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Lets Automate a Simple Renko Strategy!

  • #2,641
  • May 7, 2019 4:57am May 7, 2019 4:57am
Quoting Hutch
{quote} I's profitable but tricky because sometimes the DAX moves quickly. There is only one strategy. Buy/Sell when the 3 trendalt_alerts are all above/below the zero center line. Exit when one trendalt_alerts crosses below/above the zero center line. In the attached chart red lines show a sell signal, aqua lines show an exit signal and aqua lines show buy signals. The gold dot on the candle are useful because they show where the candle closed. {image}
Hi,

Thanks !
I will try......we will see !
  • #2,642
  • May 7, 2019 5:03am May 7, 2019 5:03am
Quoting metta87
{quote} Hi, does the trendalt indi repaints ? How long you ve been using it ?
I have been trading the DAX with another system before but since the DAX moves quickly by the time I entered into a trade I was losing too many pips or the move already retraced. So for the last 3 months I went to Renko trying different bricks sizes and found out that 500 points or $5 is best. The trendalt indicator doesn't repaint since it changes color only when it crosses the zero line. Sometime you will see that it goes above then below the line quickly like between the first yellow line and the next red line as seen in post #2,638 but you cannot consider this repainting. In the chart above you could have ignored the little crossing of the line upward and leave the trade intact and it would have worked perfectly but this is not always the case.
  • #2,643
  • May 7, 2019 12:48pm May 7, 2019 12:48pm
Quoting Hutch
{quote} I have been trading the DAX with another system before but since the DAX moves quickly by the time I entered into a trade I was losing too many pips or the move already retraced. So for the last 3 months I went to Renko trying different bricks sizes and found out that 500 points or $5 is best. The trendalt indicator doesn't repaint since it changes color only when it crosses the zero line. Sometime you will see that it goes above then below the line quickly like between the first yellow line and the next red line as seen in post #2,638 but...
Actually I haven’t tested it yet, just googled it and on some forums people were saying that it does repaint. I will try it for myself and report back here.
  • #2,644
  • May 8, 2019 10:39am May 8, 2019 10:39am
Quoting Hutch
{quote} I have been trading the DAX with another system before but since the DAX moves quickly by the time I entered into a trade I was losing too many pips or the move already retraced. So for the last 3 months I went to Renko trying different bricks sizes and found out that 500 points or $5 is best. The trendalt indicator doesn't repaint since it changes color only when it crosses the zero line. Sometime you will see that it goes above then below the line quickly like between the first yellow line and the next red line as seen in post #2,638 but...
Hello, so I had a bit of time today so I put the trendalt to the test, 2 trades 2 winners. But when the charts are refreshed the signals looks different, so yes it does repaints. Also if you don’t mind, what does a losing trade looks like with your system ? Cause when I put it on my renko, seems that there are only winners.
have a good day
  • #2,645
  • May 8, 2019 9:07pm May 8, 2019 9:07pm
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 it will show different results because the indicator recalculates everything but the crossing the zero line signals should be the same. What I meant by not repainting is that the indicator doesn’t change its signal on the current candle like some other indicators do. In any case you don’t trade in the past you only trade in the present.
  • #2,646
  • May 9, 2019 1:33am May 9, 2019 1:33am
Quoting Hutch
.....

As a new member i would like to say hello to everbody.
I am following this thread now for a while and have to say i am impressed
May i ask you Hutch what is the best way to determine the brick size for a renko chart?
  • #2,647
  • May 9, 2019 10:01am May 9, 2019 10:01am
Quoting Dgrl
{quote} As a new member i would like to say hello to everbody. I am following this thread now for a while and have to say i am impressed May i ask you Hutch what is the best way to determine the brick size for a renko chart?
It's a tough question because the answer can be very subjective. According to the experts the best way Renko brick size is the one based on the Average True Range (ATR). The expert advisor below will produce offline Renko charts based on ATR. For example, in the GBPUSD chart below, the EA calculated the ideal Renko brick size to be 15.1 pips. You may want to use that brick size or 15 pips Renko brick size since, like most traders, you might prefer a round number. On the other hand, you might want to use another Renko brick size for your own convenience. I use a Renko brick size of 10 pips for GBPUSD only because it suits me. I also use a Renko brick size of 50 pips for DKKUSD and a Renko brick size of 500 pips for the DAX after experimenting with many brick sizes to find the best for me. The choice is always yours
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD-4M1.png Size: 20 KB
Attached File(s)
File Type: ex4 renkolivecharts_pimped_v4_13.ex4   24 KB | 623 downloads
  • #2,648
  • May 9, 2019 12:43pm May 9, 2019 12:43pm
Quoting Hutch
{quote} ...
Thanks for the answer
The EA i use to make offline renko charts also has the following settings (see attachment)
So if i enable this option it would automaticly calculate the ideal brick size for the chart it is loaded on?
Newby here lol
Attached Image
  • #2,649
  • May 11, 2019 9:47am May 11, 2019 9:47am
Quoting Hutch
{quote} I's profitable but tricky because sometimes the DAX moves quickly. There is only one strategy. Buy/Sell when the 3 trendalt_alerts are all above/below the zero center line. Exit when one trendalt_alerts crosses below/above the zero center line. In the attached chart red lines show a sell signal, aqua lines show an exit signal and aqua lines show buy signals. The gold dot on the candle are useful because they show where the candle closed. {image}
its sometimes moves not only fast but moves like a rocket! lol
  • #2,650
  • May 11, 2019 10:03am May 11, 2019 10:03am
Quoting Hutch
{quote} It's a tough question because the answer can be very subjective. According to the experts the best way Renko brick size is the one based on the Average True Range (ATR). The expert advisor below will produce offline Renko charts based on ATR. For example, in the GBPUSD chart below, the EA calculated the ideal Renko brick size to be 15.1 pips. You may want to use that brick size or 15 pips Renko brick size since, like most traders, you might prefer a round number. On the other hand, you might want to use another Renko brick size for your...
So now you don't use any candlestick chart?
  • #2,651
  • May 12, 2019 1:52am May 12, 2019 1:52am
Quoting Dgrl
{quote} Thanks for the answer The EA i use to make offline renko charts also has the following settings (see attachment) So if i enable this option it would automaticly calculate the ideal brick size for the chart it is loaded on? Newby here lol {image}
Yes it would calculate the best size of the Renko bricks for the ATR period stated. Please note that brokers don't have the same data feed as shown in the two pictures of the EA computing Renko brick size using ATR. The broker I use to trade the DAX uses tick charts this is why my Renko brick size is 500 pips. Here are 4 charts based on ATR for 2 different brokers. The first one is from my broker and the ideal Renko brick size calculated is 3906 pips. The second chart shows the "ideal" Renko brick size of 3906 pips (39.06 pips). The third chart is from another broker and the ideal Renko brick size calculated is 399 pips. The fourth chart shows the "ideal" Renko brick size of 399 pips (39.9 pips). Both Renko charts approximately look the same but are un-tradable on a daily basis using the system I use. The choice of the Renko brick size is always yours. I prefer experimenting with different brick sizes to figure out what is best for me.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GER30-M1-Broker 1-3906 pips.png Size: 22 KB
Click to Enlarge Name: GER30-Broker 1 Renko Bricks of 3906 pips.png Size: 43 KB
Click to Enlarge Name: DE30EUR-M1-Broker 2-399 pips.png Size: 18 KB
Click to Enlarge Name: DE30EUR-Broker 2 Renko pips of 399 pips.png Size: 41 KB
  • #2,652
  • May 12, 2019 2:22am May 12, 2019 2:22am
Quoting salimc
{quote} its sometimes moves not only fast but moves like a rocket! lol
I agree with you this is why you have to use Renko bricks equivalent to $5. With my broker this is 500 pips for other brokers it's usually 50 pips. Anything less than that makes it nearly impossible to make money.
  • #2,653
  • May 12, 2019 2:29am May 12, 2019 2:29am
Quoting salimc
{quote} So now you don't use any candlestick chart?
You are correct. I don't use the standard MT4 candlestick but use the attached scalper candles that I think are better.
Attached File(s)
File Type: ex4 smC4Scalper Candles_v3.1.ex4   8 KB | 811 downloads
  • #2,654
  • May 12, 2019 4:00am May 12, 2019 4:00am
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}
For which instruments & TF?
  • #2,655
  • May 12, 2019 4:04am May 12, 2019 4:04am
Quoting Hutch
{quote} I agree with you this is why you have to use Renko bricks equivalent to $5. With my broker this is 500 pips for other brokers it's usually 50 pips. Anything less than that makes it nearly impossible to make money.
except for DAX, which other instruments it can be used specifically? I have forgotten about Renko. Will Renko works for DJ, FTSE100, gbpnzd, gold, usddkk, usdmxn etc. ?
  • #2,656
  • May 12, 2019 4:07am May 12, 2019 4:07am
Quoting Hutch
{quote}...
Thanks Hutch for your reply
Where can i get more info about the ATR period for a better understanding?
Is it just the normal ATR indicator we talkin bout?
  • #2,657
  • May 15, 2019 8:25pm May 15, 2019 8:25pm
Quoting Hutch
[color=#333333][font=verdana]{quote}{quote} Another reason is that your EA works on tick charts. You might try the attached indicator. More information about tick charts can be found in https://www.forexfactory.com/showthread.php?t=287284. {file}
Hi Hutch
I did Mathtraders suggestion of unticking offline charts and put your tick chart on This helped and I can see the ea is working as I got a few messages from the ea like total trades etc Still has not opened a trade or no error in the journal
With regards to the tick chart does this go on the offline chart or the M1 chart?
The options of spread and grid distance
What should they be?
Thanks a lot all of you guys
  • #2,658
  • May 16, 2019 2:49am May 16, 2019 2:49am
[quote=mring16;12275044]{quote} Hi Hutch I did Mathtraders suggestion of unticking offline charts and put your tick chart on This helped and I can see the ea is working as I got a few messages from the ea like total trades etc Still has not opened a trade or no error in the journal With regards to the tick chart does this go on the offline chart or the M1 chart? The options of spread and grid distance What should they be? Thanks a lot all of you guys


Hi Hutch
The ea did open a trade and I am watching for now
Thanks to you and everyone who helps so much on Forex factory!! Cheers
Would like to still get your thoughts on the spread and grid distance Will let you know on the results
  • #2,659
  • May 16, 2019 3:02am May 16, 2019 3:02am
Quoting MathTrader7
{quote} Hi, there could be a few reasons for that. One possibility is that the EA is programmed to work in backtest mode only. Another reason could be the Renko chart (in live trading) is not correctly updated which results in no ticks update in the EA.
Hi Mathtrader
“Legends of the fall”
Thats what you are! You Hutch Magix and do many more Hoe do you get the time to do what you do, blows my mind
The ea opened the first trade and that alone is so satisfying I will keep you posted on how I go
Goodluck and Godspeed
Thank you
  • #2,660
  • May 16, 2019 5:45am May 16, 2019 5:45am
Quoting mring16
{quote} Hi Hutch I did Mathtraders suggestion of unticking offline charts and put your tick chart on This helped and I can see the ea is working as I got a few messages from the ea like total trades etc Still has not opened a trade or no error in the journal With regards to the tick chart does this go on the offline chart or the M1 chart? The options of spread and grid distance What should they be? Thanks a lot all of you guys
Congratulations you obviously solved the problem yourself. FF is a great community where traders help other traders.
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