
I tried it and it repaints so, no good for my style of trading. I have come up with a non repainting system I believe is much better and more simple. it can be used on any bar type you choose too. it appears to be most reliable on mean renko bars but the disadvantage is a delayed entry. it is still best to deal with a delay and have higher reliability so it is good.
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