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Renko Mt5 trading

  • #1
  • First Post: Mar 11, 2021 4:21pm Mar 11, 2021 4:21pm
Hi renko lovers lol,

I myself am a fan renko and love to test things out with renko. Just like many of you i too am a simple rookie trader with no coding experience. So let me tell you a summery of my journey so far with renko.

I first got to know renko about from one of renko threads here. Than saw MathTrader renko chart generator. From there did experimenting with his renko eas posted and spend a shit load of time back reading several years into the thread. Most of it is pretty out dated information and as for MathTraders EAs he keeps them updated with his available time. As i spent more time reading and finding new ways, i started using STGs renko charts and it made my life a little easy since i can change pip value easily.

I am like most people, sure as hell don't have the time look at the screen all day long and i prefer scalping than swing trading. May be its because im still a rookie trader and don't have the patience for swing trading, i don't know. The emotions that comes with trading etc i learnt with my little experience that trading with a robot was much better FOR ME

So just like the mass majority, i started to look for Free EAs, not all are ideal for renko trading the ones i found at least wasn't recommended from using in the past. But still i looked for alternatives. I bought a few EAs after understanding the logic behind the eas trade conditions, place the same indicators on a renko chart and see if its works.

But I face THREE problems,

The first being i may want to use a different indicator but that required paying to build for a new ea again which i wasn't too keen on.
The second being MT4 takes such a long time to back test and if you try to do optimization from it than RIP.
The third issue being back tests vs demo was very very different.

So i first spent for time finding out why the results were so different and the more i spent i time on it more i learnt of MT4 restrictions and finally decided to migrate to MT5.

Mainly 2 reasons to why the results differ.
1. Most of us using floating spreads and in the back tests it is not represented and the spread section from the tester is not good enough
2. Backtests process all tick data and demo/live process the most recent tick so there is no lag in price.

More time spent leaning on how to run renko charts on MT5, how to backrest properly and realized i needed to learn to code or at least the basics for small changes and ended up finding "EA Building Websites" and it was holly grail for me lol.

I still needed to learn the platform read forums and do troubleshooting myself because even if i dont have to code in this situation i still needed to have a good understanding on how ea executes conditions and indicator buffers.

Still, MT5 doesn't you place trade on a custom symbol and i after spending some time i managed to find a walk around.

So i decided to share my journey so far and share a MT5 Ea that can trade on custom symbols.

The purpose of making a new thread is for anyone interested in taking the time to optimize for best parameters via backtests, share results, teach people on how trade renko on MT5 and see how far we can develop it.

I will post it depending on the number of people interested. By default its limited to demo only.

The EA is pretty straight forward and simple. It uses HMA and its displayed with candles rather than a line.
A moving average (exponential).

Condition for buy/sell is HMA color and pip distance from last candle close.

Like i said its very basic. A system doesn't need to be too complicated to make it profitable so if people are interested in sharing their experience with renko so far and strategies lets try to automate them on mt5
Attached Image
  • #2
  • Mar 11, 2021 6:04pm Mar 11, 2021 6:04pm
Below is a partial optimization. From 2019.09.01 to 2020.12.31 with a walk forward 1/4. Reason i choose this period for this example was because of the pendemic and everything shut down, the market was so volatile and spreads were off the roofs. Since the main concept is trade based on price movement with no time factor involved it was a good option to test on this period first.

"DP" = Difference in pips between last candle open and MA

Iv attached a optimization screenshot and the back tests for one of the results.

Attached Image (click to enlarge)
Click to Enlarge Name: Optimization 1.JPG Size: 159 KB


The loss is higher than the win rate but since your riding the trend you will always make much more than what you loose. Again this is just the very basic method of trading renko so keep that in mind. The longest holidng was 6 days with the average holding time of 10 hours.

The huge drop circled in red. Thats the start of the walk forward. FYI

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Click to Enlarge Name: Part 4.JPG Size: 205 KB


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  • #3
  • Mar 12, 2021 7:49am Mar 12, 2021 7:49am
If your still not convinced renko trading via ea with mt5 is not a smart choice. Here is one more example

3 pip renko bricks
2018 September to March 2021
initial deposit: 100
Leverage 1:1000
Lot: 0.1

Net Profit: 9k

Attached Image (click to enlarge)
Click to Enlarge Name: Example 2.JPG Size: 122 KB


Il attach the full back test report for anyone curious to see it detail

https://ufile.io/z9zv2a5e
  • #4
  • Mar 12, 2021 8:36am Mar 12, 2021 8:36am
The above is my base line. Il give a very quick summery about it. The hull color dictates the trend. The MA is used to determine the trend and to avoid choppy zone. Hence the MA distance to candle close pips is taken into account before executing a trade. Once a trend starts, the distance increases and the optimal values are identified with extensive back testing.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD_3_PIPSM1.png Size: 46 KB

This is my new experiment thought i might just share since no one really cares anyway lol. Essentially im trying to trade renko like a grid system since each brick can be considered a grid. Below is a example of what im talking about. And like i said before, to determine the best optimal values for it depends on how well someone does their back tests. Even a perfect strategy when trading with a robot, using the wrong parameters can lead to very different results.

Attached Image

The basic idea is, when MA is whatever distance away and hull color shows a down trend, each time a parabolic sar appears, a new trade gets placed untill either the opposite hull color or parabolic SAR.

The results from above are below. I didn't take spread into consideration since my spread is usually less than 0.9 for EURUSD and my brick size is 3 pips.

Attached Image
  • #5
  • Mar 12, 2021 1:49pm Mar 12, 2021 1:49pm
Finally! someone working on the same thing as i am. not asking for whole thing, but would you be able to post a snippet of the code where its able to trade on a custom symbol? Im working on having the EA attach to standard symbol and have it place trades based on custom symbol, was able to get it to work a bit but my issue is not being able to the running trades on the custom chart, is yours able to do that?
  • #6
  • Mar 12, 2021 1:50pm Mar 12, 2021 1:50pm
Hi,
thank you for sharing. I'am interested how things will go on here.

Just to check - that I got you right.

200 EMA + 10 HMA -> price under EMA + HMA =red short - exit when it turns green and re entry if it turns red again
price above 200 EMA the other way around. Right?


Which Renko builder do you use with MT5?

Thank you
Attached Image (click to enlarge)
Click to Enlarge Name: Bildschirmfoto 2021-03-12 um 20.47.35.png Size: 628 KB
  • #7
  • Mar 12, 2021 2:48pm Mar 12, 2021 2:48pm
Quoting FxHiveMind
Finally! someone working on the same thing as i am. not asking for whole thing, but would you be able to post a snippet of the code where its able to trade on a custom symbol? Im working on having the EA attach to standard symbol and have it place trades based on custom symbol, was able to get it to work a bit but my issue is not being able to the running trades on the custom chart, is yours able to do that?
Im assuming you have the mql file, if so, play around with it. It depends on how your the programmer coded it. First find how he had selected the symbols. Go to the section where constants or inputs are defined and create a new constant.

example:

input string Trade_symbol = "EURUSD"; // Symbol To Trade

(Bold is the constant name)

Again if that doesn't work than to change the existing code, you need a programmer tbh
  • #8
  • Mar 12, 2021 2:51pm Mar 12, 2021 2:51pm
Quoting dr.butze
Hi, thank you for sharing. I'am interested how things will go on here. Just to check - that I got you right. 200 EMA + 10 HMA -> price under EMA + HMA =red short - exit when it turns green and re entry if it turns red again price above 200 EMA the other way around. Right? Which Renko builder do you use with MT5? Thank you {image}
You cant do it manually. The way i avoid most of the choppiness is by determining the distance between last candle close and MA period. If your trying to do it manually you need to watch the chart like a hawk and end up making mistakes
  • #9
  • Mar 12, 2021 2:55pm Mar 12, 2021 2:55pm
Quoting vonmunchy
{quote} You cant do it manually. The way i avoid most of the choppiness is by determining the distance between last candle close and MA period. If your trying to do it manually you need to watch the chart like a hawk and end up making mistakes

ok - thank you
  • #10
  • Mar 12, 2021 3:11pm Mar 12, 2021 3:11pm
Quoting FxHiveMind
Finally! someone working on the same thing as i am. not asking for whole thing, but would you be able to post a snippet of the code where its able to trade on a custom symbol? Im working on having the EA attach to standard symbol and have it place trades based on custom symbol, was able to get it to work a bit but my issue is not being able to the running trades on the custom chart, is yours able to do that?
One more point. MT5 wont let you place trades or view on existing and past trades on custom symbols to my knowledge. And i have not seen it happen so far. But the EA needs to run on the custom symbol and you manually select the symbol or automatically find the symbol which the the custom symbol is getting its ticks from place it on the original symbol.
  • #11
  • Mar 13, 2021 12:52am Mar 13, 2021 12:52am
I have been using a MT4 adaptation of Point-and-Figure (P&F) Chart . In quite similar way to your trading experiment.
P & F need at least two variables to be set for calculation.

Point-and-figure charts don't require calculation, but they do require at least two variables to be set.
One variable is the box size. The box size can be a specific dollar amount, such as $1, a percentage, such as 3% of the current price, or it can be based on average true range (ATR) which means the box size will fluctuate based on volatility.

The reversal amount also needs to be set. The reversal amount is typically three times the box size. For example, if the box size is $1, the reversal amount is $3. The reversal can be set at anything the trader desires, such as one times the box size, or 5.5 times the box size.
An optional variable is whether to use high and low prices for the underlying asset or to use closing prices. Using high and low prices will mean the creation of more X's and O's, while using only closing prices (less movement being calculated compared to high and lows) will mean fewer X's and O's are created.

Pips Channel sets 2 bands above and 2 bands below . I use average size of Pips (based on lookback statistics) and then divide in two bands with another two bands as buffers. I use middle level as the trigger point for Buy and Sell with Moving Average providing short-term guidance.



I am a Momentum trader and so do mostly scalping. I trade manually by watching screen at hot hours .

I am attracted by your Grid idea. I don't have much of faith in fully automated trading. Semi-automated: Yes.
Attached Image (click to enlarge)
Click to Enlarge Name: Pips channel for renko thread.png Size: 109 KB
Attached File(s)
File Type: mq4 tro_pipschannel_mikko_lv_mid_ma.mq4   6 KB | 511 downloads
Practice makes a person perfect
  • #12
  • Edited 2:10am Mar 13, 2021 1:14am | Edited 2:10am
It is good that you want to share your journey but it will be conditional.

Which means you depend on people approval to share the journey or not.

If that is so, you will be disappointed. Either share whole-heartedly for your own satisfaction or if you are thinking you can monetise it by attracting some leads, then you may be in for big disappointment.

I have seen at least a few hundreds of FF coders having burned their money for chasing this illusion. Internet forums are littered with thousands of indicators and EAs and your addition is not going to make any difference.

In my case, I have shared my 36 years of real trading experience without expecting any response from other than highly motivated learners. I have no agenda.
I am OK even if one person has benefitted for now. A few others might find it useful in future as well.

If you can share EA with mql, you might find help from serious traders. If you think someone will steal and sell it, then the reality is that you need a lot of money to do digital marketing and attract sales leads. Most of the times, a single sales lead can cost $200 in terms of time and Google ad spending. Even if you know the job, you have to value your own time spent on it in $ terms and assess whether it is really worth.

If you want to be a trader, then you should not hide anything for your own trading learning experience. In a business full of uncertainty secrets hardly matter.
If you are trading stocks, then insider information does help.
Practice makes a person perfect
  • #13
  • Edited 12:06pm Mar 13, 2021 2:53am | Edited 12:06pm
Quoting simnz
It is good that you want to share your journey but it will be conditional. Which means you depend on people approval to share the journey or not. If that is so, you will be disappointed. Either share whole-heartedly for your own satisfaction or if you are thinking you can monetise it by attracting some leads, then you may be in for big disappointment. I have seen at least a few hundreds of FF coders having burned their money for chasing this illusion. Internet forums are littered with thousands of indicators and EAs and your addition is not going...
Thanks for feedback and yes your right the forum is full of EAs and marketing materials but I'm not here to sell anyone anything. Like I said I am testing my systems. I'm sharing my methodology and the logic behind it. If someone wants to build it by themselves that's upto them. I won't be sharing any of my EAs or MQL files because that's time spent building testing and debugging.

All my systems are experimental and I have no interest in manual trading so all my trading will algorithmic. It's a different story if someone takes an interest and gets involved with the forward testing process. If a system can generate money, realistically why would i want to sell it after all isn't it my time and effort spent on developing and building it?

Either way I do plan to forward test and anyone who's interested in that is more than welcome to join me and those conversation will take in private.

I won't be posting any EAs here. The way I'd do it by creating a Free Signal on mql which you can subscribe for free and run on your demo account. Everyone can see the performance of it real time and the reason why I prefer to do with a few people is;

1. Not everyone will be using the same broker so I'm curious to see the spread difference, the latency and how the system works for different people.

2. I'm still new to the signal service and offering it free doesn't cost me anything since I too will be running it on a demo account.
  • #14
  • Mar 13, 2021 3:05am Mar 13, 2021 3:05am
Quoting vonmunchy
{quote} Thanks for feedback and yes your right the forum is full of EAs and marketing materials but I'm not here to sell anyone anything. Like I said I am testing my systems. I'm sharing my methodology and the logic behind it. If someone wants to build it by themselves that's upto them. I won't be sharing any EAs or MQL files because that's time spend building testing and debugging. All my systems are experimental and I have no interest in manual trading so all my trading will algorithmic. It's a different story if someone takes an interest and...
The way I have influenced my trading by own brain is that I have fed it with all kinds of trading logic used by indicators and EAs. As well as by looking at various probability studies done by information indicators. Invariably, the inputs have helped my trading in a big way.

If your intention is to run a signal service, best would be for you to get a captive traffic offered by Darwinex by showing your performance for around 6 months and get investors onboard with Darwinex acting as the trustee.
Practice makes a person perfect
  • #15
  • Mar 13, 2021 3:18am Mar 13, 2021 3:18am
Quoting simnz
I have been using a MT4 adaptation of Point-and-Figure (P&F) Chart . In quite similar way to your trading experiment. P & F need at least two variables to be set for calculation. Point-and-figure charts don't require calculation, but they do require at least two variables to be set. One variable is the box size. The box size can be a specific dollar amount, such as $1, a percentage, such as 3% of the current price, or it can be based on average true range (ATR) which means the box size will...
This is almost identical to the one which iv built already to be honest. Optimization takes a lot of time for ideal parameters and I'm waiting for the optimizations to be done so I can move forward.

Meanwhile il happily build a ea based on that indicator and a few rules and will send you in private if you want
  • #16
  • Edited 3:40am Mar 13, 2021 3:21am | Edited 3:40am
Quoting simnz
{quote} The way I have influenced my trading by own brain is that I have fed it with all kinds of trading logic used by indicators and EAs. As well as by looking at various probability studies done by information indicators. Invariably, the inputs have helped my trading in a big way. If your intention is to run a signal service, best would be for you to get a captive traffic offered by Darwinex by showing your performance for around 6 months and get investors onboard with Darwinex acting as the trustee.
Yes thanks I am aware of Dawinex. But finding investors isn't my goal right now but rather develop an ideal aggressive but risk managed system.

Below is mql signals. They have the same stats as Dawinex. I haven't used the platform so I don't know but in mql, you can visualize the trades ea takes on the chart if you want along with some pretty neat features

https://www.mql5.com/en/signals/mt5/page1
  • #17
  • Mar 13, 2021 3:26am Mar 13, 2021 3:26am
https://www.youtube.com/playlist?lis...Kz1tBlPcUminCT

That's the playlist regarding mql signal
  • #18
  • Mar 13, 2021 3:32am Mar 13, 2021 3:32am
Quoting vonmunchy
{quote} This is almost identical to the one which iv built already to be honest. Optimization takes a lot of time for ideal parameters and I'm waiting for the optimizations to be done so I can move forward. Meanwhile il happily build a ea based on that indicator and a few rules and will send you in private if you want
My main agenda is to empty myself of my 36 years experience without thinking too much about it whether there will be takers or not.
That's why I shared my indicator mql as well as trading ways. FF coder have done the job free by using my ideas.

Most of the Russian forums have like-minded experienced programmers who code anything for free. They have contributed a lot to my development of knowledge base for discretionary trading.

The other important agenda is to keep learning and keep feeding my brain with useful and selected inputs without getting overwhelmed by market noise of information overflow.

I am ok with whatever you are providing here or in private.
Thank you.
Practice makes a person perfect
  • #19
  • Mar 13, 2021 11:20am Mar 13, 2021 11:20am
Alright here is the MT4 EA for it with a few changes.

The entry rule is = Candle before last (candle2) is equal or below MID LEVEL Yellow Line
Last candle above MID LEVEL Yellow Line for buy and opposite for sell.

Optional Entry: Set True from inputs if you want to give a specific MA to last candle close distance. In inputs you will find to write the value in pips but "USE PIP DISTANCE ENTRY" need to be TRUE. You can understand what I'm talking about from the below screenshot.

You have 3 exit rules.

1. Standard SL and TP. If this is the case than TURN EXIT MODE 1 and 2 FALSE
If you going either exit mode 1 or 2 or both of them together than make sure stop loss and take profit levels are 0

2. Exit rule 2: If in buy, last candle close is below MID LEVEL Yellow Line and opposite for sell
3. Exit rule 3: If the dance between MA and candle close is at the predefined distance the trade closes. You can set the level from inputs.
Attached Image (click to enlarge)
Click to Enlarge Name: Trip pips 2.JPG Size: 77 KB

Regarding the pip distance, the ideal values can only be identified with extensive optimization.

I used the indicator default settings and ran it on a 3 pip EURUSD renko chart with a fixed spread of 1 pip. Hid all the other buffers since i didn't need them

Attached Image (click to enlarge)
Click to Enlarge Name: Trip pips 1.JPG Size: 99 KB


Below is a back test from 2020.01.01 to 2020.12.31

Attached Image (click to enlarge)
Click to Enlarge Name: Mt4 Report `.JPG Size: 118 KB

By default the ea is locked to demo because i don't want anyone running it on a real account and its an experimental EA only for you test out the parameters and do your extensive backrests.



Good luck
Attached File(s)
File Type: ex4 Tro Pis Channel.ex4   270 KB | 681 downloads
File Type: mq4 tro_pipschannel_mikko_lv_mid_ma.mq4   6 KB | 759 downloads
  • #20
  • Mar 13, 2021 11:53am Mar 13, 2021 11:53am
One last point. The indicator by default uses values instead of drop down menu for the inputs below
Attached Image

Below are the constants you can entre manually if you want to change it up.
Attached Image (click to enlarge)
Click to Enlarge Name: Chart Time Frames.JPG Size: 151 KB
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Click to Enlarge Name: Price Constants.JPG Size: 76 KB
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Click to Enlarge Name: Smoothing Method.JPG Size: 65 KB
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