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Advice Needed-Offline Chart

  • #1
  • First Post: Feb 14, 2020 3:17pm Feb 14, 2020 3:17pm
How would you trade this, with high probability for more wins than losses?

  1. Where would you put your stoploss and tp?
  2. Would you trade the ones with wicks or no wicks?

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  • #2
  • Feb 14, 2020 7:38pm Feb 14, 2020 7:38pm
Quoting PrinceJ58
How would you trade this, with high probability for more wins than losses? Where would you put your stoploss and tp? Would you trade the ones with wicks or no wicks? {image} {image} {image}
Ill pick the 3rd pic because it’s the less smoothed one.how would you trade it ?
  • #3
  • Feb 14, 2020 8:47pm Feb 14, 2020 8:47pm
Quoting metta87
{quote} Ill pick the 3rd pic because it’s the less smoothed one.how would you trade it ?
You can trade the pinbars first wicked bar after colour change or reversal, also the wicks can be removed then wenwould be seeing the bars as marabozu, lots of ways. However i wanted to hear from seasoned offline chart traders.
Are you seasoned on renko or rangebars?
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  • #4
  • Feb 14, 2020 10:17pm Feb 14, 2020 10:17pm
Quoting PrinceJ58
{quote} You can trade the pinbars first wicked bar after colour change or reversal, also the wicks can be removed then wenwould be seeing the bars as marabozu, lots of ways. However i wanted to hear from seasoned offline chart traders. Are you seasoned on renko or rangebars?
Yes I'm using rail to rail rneko, you can see some of my charts on my profile
  • #5
  • Edited 6:44am Feb 15, 2020 6:16am | Edited 6:44am
Quoting metta87
{quote} Yes I'm using rail to rail rneko, you can see some of my charts on my profile
Your charts look nice for breakouts.
3 or more bars in a row placing oco orders above and below, with pip offset of course.

Then the next one is a threebar change in direction, which is avoiding the breakout setups=ranges, so there are many with aims for 1 or 2 bars as tp. These ones stand out alot to me, like 1 bear bar then 2 bull bars enter or 1 bull bar follow by 2 bear bars enter.

These charts are different though...rail to rail, hmmm.
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  • #6
  • Feb 19, 2020 10:25am Feb 19, 2020 10:25am
the charts you show are what i call "artificial renkos" : they are charts created after the fact :
a bullish 400 pips candle ? lets create 100x four pips blocks up and let's say that trading is really easy !

You need to use a host that can retrieve tick data, and create renko charts from that. MT5 does it, but NOT MT4
otherwise you'll have charts that look really easy but as soon as you turn live, the charts become much more chaotic, no more high number of consecutive blocks in the same direction...Otherwise trading would be really easy...

Jeff
  • #7
  • Feb 23, 2020 5:29am Feb 23, 2020 5:29am
Quoting ionone
the charts you show are what i call "artificial renkos" : they are charts created after the fact : a bullish 400 pips candle ? lets create 100x four pips blocks up and let's say that trading is really easy ! You need to use a host that can retrieve tick data, and create renko charts from that. MT5 does it, but NOT MT4 otherwise you'll have charts that look really easy but as soon as you turn live, the charts become much more chaotic, no more high number of consecutive blocks in the same direction...Otherwise trading would be really easy... Jeff
Are these charts you referring to at the top or the 2 above your comment. Mt5 hmmm. Some good info to think and act on...
Lets say you could get the bars like that in a consecutive run:

  1. would you trade every bar in the direction and close on opposite signal? Lets say 1 or 2 bars for confirmation?
  2. a setup and close by trailing or tp
  3. Another method?

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  • #8
  • Feb 23, 2020 5:43am Feb 23, 2020 5:43am
Anyone know how to backtest renko charts of whatever type, preference would be indicator type?
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  • #9
  • Feb 24, 2020 4:05am Feb 24, 2020 4:05am
Quoting PrinceJ58
Anyone know how to backtest renko charts of whatever type, preference would be indicator type?
you need to create history .HST from the tick data
never did it though.
it's less complicated to create the renko chart to be included within your indicator I think
  • #10
  • Jul 12, 2022 8:49am Jul 12, 2022 8:49am
Indicator to launch Renko Chart.
Attached File(s)
File Type: ex4 STG_RenkoChart.ex4   143 KB | 469 downloads
File Type: ex4 STG_RenkoChart_Remote.ex4   117 KB | 473 downloads
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  • #11
  • Jul 12, 2022 12:56pm Jul 12, 2022 12:56pm
Quoting ionone
the charts you show are what i call "artificial renkos" : they are charts created after the fact : a bullish 400 pips candle ? lets create 100x four pips blocks up and let's say that trading is really easy ! You need to use a host that can retrieve tick data, and create renko charts from that. MT5 does it, but NOT MT4 otherwise you'll have charts that look really easy but as soon as you turn live, the charts become much more chaotic, no more high number of consecutive blocks in the same direction...Otherwise trading would be really easy... Jeff
As you say Jeff, a real Renko chart is far from clean - todays DAX40, 10 pip bricks using a no gap Renko EA from MathTrader7. I took just under 30 pips off this today, bit of an odd day with all the uncertainty. Cheers, Dave
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Everything should be made as simple as possible, but no simpler - Einstein
  • #12
  • Jan 17, 2023 9:50am Jan 17, 2023 9:50am
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  • #13
  • Last Post: Apr 22, 2024 6:27am Apr 22, 2024 6:27am
To upload renko Indicator follow these steps and launch chart. Ensure to launch it on / from a M1 Chart.
After the renko chart is lauched: Then you can use the remote on the chart that was launched to change pips until you reach the desired look...
I have tried the sts version and that has expired so use the one attached here:STG
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Attached File(s)
File Type: ex4 STG_RenkoChart.ex4   143 KB | 284 downloads
File Type: ex4 STG_RenkoChart_Remote.ex4   117 KB | 274 downloads
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