Trading Renko

Many thanks Hutch. I am not sure if I will use it but I am interested to see how the indi looks with renko!

I trade pure renko charts with guppy MAs as confirmation of trend/consolidation periods.

Kindest regards

Private

Hello,

Can you place a peint from your chart as example ?

Hutch noticed you have been trading forex for a long time, what system do you currently use if you dont mind me asking?
thanks

Hi Luiz

For the same you can use a moving average (I like Jurik MAs) or a channel like Silver Channel. This is not the secret.

Regards / Abraço

Private

https://charts.mql5.com/24/111/gbpus...arkets-com.png

I'm a lazy trader 80%+ of my trades are on D1 charts and the other 20% using Renko charts mostly with the TMT Scalping System. Here is a Renko + TMT example

Nice I need to look at the daily more thanks!

CLOSE[2] <> CLOSE[4]

Posted on another thread and thought i should add into here:

New to the forum and focus on RENKO CHARTS only, with a parallel candlestick chart running for alerts.
Attached are positions from this week 01-02/06 and a nice strategy to show how my setups and SL works.

It's a pity that TRADINGVIEW wont allow these charts on the 1M TF to be public, as they claim other members cant react quick enough.
Even though its moving as a range. 1M TF was used to print a more accurate chart.

As shown on chart I had one position which opened but the bar was not printed until SL was hit. But I re-entered when it finally formed.

Update from previous post.

Went off the rails a bit. struggled to contain my emotions and traded irrationally.
As shown on chart, had way too many positions that didn't follow my rules before a large loss Tuesday night.
This created a bad atmosphere for my decision making on Wednesday when I woke up, and just added to my losing streak.

Managed to recover the loss with a position held over night. But went against my rules. Im not not happy but glad it happened.

It's hard to have full support in a system when bad periods play out, which can cause revenge trades.
Trying to keep the emotions in check seems to be the next task on this trading list.

The system looks good just need to allow it time to play out and accept the losses until the winners show themselves.

https://www.tradingview.com/chart/GB...ENKO-02-04-06/

Does anyone have a similar renko builder?

Here are two of them. I prefer the indicator because you can also attach any EA to the same chart for other purposes.
You might wish to read some of this thread to learn more about the EA.

Non-gap Renko Chart Creator EA | Forex Factory

Hello traders

How can I run Renko chart on trusted VPS?
I rent VPS from MQL5 but it doesn't allow to run renko on it.
Any advise for trusted VPS to allow me run renko chart on it.

Thanks in advance

Hi TRADE IT

Can you make it an indicator with a strategy for mt4 and come to discuss on skype. please let me know.

Regards,
V

Hi veer07.
You've been writing in a steady thread for a year and a half, where I've never written a post, getting my name wrong and not referring to me directly.
I guess it is because you are not used to FF.
All this, if your intention was to contact me.

I wrote an answer that also applies to you here: https://www.forexfactory.com/thread/...0#post13618420

Hey,

I have been trading a simple Renko strategy based on idea of Joseph Nemeth ({ email address deleted by staff }), and I have automate this strategy into an EA.

The whole concept is about keeping the trading strategy simple yet Accurate & Profitable!

The Rules of the strategy are very simple!

Panoramic trend (PT): Use Heiken Hashi indicator on an H4 period on candlestick chart
Recent market trend (RMT) : Use Heiken Hashi indicator on an M30 period on candlestick chart

Entry Criteria:
a- The last candle in the panoramic trend (PT) and the last candle in the recent market trend (RMT) have the same color.
b- Buy if the price its above the EMA(20) on renko chart, last cande of PT and RMT are green.
c- Sell if the price its below the EMA(20) on renko chart, last candel of PT and RMT are red.

Exit Criteria:

1. When a brick of the color opposite to the trend is formed on renko chart...

a- If trade is profitable, take the profit and close the position.
b- If the trade is not yet profitable, wait until reach a recovery level (*).

2. If a recovery level is reached, open a hedging order with a lots of the initial order multiplied by a factor

3. When a brick of the color opposite to the hedging trend is formed on renko chart…

a- The balance of all open operations of the current symbol is in profit, close all positions of this symbol and take that profit.
b- If the balance is still not profitable, leave all orders open.

From this point we have two possible market situations ... the price reaches the price of the initial entry again, in which case we place another operation in favor of the initial trend ... or achieve a profit with the counter trend operation

(*) Recovery level: number of pips below a buy order or above a sell order, for major pairs I suggest 120 pips with a block size of 10. You can play with other block size values , recovery level and factor multiplier (I use 1.8).

See my results ...
https://www.fxblue.com/users/carlosbdf

Thanks Carlos for your sharing, but I have a question, if we use ZoneRecovery as our trading strategy, what is the benefit to play it on a Renko Chart ? does it make difference if we trade on an H1 chart ?

Hello everyone,

I have found a nice way to get a VERY ACCURATE Renko chart on MT4 but I am just starting now. I will need more time to find a way to have it LIVE! As lately I have had no end of problems to get a complete history on MT4 (MT4 is more versatile about history than MT5 which can be an advantage in some cases but happens soon to miss bunches of candles...), I thought that using MT5 to create the Renko chart file would help a lot. Actually, it does but for the moment I have no live as I still need to find my way to generate the file in the same folder as the history files of MT4... I have put a screenshot to make it more obvious. I took in both cases a 2.5pips Renko, the one above generated by the MQ4 version of the indicator RenkoLiveChart_v600.6_indi and the one below is the same currency pair, with the same indicator I translated into MQL5 language and ran on MT5. The overall view seems to be almost the same but as we can see, the picture above starts on the 17th of November while the picture below starts only on the 18th of November. Being of the same scale and the same window size, it means that in the window below, I have more Renko bricks. Another picture zoomed on the edge of the 18th of November. We can see how the picture shifts on both sides with the MT5 generated Renko chart.