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  • #321
  • Aug 18, 2020 1:16am Aug 18, 2020 1:16am
Tradingview has the Standard Renko chart, the only options to choose are ATR based or traditional to setup manuel brick size.
So my view to MT4 Renko is that every coder has his own math for creating renko, could someone confirm it?
Next week i will try the trial from ovo to run some tests and compare to the common Renko from FF. ( Maybe i get it done this week).

@David simple S/R Lines on your chart or Pivot Points ?
  • #322
  • Aug 18, 2020 1:23am Aug 18, 2020 1:23am
Quoting Mr.Tea
Tradingview has the Standard Renko chart, the only options to choose are ATR based or traditional to setup manuel brick size. So my view to MT4 Renko is that every coder has his own math for creating renko, could someone confirm it? Next week i will try the trial from ovo to run some tests and compare to the common Renko from FF. ( Maybe i get it done this week). @David simple S/R Lines on your chart or Pivot Points ?
Hi Mr Tea, simple S/R lines, no pivots. I mark up the big numbers on the DAX because there can be a fair amount of choppy swings around these levels, but not always I just tend to avoid them. Other than that its simple S/R and occasional trend line. Cheers, Dave
Everything should be made as simple as possible, but no simpler - Einstein
  • #323
  • Aug 18, 2020 1:36am Aug 18, 2020 1:36am
Quoting Davidh061
{quote} Hi Mr Tea, simple S/R lines, no pivots. I mark up the big numbers on the DAX because there can be a fair amount of choppy swings around these levels, but not always I just tend to avoid them. Other than that its simple S/R and occasional trend line. Cheers, Dave
Round Numbers works pretty good!
Yeah your right^^ do you switch from Renko to Candlestick or stay at one chart?
Renko is fascinating, there is so much to test and learn to get a nice solid system.
  • #324
  • Aug 18, 2020 1:41am Aug 18, 2020 1:41am
Quoting Thebulldawg
@Hutch Thank you for all your input, as well as all members here. I am an experienced price action trader but am new to renko and boy is it cool to me! I have a couple of questions for you particularly if you don't mind: 1. why is it important to have a m67 TF if renko doesn't take into account time at all? 2. to be more clear on your entry requirements, do you wait for all three to occur before you enter (arrow, half trend color change, and zero cross), or just one to? 3. I am having the same problem as a previous post with not enough bricks when...
Hi Mate, i can answer a couple of those questions for you, leave the trade entries questions for Hutch

1, As for the M67 it is essentially just a name for the template, so TF has nothing to do with it.

3, When you create a new chart to trade on make sure to download history for that asset before creating the Renko chart, this can be done by going to Tools - History, look for the asset you want to get history for and download it... or you can first open a standard M1 chart for that particular pair and scroll back manually with the arrow button on key board, takes a bit longer this way... maybe a minute for about a month worth of data, zoom in 100% on the chart before you scroll. I usually load about a month of M1 data for a Renko chart as it's usually enough for a full chart.

the pic below is my Master Template for the Pairs I trade, make a Master and save it for easy loading each day etc.

also shown is the STG RenkoChart indi settings for EURUSD, on the 3rd line is 'Offline Timeframe start' (in other words Name for the chart). 66 is the starting number, each subsequent indi loaded will make a new chart with the next number in the sequence M67, M68 etc. you can change the starting number if you want something different.

the EURUSD chart was the first one made, for any following copies of STG RenkoChart indi loaded make sure to insert Symbol Name in the 'Use other price feed symbol' line so that a new 'M' chart will be made for that symbol.

make sure to put a Template name in the indi settings for the Renko chart that you want to trade on to open when the 'M' button is clicked on the Master chart. Mine is 'Renko Trade' saved as a template
i have 4 loaded as you can see, M67 - M70
After opening the Renko Trade chart for EURUSD by clicking on the M67 button at bottom right of screen is to increase the brick size on the Renko Trade chart using the Up/Down buttons, then put it back to the setting i want, ex: 10 pips up to 11 pips then back to 10 pips, this insures correct bricks and price displayed. You need to have the STG Remote indi on the trading chart for this.

hope you don't mind me jumping in to explain this
cheers

Attached Image (click to enlarge)
Click to Enlarge Name: Renko Master Temp.PNG Size: 85 KB
  • #325
  • Aug 18, 2020 1:46am Aug 18, 2020 1:46am
Quoting Mr.Tea
{quote} Round Numbers works pretty good! Yeah your right^^ do you switch from Renko to Candlestick or stay at one chart? Renko is fascinating, there is so much to test and learn to get a nice solid system.
Hi MrTea, I just work from the Renko charts, no candles other than the M1 chart to generate the offline Renko chart, but I don't use the M1 chart for trading. I also find Renko fascinating, it has taken me a while to really understand how to use it - a lot of mistakes! Now I don't use anything else, and I only trade on the DAX because I can get something out of it most days using the 5 pip and 10 pip charts. I also think you have to be very comfortable with the "flavour" of Renko that you use, personally I have got used to this style of non gap Renko which is MathTrader7's EA. Cheers, Dave
Everything should be made as simple as possible, but no simpler - Einstein
  • #326
  • Aug 18, 2020 2:05am Aug 18, 2020 2:05am
Oh yes after a few years of education/ practicing in normal TA charting i was quiet happy to see something different!
Without mistakes we have no improvement, so its quiet necessary to burn Fingers, to get better and better. I get burned too xD
Cool, nice to hear.
At the beginning i observed both renko and candles, to get a better understanding. After this process i start to watch Renko only and add some S/R, Zones etc.
I tried Math Renko for two weeks but personal i dont like it...
  • #327
  • Aug 18, 2020 2:17am Aug 18, 2020 2:17am
Hi,
I too am new to Renko and am trialing some ideas alongside my normal trading.
below is my chart set up with Hutch's settings and some of jarfx05's ideas.
it's a work in progress, definitely not an expert Renko trader

Attached Image (click to enlarge)
Click to Enlarge Name: Renko Trade Temp.PNG Size: 94 KB
  • #328
  • Aug 18, 2020 2:25am Aug 18, 2020 2:25am
Quoting Mr.Tea
Oh yes after a few years of education/ practicing in normal TA charting i was quiet happy to see something different! Without mistakes we have no improvement, so its quiet necessary to burn Fingers, to get better and better. I get burned too xD Cool, nice to hear. At the beginning i observed both renko and candles, to get a better understanding. After this process i start to watch Renko only and add some S/R, Zones etc. I tried Math Renko for two weeks but personal i dont like it...
I agree the flavour of Renko you adopt is very personal. I think I have tried a variety of FF freebies and commercial offerings before I finally settled on this EA. I also started with both candles and Renko, but I got confused so stuck to the Renko only! I like things simple, less is more..

Just taken +12 on the DAX, again green line is entry, yellow dash SL. I guess I should have let it run but I would be breaking my own rules!
Attached Image (click to enlarge)
Click to Enlarge Name: GER30M4 18_08(2).png Size: 33 KB
Everything should be made as simple as possible, but no simpler - Einstein
  • #329
  • Aug 18, 2020 3:49am Aug 18, 2020 3:49am
Quoting Davidh061
{quote} I agree the flavour of Renko you adopt is very personal. I think I have tried a variety of FF freebies and commercial offerings before I finally settled on this EA. I also started with both candles and Renko, but I got confused so stuck to the Renko only! I like things simple, less is more.. Just taken +12 on the DAX, again green line is entry, yellow dash SL. I guess I should have let it run but I would be breaking my own rules! {image}
Everyone draw his own picture that we see, so a bit personal is allowed at the end i think we talk about the same system with diffrent rules. Some trader need a christmas tree on chart others love it clean, it doesnt matter.
You enter a trade after 10 pips and close on hitting S/R or on brick change ? Do you only trade Dax ? What if you hit a good trend?
  • #330
  • Aug 18, 2020 4:10am Aug 18, 2020 4:10am
Quoting Mr.Tea
{quote} Everyone draw his own picture that we see, so a bit personal is allowed at the end i think we talk about the same system with diffrent rules. Some trader need a christmas tree on chart others love it clean, it doesnt matter. You enter a trade after 10 pips and close on hitting S/R or on brick change ? Do you only trade Dax ? What if you hit a good trend?
I struggle with Christmas tree charts Once I've opened a trade at the reverse brick I close it at the completion of the first 10 pip brick, I'll do this two or three times, then maybe let the next run a bit more, so I end up with at least 30 pips per day which is generally possible most days on the DAX (yes I only trade the DAX now) although I only managed +10 yesterday because I don't like Monday mornings, and the afternoon was rubbish for my rules! The first trade today for +20 wasn't really intended; the market jumped +25 in a few seconds, the target was +10 so I was happy to take the +20 from it
Everything should be made as simple as possible, but no simpler - Einstein
  • #331
  • Aug 18, 2020 9:49am Aug 18, 2020 9:49am
Quoting JFphuket
{quote} Hi Mate, i can answer a couple of those questions for you, leave the trade entries questions for Hutch 1, As for the M67 it is essentially just a name for the template, so TF has nothing to do with it. 3, When you create a new chart to trade on make sure to download history for that asset before creating the Renko chart, this can be done by going to Tools - History, look for the asset you want to get history for and download it... or you can first open a standard M1 chart for that particular pair and scroll back manually with the arrow button...
Thanks so much helped a lot. For the template name I am using Hutchs system so I just apply it after the chart is created. Thanks for the help
  • #332
  • Aug 18, 2020 10:41am Aug 18, 2020 10:41am
Quoting Mr.Tea
{quote} Round Numbers works pretty good! Yeah your right^^ do you switch from Renko to Candlestick or stay at one chart? Renko is fascinating, there is so much to test and learn to get a nice solid system.

big round number (BRN) quarter (25,50,75) and psycho level, limit levels (daily/weekly/monthly) work very well in Renko, and also time based chart. Levels are levels
  • #333
  • Aug 18, 2020 11:29am Aug 18, 2020 11:29am
Quoting Mr.Tea
{quote} Hmm its hard for me to answer your questions because it looks like you dont have done enought research by your own... It looks like you are sitting on a table and want that i have to serve you dish by dish and you are only eating. There is no afford to read the hole thread or look for some other renko threads, otherwise you would know how to set up Renko. Im old and i teached a lot of people in other things but i was only teaching guys who wants to get knowledge. Im new to MT4,i spend one week to check how everything works and even how to...

thank you for your great effort to answer.
Your reply helps me a lot.

Shame, you dont publish your trading chart or analyse chart, I would be a big follower.fan of your library of knowledge

Before using trading view subscription to use Renko lower then daily, worth to study review of many trader about tradingview's renko design.

I would recommend all renko users to check the brick size and quality quantity of bricks in your offline chart, dont assume Renko flatten out isse of time based chart. In Renko or time based chart the accuracy, your aim is important, like you remote control a great dart arrow, but if you say one renko gives you two, and you hit target, it is just more luck then ability.

and the recommendation is for
Meanrenkobasechart
Doublemeanrenkobasechart
STG_renko
Tipu_Renko
RenkoLifechart i test V600 upwards
RenkoChartSuite i test V.3.3
renkolivecharts_pimped_v4_13
Renko_mod
RenkoFXbuilder
  • #334
  • Aug 18, 2020 11:34am Aug 18, 2020 11:34am
Quoting Davidh061
{quote} Hi NTK, I would echo some of Mr.Teas comments, I think with Renko you can keep it simple, just own a process that you are comfortable with and refine it until it is consistent. I you don't make it your own it will not work for you. I took 20 pips earlier this morning on the DAX, I'll probably take another 20 later. I use this Renko EA shown in the following chart, 10 pip bricks (20 pip reversal bricks), SL is the yellow dash, green line is the entry. I also use a 5 pip chart to examine the granularity of the potential trade before I commit...

thank you for your help.

"I also use a 5 pip chart to examine the granularity of the potential trade before I commit to it." thank for the idea.

For my part, I am not experienced in using Renko, so when it looks good on Renko, for trading I still go back to time based chart checking down 3 time frames to confirm my decision to wait or to trade ... mistrust of new technology and old habit never died ... a sign of pld age ... I guess.
  • #335
  • Aug 18, 2020 11:48am Aug 18, 2020 11:48am
Quoting ntk
{quote} thank you for your help. "I also use a 5 pip chart to examine the granularity of the potential trade before I commit to it." thank for the idea. For my part, I am not experienced in using Renko, so when it looks good on Renko, for trading I still go back to time based chart checking down 3 time frames to confirm my decision to wait or to trade ... mistrust of new technology and old habit never died ... a sign of pld age ... I guess.
Hi ntk,
The brick sizes I use on the DAX in general work OK because there is usually quite a lot of movement on an average day, these sizes may not be so useful on other instruments. On some currency pairs you might be waiting all day for a 20 pip reversal brick (if you are using this non gap Renko EA) to complete! Ok that's a bit of an exageration but I think you have to experiment to find the best brick size - one size definitely does not fit all. Cheers, Dave
Everything should be made as simple as possible, but no simpler - Einstein
  • #336
  • Edited 12:28pm Aug 18, 2020 12:11pm | Edited 12:28pm
Quoting Davidh061
{quote} Hi ntk, The brick sizes I use on the DAX in general work OK because there is usually quite a lot of movement on an average day, these sizes may not be so useful on other instruments. On some currency pairs you might be waiting all day for a 20 pip reversal brick (if you are using this non gap Renko EA) to complete! Ok that's a bit of an exageration but I think you have to experiment to find the best brick size - one size definitely does not fit all. Cheers, Dave
Very useful advise davidh061. I just subscribe.

to check quickly Renko_brick_size I would recommend from FXGenial.

What I found also helpful is use a renko with ATR for it to calculate the optimal brick size a few times, then I use that average down, to get close but not too granulate chart (what we dont want) .... again very subjective

I need to ask you all experienced Renko users a question Reko , but in relation to time based chart, back there on TF chart to determine there is a continuation/BO, you can use EMA12, EMA24 so see a proper consolidation area before the decisive move; here in Renko if you can not use EMA nor trend line what behaviour would tell you in front of you is continuation or a BO, or a fake breakout to be expected?


PS:
One more question david, when ppl trading DAX DOW where is it? On ICM I see De30 is it DAX!? I see also US30, US100, US500 what is what ? where is DOW?
  • #337
  • Aug 18, 2020 1:06pm Aug 18, 2020 1:06pm
Quoting ntk
{quote}PS: One more question david, when ppl trading DAX DOW where is it? On ICM I see De30 is it DAX!? I see also US30, US100, US500 what is what ? where is DOW?
Please note that all brokers don't use the same name for the assets they offer for trading. For your information De30 is the DAX 30, US30 is the DOW 30, US100 is the NASDAQ 100 and US500 is the S&P 500.
  • #338
  • Aug 18, 2020 1:22pm Aug 18, 2020 1:22pm
Choosing the right brick size for currency trading is quite easy but it's not exactly the same for CFDs. Here are examples for the DOW30. First chart Renko $5 bricks, second chart Renko $10 bricks and the last chart Renko $20 bricks. It's only a matter of choice and risk factors
Attached Image(s) (click to enlarge)
Click to Enlarge Name: DOW30-5.png Size: 40 KB
Click to Enlarge Name: DOW30-10.png Size: 40 KB
Click to Enlarge Name: DOW30-20.png Size: 40 KB
  • #339
  • Aug 18, 2020 1:34pm Aug 18, 2020 1:34pm
Quoting Mr.Tea
{quote} Hmm its hard for me to answer your questions because it looks like you dont have done enought research by your own... It looks like you are sitting on a table and want that i have to serve you dish by dish and you are only eating. There is no afford to read the hole thread or look for some other renko threads, otherwise you would know how to set up Renko. Im old and i teached a lot of people in other things but i was only teaching guys who wants to get knowledge. Im new to MT4,i spend one week to check how everything works and even how to...

I went through all your posts with and without attachment. before I asked. I saw you developed from using time based chart to renko now, but you have not mentioned the indicator you use in the low window of that post. it functions like STOCH, but not. Looks like a combined shaff ind. or a cycle indi , but not ...

Apropos thank you to you all, loads of very invaluable insights and advises here to learn in one day, I am sure other traders after me will valuable your support and advise very much.
  • #340
  • Aug 18, 2020 1:51pm Aug 18, 2020 1:51pm
Quoting Hutch
Choosing the right brick size for currency trading is quite easy but it's not exactly the same for CFDs. Here are examples for the DOW30. First chart Renko $5 bricks, second chart Renko $10 bricks and the last chart Renko $20 bricks. It's only a matter of choice and risk factors {image} {image} {image}
Looks interesting on DOW. I have implemented your system successfully and will begin some testing soon. Starting with 4 GBP pairs with ATR over 100, $10 bricks. Going to stay true to entry and exit rules. I am usually asleep during London session but don't necessarily want to use an EA at first so the GBP pairs may not be best for me, might try DOW for NY session as I am in the States. I may look at creating a dashboard however.

Thanks for the loads of info, seems like a really interesting way of trading and I'm excited!
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