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Algo Trading Guide Without Coding: The rookie way

  • #21
  • Mar 18, 2021 7:40am Mar 18, 2021 7:40am
Quoting jack2237
{quote} Question for you about Algo Wizard- have you played around with it to create any renko-based strategies? I've been lurking on the SQ forum, and it appears that SQ doesn't really support renko very well. It's a topic guys over there have been discussing for years, and as recent as last week, they said it's not a high priority and that they've put it on the list for future development (but they also said that 5 years ago). I'm also a mostly renko-based trader and have been seriously looking at SQ, but I'm concerned about it's lack of renko...
Very good question:

Well, I will share my understanding based on what I read on their forum and what the developer has told me by email:

The EA you create in Algo Wizard can be used on an offline chart (MT4). This is from what I have read and I believe I have a couple of EAs that I can test to affirm. However, backtesting on their server will require uploading the data (same as in the MT4 strategy tester).

Then we have two questions:
1- can the EA have conditions based on standard time frames (for example Daily and H4 time frames) and be applied on a non-standard offline chart (MT4)? _--- I need to find out..

2- Can the EA have conditions based on another offline chart. For example, apply on a 10 pip Renko offline chart while having conditions from another 20 pip Renko offline chart? The answer is a big No.
  • #22
  • Mar 18, 2021 8:05am Mar 18, 2021 8:05am
Quoting jack2237
{quote} Question for you about Algo Wizard- have you played around with it to create any renko-based strategies? I've been lurking on the SQ forum, and it appears that SQ doesn't really support renko very well. It's a topic guys over there have been discussing for years, and as recent as last week, they said it's not a high priority and that they've put it on the list for future development (but they also said that 5 years ago). I'm also a mostly renko-based trader and have been seriously looking at SQ, but I'm concerned about it's lack of renko...

Have a look at Sierra Charts:
To be honest I will keep trying here and there for the best Renko-friendly strategy builder. My mistake is when I started working with Sierra charts, I did not get to the stage of Backtesting. In principle, Sierra chart spreadsheets is close to Excel and have sufficient functions for creating an algorithm and dashboards.
Also, the speed was annoying.
I may re-visit it for Renko.

Currently, I have subscribed to FX Dreema (I also have EA Builder.com) as I learnt from the OP that FX Dreema can be used to get data from other offline charts.
I have not yet played with it. But stay tuned for an update for its Renko potentials and standard time frame potentials.

I wish if SQ had more options for Renko. I honestly loved it so much for its potentials (as in my review) and its appeal.

Regardless, nothing is 100 per cent perfect and we need to (try/subscribe to/own) different products to see what fits our needs and we may use more than one tool for different purposes.
  • #23
  • Mar 18, 2021 9:04am Mar 18, 2021 9:04am
Quoting mtharwat
{quote} Have a look at Sierra Charts: To be honest I will keep trying here and there for the best Renko-friendly strategy builder. My mistake is when I started working with Sierra charts, I did not get to the stage of Backtesting. In principle, Sierra chart spreadsheets is close to Excel and have sufficient functions for creating an algorithm and dashboards. Also, the speed was annoying. I may re-visit it for Renko. Currently, I have subscribed to FX Dreema (I also have EA Builder.com) as I learnt from the OP that FX Dreema can be used to get data...
I think I'm going to pass on Sierra charts. Coding in Excel? LOL, not not for me!

But I am solidly considering SQ. It sounds to me like perhaps the best way to use SQ is to create the renko based EAs in a different app, then import them into SQ for testing/refinement.
I'll probably be getting a subscription sometime in the next couple of weeks and will report back here what I think.
  • #24
  • Mar 18, 2021 8:59pm Mar 18, 2021 8:59pm
Trying to Expand on using MTFs in an EA. What is the main idea?

Let us say we were checking USDCHF and found this daily breakout on Feb 25

Attached Image (click to enlarge)
Click to Enlarge Name: USDCHFDaily.png Size: 15 KB

We then can use eitehr the MTF EA or the single TF EA.
I will use the MTF for the time being and apply it on a H1 Chart

Attached Image (click to enlarge)
Click to Enlarge Name: EA Screenshot.png Size: 33 KB

The results are as follow
Attached Image (click to enlarge)
Click to Enlarge Name: report.png Size: 58 KB
  • #25
  • Mar 18, 2021 8:59pm Mar 18, 2021 8:59pm
What is the Idea?

The idea is that we have three-time frames (as in our technical analysis)
We want to trade with the Higher Time Frame and at the same time, we want to make sure the middle Time Frame is not deeply correcting against us. We could still be bullish but the Middle TF needs to finish its correction (if this what it is doing)

Hence we have different MAs in three TFs as a means to make sure all TFs are aligned.

Then comes the important part of money management based on trailing, ATR, S/R, etc.. The EAs attached have Trailing Feature so far.

  • #26
  • Mar 18, 2021 9:24pm Mar 18, 2021 9:24pm
One can use different MAs across different TFs

For example, We can choose 3 and 8 on Daily for instant momentum and Longer MA values (20 and 50) in M15 (Current TF).
  • #27
  • Edited 2:24am Apr 25, 2021 2:07am | Edited 2:24am
Quoting simnz
{quote} Rather than thinking in terms of adding value for others, since my school days, I have determined whether it will help me in developing my own skill set. Various skills I acquired by self-study and teaching others did not provide me any immediate benefits, but after 15 years when I turned 28 in an unrelated field making me quit my job of 10 years and become self-employed. It all boils down to your objective and the ways you will pursue with the resources you can muster. 1. Do you want to be trader? Long-term :Then prepare for a long haul...
I have got produced a free EA with mql provided for EA programming learners.
It is mainly for people who "Want to have money without learning how to make money"
It is not to make fun of them but to let them make aware that it could be easier for those who use their brain as well as for those who
don't understand that trading is simple to execute.

It has generated fabulous results for me. So I am thinking of setting up a 3-week challenge where my goal would be to have a profit factor of at least 1.5 by trading indices. Not forex. Main stock indexes to be traded will be those from Australia, Tokyo, Singapore, Hong Kong, India, Germany, UK, and USA.

You can also try it to execute your ideas and upload your statistics on it.

It also has a facility for trading multi symbols but I feel unless those multi symbols have uniform TP and SL sizes, the hedging by multi-symbols will work well. The multi symbols should be such that two symbols should have 95% positive correlation, two should have 95% negative correlation and Two should have 50% correlation.

Those who can do back-testing are welcome to share the findings.
I have the patience to do forward testing for 3 to 6 months, so normally my preference is for it.

You can use the chart with the Ranko indicator and execute the trades through the EA as per your own strategy.

The EA is not using any indicator or signal generator for semi-automated trading. It is quite flexible enough to accommodate any kind of strategy you can think of.
The risk controls are fewer making the EA uncomplicated to use.
Totally automated trading is choosing your time of trading for entry and exit with three options (a) TP (b) SL (c) Stop time.

https://www.forexfactory.com/thread/...9#post13508389
Practice makes a person perfect
  • #28
  • Apr 26, 2021 7:37am Apr 26, 2021 7:37am
Hello vonmunchy,

Thank you for creating this new thread which incidently is a very interesting one.

Guess what! I have heard of FXDreema months ago, given a go but never really used it because I was told that they let you build only a certain number of simple EAs for free but then you need to pay. Is it true? I have also watched a few videos by Darwinex only on the AI part to combine it with MT4. It is very interesting and the guys are brilliant, know what they talk about.

Other point, instead of 1.79e+308, they should have written "EMPTY_VALUE".

Anyway, I have not read all the thread but I am about to do so and will offer my little participation later. For the record, I have been programming my own EAs, indicators, scripts and include files but I also have been improving and correcting indicators available on the internet, for a few months now. I am not saying I am a god in programming with MT4 but I am proficient most of all, for my personal requirements.

Thank you again.

William

Quoting vonmunchy
The purpose of me creating this thread was give guide anyone who wants to algo trade but don't know where to start or know how to code. I too didn't know where to start and it was hard to find information on how to get started. And im just here sharing my experience so far. Where i got my information and the most common issues right off the bat so you too can save some time. Disclaimer: I don't claim myself to be a professional algo trader or a professional trader. I consider myself to be a rookie. And im here giving my two cents. Kindly respect...
  • #29
  • Last Post: Jun 26, 2025 2:21am Jun 26, 2025 2:21am
Hi I'm Aayush i want to learn algo trading and how to
Learn i don't know can you help me for learning.
And I m don't know fo algo trading A,B,C,D
Hi I'm Aayush.j
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