Profitable Renko strategy that needs to be turned into an EA | Forex Factory

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Profitable Renko strategy that needs to be turned into an EA

  • #1
  • First Post: Oct 23, 2020 5:30pm Oct 23, 2020 5:30pm
Hey Guys!

First Post however I am a long time lurker in the shadows of forex factory. I have been using a strategy that has average profitability using 10 pip renko and a 50 EMA. The downfall of this strategy is the frequency of trades as I have only been trading it during the london session so this strategy would greatly benefit it being tunred into an EA for further backtesting.

The Strategy:

BUY IF =A Red Candle followed by 2 consecutive Green Candle is formed and current price (Open of 4th Candle) is Above or touching the 50 EMA.
SELL IF = A Green Candle followed by 2 consecutive Red Candle is formed and current price (Open of the 4th Candle) is below or touching the 50 EMA.

This seems simple enough and yet I have been unable to find an EA close to this.
Any help is greatly appreciated to turning this simple Renko Strategy into an EA!
  • #2
  • Oct 23, 2020 6:42pm Oct 23, 2020 6:42pm
Forgot to mention about SL. Sl will be at the Open of the Red Candle for a buy and Green Candle in a Sell Setup.
  • #3
  • Oct 23, 2020 7:17pm Oct 23, 2020 7:17pm
Quoting JukeMasterIV
Hey Guys! First Post however I am a long time lurker in the shadows of forex factory. I have been using a strategy that has average profitability using 10 pip renko and a 50 EMA. The downfall of this strategy is the frequency of trades as I have only been trading it during the london session so this strategy would greatly benefit it being tunred into an EA for further backtesting. The Strategy: BUY IF =A Red Candle followed by 2 consecutive Green Candle is formed and current price (Open of 4th Candle) is Above or touching the 50 EMA. SELL IF = A...
There is no mathematical or statistical logic behind using candle color change in renko.. you need more data to take a desicion in a consistent or reliable way

neing there, done that, just my 2 cents
  • #4
  • Oct 23, 2020 7:19pm Oct 23, 2020 7:19pm
Thank you J Master4 and wish you all the best here,on your trading system - already looks good,I got a picture of this in my head even before going to the charts,something profitable and worth losing some sleep,any more information,please share.
  • #5
  • Oct 23, 2020 7:26pm Oct 23, 2020 7:26pm
Negativity begins before much positive input,I just ignored that circus clown,I really don't care what % he's part of in FF means nothing to me,again people has no discipline towards guys like JukeMaster IV and others. I hope he stays in Venezuela as a full time trader and don't migrate here.
  • #6
  • Oct 23, 2020 7:48pm Oct 23, 2020 7:48pm
Quoting JukeMasterIV
Forgot to mention about SL. Sl will be at the Open of the Red Candle for a buy and Green Candle in a Sell Setup.
Can you explain more or show a chart with the setup?

If a red candle on Renko closes, the actual price is BELOW the close of the candle. Your SL for buy is at OPEN of red candle which is the TOP of red candle. This means your SL is in profit territory, impossible to execute.
  • #7
  • Oct 23, 2020 7:51pm Oct 23, 2020 7:51pm
Quoting JukeMasterIV
Hey Guys! First Post however I am a long time lurker in the shadows of forex factory. I have been using a strategy that has average profitability using 10 pip renko and a 50 EMA. The downfall of this strategy is the frequency of trades as I have only been trading it during the london session so this strategy would greatly benefit it being tunred into an EA for further backtesting. The Strategy: BUY IF =A Red Candle followed by 2 consecutive Green Candle is formed and current price (Open of 4th Candle) is Above or touching the 50 EMA. SELL IF = A...
Keep in mind that what you see back in history isn't what happened in real time ... Renko candles repaint. Just let your chart running 1 full day ... screenshot the chart ... then reload your renko builder and compare the new chart. The reloaded chart will look way more perfect!

So if you built your strategy by looking at the history, you will be very disappointed trading it live.
MT4/MT5 EAs/Indicators/Alerts coder
  • #8
  • Oct 23, 2020 7:54pm Oct 23, 2020 7:54pm
Quoting scsstnt
Negativity begins before much positive input,I just ignored that circus clown,I really don't care what % he's part of in FF means nothing to me,again people has no discipline towards guys like JukeMaster IV and others. I hope he stays in Venezuela as a full time trader and don't migrate here.
Means a lot good sir, my intention wasnt to start any quarrel but glad to have you on my side!
  • #9
  • Oct 23, 2020 8:04pm Oct 23, 2020 8:04pm
Quoting tommydoginti
{quote} Can you explain more or show a chart with the setup? If a red candle on Renko closes, the actual price is BELOW the close of the candle. Your SL for buy is at OPEN of red candle which is the TOP of red candle. This means your SL is in profit territory, impossible to execute.
My apologise for being so clumsy in my writing. Attached are the pictures for further reference and yes you are right. I meant to say at the Open of the Candle.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Buy Setup.png Size: 52 KB
Click to Enlarge Name: Sell Setup.png Size: 51 KB
  • #10
  • Oct 23, 2020 8:07pm Oct 23, 2020 8:07pm
Quoting FerruFx
{quote} Keep in mind that what you see back in history isn't what happened in real time ... Renko candles repaint. Just let your chart running 1 full day ... screenshot the chart ... then reload your renko builder and compare the new chart. The reloaded chart will look way more perfect! So if you built your strategy by looking at the history, you will be very disappointed trading it live.
You are definitely right if we were using an ATR based Renko. We are going to be using a tradiitonal 10 pip renko so there isnt going to be a chance of repainting.
  • #11
  • Oct 23, 2020 8:21pm Oct 23, 2020 8:21pm
Hey JukeMaster, as someone that trades renko I feel I should point out that using a 60 minute timeframe for renko charts won't work for entering trades. I use Tradingview for my charting and use the "1 second" timeframe while trading renko. You need to do this. The way it appears you're running it on a 60 minute timeframe means that the renko bricks won't offically print until that hour closes/
  • #12
  • Oct 23, 2020 8:26pm Oct 23, 2020 8:26pm
Quoting FerruFx
{quote} Keep in mind that what you see back in history isn't what happened in real time ... Renko candles repaint. Just let your chart running 1 full day ... screenshot the chart ... then reload your renko builder and compare the new chart. The reloaded chart will look way more perfect! So if you built your strategy by looking at the history, you will be very disappointed trading it live.
I wrote a script (also some freely available) on TradingView to show Renko LEVEL (not officially a Tenko chart). Not repaint. Best to work with 1min chart for tightest close price - renko level sync. May help to do backtest with less curve fitting


just a screenshot. Please ignore the annotations as it has nothing to do with this strategy
Attached Image (click to enlarge)
Click to Enlarge Name: 294DF1B2-04D0-4268-B005-F1247703EED1.png Size: 151 KB
  • #13
  • Oct 23, 2020 9:06pm Oct 23, 2020 9:06pm
Quoting JukeMasterIV
{quote} You are definitely right if we were using an ATR based Renko. We are going to be using a tradiitonal 10 pip renko so there isnt going to be a chance of repainting.
Common renko builder ... that's what I was referring. The repainting has been proved by me and others here on FF for years.
MT4/MT5 EAs/Indicators/Alerts coder
  • #14
  • Oct 23, 2020 9:08pm Oct 23, 2020 9:08pm
Quoting tommydoginti
{quote} I wrote a script (also some freely available) on TradingView to show Renko LEVEL (not officially a Tenko chart). Not repaint. Best to work with 1min chart for tightest close price - renko level sync. May help to do backtest with less curve fitting just a screenshot. Please ignore the annotations as it has nothing to do with this strategy {image}
Yes 1min is the best timeframe to build renko from for a less repainting behaviour.
MT4/MT5 EAs/Indicators/Alerts coder
  • #15
  • Oct 23, 2020 9:34pm Oct 23, 2020 9:34pm
Quoting JukeMasterIV
{quote} Means a lot good sir, my intention wasnt to start any quarrel but glad to have you on my side!
Respect here bro always
  • #16
  • Oct 23, 2020 11:33pm Oct 23, 2020 11:33pm
Quoting scsstnt
Negativity begins before much positive input,I just ignored that circus clown,I really don't care what % he's part of in FF means nothing to me,again people has no discipline towards guys like JukeMaster IV and others. I hope he stays in Venezuela as a full time trader and don't migrate here.
My experience REALLY got you THAT triggered out of no where? seriously? ok, go ahead and "test" this strategy with a live account and come back and prove me and everyone else wrong.. go ahead we can wait =)
  • #17
  • Oct 23, 2020 11:36pm Oct 23, 2020 11:36pm
Quoting FerruFx
{quote} Keep in mind that what you see back in history isn't what happened in real time ... Renko candles repaint. Just let your chart running 1 full day ... screenshot the chart ... then reload your renko builder and compare the new chart. The reloaded chart will look way more perfect! So if you built your strategy by looking at the history, you will be very disappointed trading it live.
True IF you use:

1.- ANY kind of ATR based bricks.. ALL of them repaints (ATR right from the start its a stupid idea with renko)

2.- ALL "free" mt4 renko generators are either not reliable or they have no idea how to build a renko chart, like using a "timeframe" as a candle "close" lmao


there is ONLY 1 generator for the mt4 enviroment that its reliable and doesnt repaint at all.. but its commercial; everything else its trash
  • #18
  • Oct 24, 2020 1:02am Oct 24, 2020 1:02am
Quoting havo
{quote} My experience REALLY got you THAT triggered out of no where? seriously? ok, go ahead and "test" this strategy with a live account and come back and prove me and everyone else wrong.. go ahead we can wait =)
I have been using this on a live account but it’s only been averagely profitable. The reason why I’m looking to turn this into an EA is because I miss some of the best trades when I’m not sitting at the computer.
  • #19
  • Oct 24, 2020 1:04am Oct 24, 2020 1:04am
Quoting havo
{quote} True IF you use: 1.- ANY kind of ATR based bricks.. ALL of them repaints (ATR right from the start its a stupid idea with renko) 2.- ALL "free" mt4 renko generators are either not reliable or they have no idea how to build a renko chart, like using a "timeframe" as a candle "close" lmao there is ONLY 1 generator for the mt4 enviroment that its reliable and doesnt repaint at all.. but its commercial; everything else its trash
You really need to read previous posts. I clearly replied to the other gentleman that we’ll be using a traditional Renko 10 pip chart. Furthermore, I’ve not been or ever have used a Renko on MT4. I am very reliant on the TradingView for most of my trading analysis.
  • #20
  • Oct 24, 2020 2:57am Oct 24, 2020 2:57am
Quoting havo
{quote} True IF you use: 1.- ANY kind of ATR based bricks.. ALL of them repaints (ATR right from the start its a stupid idea with renko) 2.- ALL "free" mt4 renko generators are either not reliable or they have no idea how to build a renko chart, like using a "timeframe" as a candle "close" lmao there is ONLY 1 generator for the mt4 enviroment that its reliable and doesnt repaint at all.. but its commercial; everything else its trash
Not sure about your no.2. To my understanding, Renko chart based on “close” must need a timeframe to rely on in order to obtain the “close price” info and draw a chart. If the chart is based on “High/Low” then it is tick data and independent of time. Of course it is also not difficult to program it, just H/L Renko is more choppy. The most “art” part would be where to draw the first Renko level, not 0.0000 for every one.

Or I am wrong with concept of Renko
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