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Extreme analysis system (Renko charts + Candlestick charts)

  • #1,281
  • Nov 14, 2018 4:46am Nov 14, 2018 4:46am
two trades today.

first trade GbpUsd. There was Alot of Eur news and i knew it had an affect on Gbp but thought the 4hr/daily S/R level might help shield me.
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It ddnt help. Lesson avoid high impact news.
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Second trade was Gold.
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had to close it before S1 tp because of white dotted S/R level
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"Cut your loses short and let the winners Run"
  • #1,282
  • Edited 6:45am Nov 14, 2018 5:40am | Edited 6:45am
Some users from their raised concerns that:
"it is repainting. especially when close chart and open again. it shows different values. can you solve this?"
"It does not draw the most recent box on the chart because it redraws and gives false signals"
Have you notice such during usage or not or solve it?

Also what's the import that it shows different colour within thesame range of time in different timeframe.

Also soo many arrows signal in your chart why?

Remain pipsful.
Know News/time; WAIT for Edge Entries, MPLC Normalization, Exits & TP's..
  • #1,283
  • Nov 14, 2018 7:08am Nov 14, 2018 7:08am
Quoting princefred
Some users from their raised concerns that: "it is repainting. especially when close chart and open again. it shows different values. can you solve this?" "It does not draw the most recent box on the chart because it redraws and gives false signals" Have you notice such during usage or not or solve it? Also what's the import that it shows different colour within thesame...
I use the Tipu-renko just for the entry, to show me the first 10pips of a move. After that i dont need it any more i can manage the trade with S/R levels and pivots. The arrows are just heiken ashi, instead of showing coloured candles it just shows arrows. Remember im not trying to change the original system on page one, its the exact same system and rules just that my mt4 freezes when i put the offline renko on my charts so i decided to just mesh the candlestick and renko system together and ended up with this, the only diference is i use Tipu renko instead of offline renko and i use heiken ashi arrows instead of coloured candles but they are just the same. As for Tipu repainting just refresh it right when you find a setup and enter on the close of the first 10pips which is the next box it makes. I hope this helps, also read the manual pdf on page 1 for further details.
"Cut your loses short and let the winners Run"
  • #1,284
  • Nov 15, 2018 5:36am Nov 15, 2018 5:36am
ddnt take any trades today, before london session there were alot of spikes to the pivots already and retraced plus the Daily wasnt aligned with the other tf in other setups.
"Cut your loses short and let the winners Run"
  • #1,285
  • Nov 16, 2018 3:27am Nov 16, 2018 3:27am
Quoting meck1
{quote} I use the Tipu-renko just for the entry, to show me the first 10pips of a move. After that i dont need it any more i can manage the trade with S/R levels and pivots. The arrows are just heiken ashi, instead of showing coloured candles it just shows arrows. Remember im not trying to change the original system on page one, its the exact same system and rules just that my mt4 freezes when i put the offline renko on my charts so i decided to just mesh the candlestick and renko system together and ended up with this, the only diference is i use...
Does that infer it can't be reliable for backtest?
Know News/time; WAIT for Edge Entries, MPLC Normalization, Exits & TP's..
  • #1,286
  • Nov 16, 2018 3:35am Nov 16, 2018 3:35am
Quoting princefred
{quote} Does that infer it can't be reliable for backtest?
i dont advise backtesting any system with multi tiframe indicators, this one being one of them, best way is to forward test in a demo
"Cut your loses short and let the winners Run"
  • #1,287
  • Edited 9:07am Nov 16, 2018 8:41am | Edited 9:07am
Quoting meck1
{quote} i dont advise backtesting any system with multi tiframe indicators, this one being one of them, best way is to forward test in a demo
Only to test the consistency reliability of previous renko signals.
Know News/time; WAIT for Edge Entries, MPLC Normalization, Exits & TP's..
  • #1,288
  • Aug 26, 2020 6:39am Aug 26, 2020 6:39am
Hello fellow traders,

Woow! I have just entered this thread by chance. I am studying both ext manual pdf files for the moment and will then read the various conversations. At a first glance, this system seems very neat! I may add that the template of the Renko chart is very similar to another Renko trading system called Dewa Scalper with the little difference that Dewa Scalper does NOT use the timeframed chart at all. This is the reason why I am very interested in it because it sounds like both systems converge toward an efficient pip harvesting strategy. After my study of it, I will more than probably post some few things. As a starter, I am experiencing the same issue than eddy91 in his post #486. I am having the xmeter frozen and with the very same values for every currency! Hope to find a solution to that.

Cheers to all.

William
  • #1,289
  • Aug 26, 2020 6:21pm Aug 26, 2020 6:21pm
For this extract of EXT, I would beg to differ with what is written on the pdf manual. We have a very nice retracement/bounce of price action on EMA14. Moreover, this EMA does not even change direction which means that the bear is very strong and we should be motivated to short and let the price go down!
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  • #1,290
  • Last Post: Edited 5:59pm Aug 27, 2020 8:36am | Edited 5:59pm
Quoting eddy91
hi guys .. anyone can help me with this .. why its freezing ,.. i tried to paste the document text file on log mql4 folder .. but it still freeze .. maybe im wrong .. please teach me slowly .. step by step .. {image}
OK, I have a new element around this specific issue of xMeter.riki.v1. The name of the symbol proposed by your broker is of importance. In my case for example, I have 2 demo accounts : 1 standard account (they call it CFD&Forex) for which the pair EURUSD is strictly "EURUSD" and 1 SPREAD BETTING account for which the pair EURUSD is written "EURUSD-sb". I guess that the little '-sb' stands for spread betting. Anyway, if I try to insert xMeter.riki.v1 indicator on my SPREAD BETTING account, it sadly does not work. Then I switch back to my standard account and it works.

SO PAY EXTRA ATTENTION TO WHAT YOUR BROKER CALLS YOUR SYMBOL!

Well, in the mean time, I altered this indicator in order to avoid people experiencing such a disruption. I have tested it on both types of account. I have no mini account but if you do, feel free to test it and it might work. By the way, if so, putting false or true in the input shall be useless. There may be bugs anyway and don't hesitate to report any of them. I guess the log file is less than pointless give that I added it to the directory as stated by Hamdysalah.

Enjoy your pips.
Attached File(s)
File Type: ex4 xMeter.riki.v1.ex4   32 KB | 179 downloads
File Type: mq4 xMeter.riki.v1.mq4   13 KB | 257 downloads
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