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Lets Automate a Simple Renko Strategy!

  • #2,721
  • Jul 6, 2020 10:56pm Jul 6, 2020 10:56pm
hello math trader! i am very inspired from your projects and for your automate a simple renko strategy i want to put down my 2 cents if its okay with you. Is it possible to add a loss recovery function it will not be like lot multiplier but something different . let me give u an example-

lets say i have 1000 usd balance and going to trade for 10 pips in eurusd with .03 lots. Now if it hits 10 pip sl or any other sl which is defined by EA the loss will be 3 usd now in the next trade only on eur usd loss recovery function will be activated and it will take consider the previous 3 usd loss and new 10 pips target with 0.03 lots that means from my 2nd trade ea will calculate lot size based on pips required for TP 0.06. again if eur usd hits my SL it will do the same thing and consider previous loss of 3usd+6usd = 9 usd and take consider of new 10 pips for TP at now the lot size will become 9usd+new 3usd target = gives me lot size of 0.12.

just my little MM budoo idea.. hahah let me know please what u think about that.

stay safe guys!
  • #2,722
  • Jul 7, 2020 1:03am Jul 7, 2020 1:03am
In 60 seconds aka an m1 candle price can move significantly more than 10 pips. How do you deal with these temporary renko blocks that may revert by the end of the candle close?
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  • #2,723
  • Jul 7, 2020 8:08am Jul 7, 2020 8:08am
Quoting tiestobob
In 60 seconds aka an m1 candle price can move significantly more than 10 pips. How do you deal with these temporary renko blocks that may revert by the end of the candle close?
The Renko bricks that have closed are not temporary, only the Renko brick related to the current M1 candle or candles can be temporary. In case you didn't know a M1 candle will produce more than one Renko brick mostly because of news. If a M1 candle goes up 25 pips then reverses by 25 pips it would produce two bullish Renko bricks of 10 pips each then two bearish Renko bricks of 10 pips each. This is no problem since most Renko strategies can cope with that kind of eventuality. This is also one of the reason why I never use an EA when trading with Renko.
  • #2,724
  • Edited 11:29am Jul 7, 2020 10:00am | Edited 11:29am
Quoting Hutch
{quote} The Renko bricks that have closed are not temporary, only the Renko brick related to the current M1 candle or candles can be temporary. In case you didn't know a M1 candle will produce more than one Renko brick mostly because of news. If a M1 candle goes up 25 pips then reverses by 25 pips it would produce two bullish Renko bricks of 10 pips each then two bearish Renko bricks of 10 pips each. This is no problem since most Renko strategies can cope with that kind of eventuality. This is also one of the reason why I never use an EA when trading...
I think we’re saying the same thing here. A renko brick does not paint permanently until the period of the candle ends.

I’ve not seen renko bricks being permanent during the candle formation. If price moves up 30 pips it will
paint 3 temporary green bricks, but if it goes back down 30
pips (within the same candle period aka the 1 minute here) then those 3 green bricks disappear. Three red don’t get painted. Are you sure about this? It may be my renko generator that is behaving this way.
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  • #2,725
  • Jul 7, 2020 12:12pm Jul 7, 2020 12:12pm
Quoting tiestobob
{quote} I think we’re saying the same thing here. A renko brick does not paint permanently until the period of the candle ends. I’ve not seen renko bricks being permanent during the candle formation. If price moves up 30 pips it will paint 3 temporary green bricks, but if it goes back down 30 pips (within the same candle period aka the 1 minute here) then those 3 green bricks disappear. Three red don’t get painted. Are you sure about this? It may be my renko generator that is behaving this way.
I have never seen Renko bricks disappear after they have been totally formed but this could be a possibility depending on Renko generators. I looked at M1 charts to find a candle of at least 25 pips but did not find any. So this is more rare than I thought. Finding such long candles would point us in the right direction.
  • #2,726
  • Jul 7, 2020 12:23pm Jul 7, 2020 12:23pm
Quoting Hutch
{quote} I have never seen Renko bricks disappear after they have been totally formed but this could be a possibility depending on Renko generators. I looked at M1 charts to find a candle of at least 25 pips but did not find any. So this is more rare than I thought. Finding such long candles would point us in the right direction.
The keyword here is totally formed. In an m1 candle, if during the candle price moves up 10 pips and down 10 pips there will be no bricks painted. If it moved up 10 pips and candle closes then the brick will be painted and it will be permanent. But anything during the m1 candle formation is temporary till the candle closes.

The reason why I brought this up is the OP has a strategy for entry but what if the entry candles are temporary and reverse?
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  • #2,727
  • Jul 7, 2020 12:54pm Jul 7, 2020 12:54pm
Quoting tiestobob
{quote} The keyword here is totally formed. In an m1 candle, if during the candle price moves up 10 pips and down 10 pips there will be no bricks painted. If it moved up 10 pips and candle closes then the brick will be painted and it will be permanent. But anything during the m1 candle formation is temporary till the candle closes. The reason why I brought this up is the OP has a strategy for entry but what if the entry candles are temporary and reverse?
Depending on the Renko generator bricks can be printed without needing the source candle to be closed. Below the source chart is D1.
Attached Image(s) (click to enlarge)
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  • #2,728
  • Jul 7, 2020 1:24pm Jul 7, 2020 1:24pm
Quoting Hutch
{quote} Depending on the Renko generator bricks can be printed without needing the source candle to be closed. Below the source chart is D1. {image} {image}
yes that’s what I mean. They will be printed but not made permanent until the current candle closes. A temporary renko brick is grounds for an entry or do we need to wait for a permanent brick ? More so than entry I’m concerned about the exit cause you can always time a permanent green brick to enter on, but the exit can be tricky. For all I know price can wick up 40 pips painting 4 temporary red bricks before the m1 candle closes. Do we get out on these temporary swings during candle formation or wait them out ? Cause if price goes against you, say, 40 pips then we missed our exit on first red brick by over 30 pips!
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  • #2,729
  • Jul 7, 2020 2:54pm Jul 7, 2020 2:54pm
Quoting tiestobob
{quote} yes that’s what I mean. They will be printed but not made permanent until the current candle closes. A temporary renko brick is grounds for an entry or do we need to wait for a permanent brick ? More so than entry I’m concerned about the exit cause you can always time a permanent green brick to enter on, but the exit can be tricky. For all I know price can wick up 40 pips painting 4 temporary red bricks before the m1 candle closes. Do we get out on these temporary swings during candle formation or wait them out ? Cause if price goes against...
On my chart above no Renko brick needed the daily candle to close in order to become permanent
  • #2,730
  • Jul 7, 2020 7:47pm Jul 7, 2020 7:47pm
Quoting Hutch
{quote} On my chart above no Renko brick needed the daily candle to close in order to become permanent
what renko generator are you using? It should be on m1. Why is it on daily? I was referring to m1 candle needing to be closed in order for bricks to be permanent.
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  • #2,731
  • Jul 8, 2020 2:01pm Jul 8, 2020 2:01pm
Quoting tiestobob
{quote} what renko generator are you using? It should be on m1. Why is it on daily? I was referring to m1 candle needing to be closed in order for bricks to be permanent.
I use the STG Renko chart indicator. You can use M1 to MN periods on the source chart but if you use high timeframes it will only work efficiently if the source chart is on a VPS. The remote indicator is to be put on the Renko chart that has been produced by the STG Renko chart and will allow you to change the brick size on the source chart.
Attached File(s)
File Type: ex4 STG_RenkoChart.ex4   143 KB | 536 downloads
File Type: ex4 STG_RenkoChart_Remote.ex4   117 KB | 573 downloads
  • #2,732
  • Jul 8, 2020 11:55pm Jul 8, 2020 11:55pm
Thanks Hutch.

is anyone trading this system still? Any feedback on experience would be appreciated.
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  • #2,733
  • Jul 9, 2020 6:34am Jul 9, 2020 6:34am
Quoting tiestobob
Thanks Hutch. is anyone trading this system still? Any feedback on experience would be appreciated.
Yes and it works very well as you can see. Brick size is $5. A few thousands on a trade that is still open is never bad
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  • #2,734
  • Jul 9, 2020 6:38am Jul 9, 2020 6:38am
Quoting Hutch
{quote} Yes and it works very well as you can see. Brick size is $5. A few thousands on a trade that is still open is never bad {image}
Almost hit my stop loss but luck was on my side
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  • #2,735
  • Jul 9, 2020 6:45am Jul 9, 2020 6:45am
Quoting Hutch
{quote} Almost hit my stop loss but luck was on my side {image}
My luck ran out at 37 pips
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  • #2,736
  • Jul 9, 2020 8:22am Jul 9, 2020 8:22am
Quoting Hutch
{quote} My luck ran out at 37 pips {image}
Dear Hutch ! nice work ! may i ask you what is your renko brick and what is your strategy and indicators?
i am a renko fan and interested in your trading style
thanks
  • #2,737
  • Jul 9, 2020 11:18am Jul 9, 2020 11:18am
Quoting Hutch
{quote} Yes and it works very well as you can see. Brick size is $5. A few thousands on a trade that is still open is never bad {image}
so other than your brick size being 5 and OP’s 10 do you still follow same strategy as OP?
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  • #2,738
  • Jul 10, 2020 10:44am Jul 10, 2020 10:44am
Quoting arya.aryaee
{quote} Dear Hutch ! nice work ! may i ask you what is your renko brick and what is your strategy and indicators? i am a renko fan and interested in your trading style thanks
Quoting tiestobob
{quote} so other than your brick size being 5 and OP’s 10 do you still follow same strategy as OP?
The key to this strategy is to follow the half trend arrows and check if the Fx Bay MACD line is above or below zero. You can go long when you get a half trend arrow and the Fx Bay MACD line is above zero. The opposite is true for short trades. Entering into a trade is very easy but getting out of it is not. You can get out of the trade:
1. On the first opposite half trend arrow. This is the most conservative option;
2. Wait until the Fx Bay MACD crosses the zero line;
3. After a number of Renko bricks (I normally use 3), or a little more if I’m making a good profit as seen in the chart in post 2,735 above.
This is an aggressive option and it doesn't always work.

I like to use 5 pips Renko bricks for low ATR pairs (less than 100 pips/day like EURUSD and USDJPY) and 10 pips Renko for high ATR pairs (more than 100 pips/day like most GBP pairs). For CFDs it's best to use 5 pips Renko bricks for high value CFDs (NASDAQ, DJ30, etc.). For low value CFDs (oil and natural gas) I use 10 pips Renko bricks. Please note that for the chart in post 2,735 the setting of the STG Renko Chart indicator is 5.0 or $5 but the STG Remote chart indicator translated the 5.0 into 0.5. It's an inconsistency of STG Renko.

The zip file contains the template and indicators. Please note that the use of the MA cross alert is optional.
Attached File(s)
File Type: zip FxBay Strategy.zip   251 KB | 1,098 downloads
  • #2,739
  • Jul 10, 2020 2:19pm Jul 10, 2020 2:19pm
Quoting Hutch
{quote} {quote} The key to this strategy is to follow the half trend arrows and check if the Fx Bay MACD line is above or below zero. You can go long when you get a half trend arrow and the Fx Bay MACD line is above zero. The opposite is true for short trades. Entering into a trade is very easy but getting out of it is not. You can get out of the trade: 1. On the first opposite half trend arrow. This is the most conservative option; 2. Wait until the Fx Bay MACD crosses the zero line; 3. After a number of Renko bricks (I normally use 3), or a little...
Dear Hutch! it was very generously! thankyou
  • #2,740
  • Jul 10, 2020 11:59pm Jul 10, 2020 11:59pm
Quoting Hutch
{quote} {quote} The key to this strategy is to follow the half trend arrows and check if the Fx Bay MACD line is above or below zero. You can go long when you get a half trend arrow and the Fx Bay MACD line is above zero. The opposite is true for short trades. Entering into a trade is very easy but getting out of it is not. You can get out of the trade: 1. On the first opposite half trend arrow. This is the most conservative option; 2. Wait until the Fx Bay MACD crosses the zero line; 3. After a number of Renko bricks (I normally use 3), or a little...
thanks for sharing Hutch!
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