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Renko Trading Discussion

  • #1,621
  • Mar 3, 2021 3:05am Mar 3, 2021 3:05am
Morning Matt, I hope you are well. I have been meaning to ask you - what is the <magic number of trades> for in the script setup? Cheers, Dave
Everything should be made as simple as possible, but no simpler - Einstein
  • #1,622
  • Mar 3, 2021 3:24am Mar 3, 2021 3:24am
Quoting Davidh061
Morning Matt, I hope you are well. I have been meaning to ask you - what is the <magic number of trades> for in the script setup? Cheers, Dave
Hi Dave,

In MT4 terminology, an order has a property named "Magic Number", which is an integer number. It is a way to label an order with a unique ID so that later an EA/Script can filter out the orders based on Magic Number. For manual trades that are open by traders (without the help of EAs/Scripts), the Magic Number of the orders is set to zero. I have made it available in the input settings to let people use it to capture automatic screenshots of their EAs entries/exits. You can safely leave it zero.

Best,
Matt
Trading is the hardest way to make easy money...
  • #1,623
  • Mar 3, 2021 3:31am Mar 3, 2021 3:31am
Quoting MathTrader7
{quote} Hi Dave, In MT4 terminology, an order has a property named "Magic Number", which is an integer number. It is a way to label an order with a unique ID so that later an EA/Script can filter out the orders based on Magic Number. For manual trades that are open by traders (without the help of EAs/Scripts), the Magic Number of the orders is set to zero. I have made it available in the input settings to let people use it to capture automatic screenshots of their EAs entries/exits. You can safely leave it zero. Best, Matt
Hi Matt, it is good to learn something new everyday Many thanks, Dave
Everything should be made as simple as possible, but no simpler - Einstein
  • #1,624
  • Mar 4, 2021 2:56am Mar 4, 2021 2:56am
DAX short +20 and a +3 earlier:
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 46357903_open.png Size: 26 KB
Click to Enlarge Name: 46357903_close.png Size: 25 KB
Everything should be made as simple as possible, but no simpler - Einstein
  • #1,625
  • Mar 5, 2021 11:56am Mar 5, 2021 11:56am
Quoting MathTrader7
Version 1.2 of Renko Parabolic SAR EA released. In this version the EA employs an ATR based trailing stop. I updated Post 1. {image}
hello sorry to bother you and nice to meet you and all that jaz

how are you preforming back tests on renko is it based on bar close?

if it isnt based on bar close would you mind giving a discription or directing me to where you learnt to run a backtest on renko as i have few things i would like to see visually in running market (within a back test not on bar close)

is visually watching the backtest still and option

thankyou for your time and contributions any help or wisdom would be much appreciated
  • #1,626
  • Mar 14, 2021 5:52pm Mar 14, 2021 5:52pm
Greetings, I have been following the thread of this topic for a long time and I am a big fan of Renko charts, as a novice trader, operating manually can sometimes be quite difficult as I cannot control emotions, that is why I am quite inclined towards creation of EAs despite not knowing how to program, after trying many builders and a lot of work and study it seems that I was finally able to do something that works and provides profits.

That is why I want to share my EA for those who like to use it in Demo account and we can share different settings with different results.

The EA has a basic configuration; If the previous bar is lower than the closed bar and is above the Moving Average of x periods, it will open a buy.

In the same way for sales; If the previous bar is higher than the current closed bar and is below the Moving Average of x period, the sale enters.

With these parameters in mind; the configuration that changes is the size of the Renko blocks, the TP and SL in pips, the period of the moving average and the risk in Martingale (if this EA has Martingale)
In the examples of the images I use Renko Blocks of 5 pips in three currency pairs (EURUSD, GBPUSD and GBPJPY)

Each pair has a different TP and SL configuration:
EURUSD TP and SL is 25 pips (1: 1 ratio)
GBPUSD 15 pips (1: 1 ratio)
GBPJPY 25 pips (1: 1 ratio)

They all have a moving average of 8 periods

And the Martingale is double, you can also increase the risk as you go, obtaining a greater benefit in the account but I do not recommend it (you can also disable the martingale and use a ratio greater than 1: 1 for better benefits)

I leave the images and the file for your use with discretion.
I am not responsible for the misuse of this EA or for total and partial losses of its capital.

Pd: I opened a very small ECN demo account of 75 Dlls I have entered the EA in a VPS since Wednesday 10/03/2021 at night and today 14/03/2021 has a profit of 37 Dlls, I know that he still has there is still a long way to go to the EA and even improve it but I am very excited about the results
Attached Image(s) (click to enlarge)
Click to Enlarge Name: cap.jpg Size: 447 KB
Click to Enlarge Name: parametros GBPJPY.jpg Size: 409 KB
Click to Enlarge Name: parametros GBPUSD.jpg Size: 529 KB
Click to Enlarge Name: resultados.jpg Size: 633 KB
Attached File(s)
File Type: ex4 R_Mattingala.ex4   27 KB | 446 downloads
File Type: mq4 R_Mattingala.mq4   23 KB | 479 downloads
  • #1,627
  • Mar 17, 2021 11:58am Mar 17, 2021 11:58am
What is the box size?
These violent delights have violent ends.
  • #1,628
  • Mar 17, 2021 12:04pm Mar 17, 2021 12:04pm
Quoting Kadosh
What is the box size?
If you run backtests on the same currency with different brick sizes, you'll get widely varying results.
Optimizing for brick size is one of the most important tasks for renko system traders, IMO
  • #1,629
  • Mar 17, 2021 1:27pm Mar 17, 2021 1:27pm
Quoting jack2237
{quote} If you run backtests on the same currency with different brick sizes, you'll get widely varying results. Optimizing for brick size is one of the most important tasks for renko system traders, IMO
I know it. That is why I asked the author of the EA as long as I thought he made some tests. And by the way -backtesting renko is useless.
These violent delights have violent ends.
  • #1,630
  • Mar 17, 2021 4:20pm Mar 17, 2021 4:20pm
Quoting jack2237
{quote} If you run backtests on the same currency with different brick sizes, you'll get widely varying results. Optimizing for brick size is one of the most important tasks for renko system traders, IMO
Nop, not even close!! Also why you feel the "need" for this when renko is symmetric by nature? for a robust trading logic, the pip size doesn't matter and change it wont give you any advantage other than the speed of painting.. Other than adjust the targets accordingly, the result will always be the same
  • #1,631
  • Mar 17, 2021 4:58pm Mar 17, 2021 4:58pm
Quoting havo
{quote} Nop, not even close!! Also why you feel the "need" for this when renko is symmetric by nature? for a robust trading logic, the pip size doesn't matter and change it wont give you any advantage other than the speed of painting.. Other than adjust the targets accordingly, the result will always be the same
Technically you are correct but Renko generators don't work exactly the same way so you could get different results even using the same brick size.
The first chart M10 was produced with the OVO Renko generator, the second M68 by STS Renko no wicks and the third M68 chart was also produced by STS Renko but with wicks. All use use the same template. Both charts with wicks produce a few losing trades while the chart with no wicks doesn't produce any losing trade. This is why, unlike many traders, I don't use wicks. The conclusion can only be that how the Renko chart is built affect the results.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURUSDM10.png Size: 36 KB
Click to Enlarge Name: EURUSDM68.png Size: 35 KB
Click to Enlarge Name: EURUSDM68-2.png Size: 37 KB
  • #1,632
  • Mar 17, 2021 5:32pm Mar 17, 2021 5:32pm
Quoting Hutch
{quote} Technically you are correct but Renko generators don't work exactly the same way so you could get different results even using the same brick size. The first chart M10 was produced with the OVO Renko generator, the second M68 by STS Renko no wicks and the third M68 chart was also produced by STS Renko but with wicks. All use use the same template. Both charts with wicks produce a few losing trades while the chart with no wicks doesn't produce any losing trade. This is why, unlike many traders, I don't use wicks. The conclusion can only be...
Are you using the same broker for all 3 of the generators? Because whether or not wicks are enabled, a new brick should print and the same spots which isn't the case in the pics above

Edit: To be more specific, it's after the 5 consecutive red bricks. The top pic has 2 blue bricks then prints a red brick, while the bottom two pics have 4 blue bricks in a row.
  • #1,634
  • Mar 18, 2021 5:46am Mar 18, 2021 5:46am
Quoting ccrkk10
{quote} Are you using the same broker for all 3 of the generators? Because whether or not wicks are enabled, a new brick should print and the same spots which isn't the case in the pics above Edit: To be more specific, it's after the 5 consecutive red bricks. The top pic has 2 blue bricks then prints a red brick, while the bottom two pics have 4 blue bricks in a row.
The 3 charts were made using the same template with the same broker. Depending on the strategy used wicks can be good or not. It's a matter of choice. In that strategy the half trend indicator prints the arrows and obviously it works differently depending if Renko bricks have wicks or not. Please take a look at MathTrater7 Renko type pictures in this thread and you will see that there are other types of Renko bricks that can be produced Non-gap Renko Chart Creator EA | Forex Factory. If you add wicks to the 3 pictures of bricks shown it would be 6 Renko brick types. As you can see traders have lots of choices when it comes to choosing the type of Renko bricks.
  • #1,635
  • Mar 18, 2021 5:57am Mar 18, 2021 5:57am
Quoting Hutch
{quote} The 3 charts were made using the same template with the same broker. Depending on the strategy used wicks can be good or not. It's a matter of choice. In that strategy the half trend indicator prints the arrows and obviously it works differently depending if Renko bricks have wicks or not. Please take a look at MathTrater7 Renko type pictures in this thread and you will see that there are other types of Renko bricks that can be produced Non-gap Renko Chart...
Hi Hutch,

I agree it is very much to do with trading style and personal choice whether wicks are used or not. Personally I prefer not to use wicks because I find the charts a bit cluttered with wicks. I don't find any particular advantage using wicks in the way that I trade, but I'm sure other styles will find the wicks useful - as you say, lots of choices! Cheers, Dave
Everything should be made as simple as possible, but no simpler - Einstein
  • #1,636
  • Mar 18, 2021 7:46am Mar 18, 2021 7:46am
Hi Dave,

I've been studying your charts trying to align to your trading method but I can't figure out why some of the trades are taken, I think I must be missing 1 piece of the jigsaw in my head.

Could you expand for me, the 4th March (was the last trade chart posted), why you would have chosen that entry point for the short.

Cheers
PG
  • #1,637
  • Mar 18, 2021 8:26am Mar 18, 2021 8:26am
Quoting pgtips
Hi Dave, I've been studying your charts trying to align to your trading method but I can't figure out why some of the trades are taken, I think I must be missing 1 piece of the jigsaw in my head. Could you expand for me, the 4th March (was the last trade chart posted), why you would have chosen that entry point for the short. Cheers PG
Hi pgtips, just having to remind myself why I took it! There had been a test of the 14050 zone late on (UK time) on the previous day, the market tested this level twice on the 4th before retracing. Not too much noise from the previous long movement apart from a multiple retest around 14010 so this is where I closed it for +20, which worked out nicely because if I had left it expecting it to go to at least 14000 it would have stopped out my trailing stop. The multiple reverse bricks in a group at around 14010 can often cause problems! I tend to look at 2 charts - a 10pip chart for the big picture, and the 5 pip chart for the detail on deciding whether to take the trade. In this instance there where two tests of the 14050 zone on the previous day on the 10 pip chart. Its easy to do that when only trading on one instrument! Cheers, Dave
Everything should be made as simple as possible, but no simpler - Einstein
  • #1,638
  • Mar 18, 2021 8:38am Mar 18, 2021 8:38am
Quoting pgtips
Hi Dave, I've been studying your charts trying to align to your trading method but I can't figure out why some of the trades are taken, I think I must be missing 1 piece of the jigsaw in my head. Could you expand for me, the 4th March (was the last trade chart posted), why you would have chosen that entry point for the short. Cheers PG
Just to add to my previous post, this is what today looks like on the DAX so far, I took a long trade at 14735 for +10, but missed the nice opportunity to open on the 14700 line. Cheers, Dave
Attached Image (click to enlarge)
Click to Enlarge Name: GER30 18_03c.png Size: 64 KB
Everything should be made as simple as possible, but no simpler - Einstein
  • #1,639
  • Mar 18, 2021 8:49am Mar 18, 2021 8:49am
thank you, I'll study those. I'm also UK, Renko and DAX but not quite got to grips with it yet !
  • #1,640
  • Mar 18, 2021 8:56am Mar 18, 2021 8:56am
Quoting pgtips
thank you, I'll study those. I'm also UK, Renko and DAX but not quite got to grips with it yet !
No problem PG, good luck with it! Dave
Everything should be made as simple as possible, but no simpler - Einstein
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