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Renko Trading Discussion

  • #1,721
  • Jun 24, 2021 2:08pm Jun 24, 2021 2:08pm
Version 1.21 of Renko MA Cross EA released (I updated Post 1). In this version the EA closes a BUY (SELL) position if the candle closes below (above) the fast moving average.
Trading is the hardest way to make easy money...
  • #1,722
  • Jun 24, 2021 2:13pm Jun 24, 2021 2:13pm
Quoting teapeak
{quote} Sorry I made a mistake I talked about 2 bars back not pips!!! If this repainting is not too often it could be usable. Will see need to monitor it more
I confirm that the indicator Signal.ex4 repaints two candles. I don't say that it is not usable in manual trading, but it is not suitable for being used in an EA to automate a strategy.
Trading is the hardest way to make easy money...
  • #1,723
  • Jun 24, 2021 2:59pm Jun 24, 2021 2:59pm
Quoting MathTrader7
{quote} I confirm that the indicator Signal.ex4 repaints two candles. I don't say that it is not usable in manual trading, but it is not suitable for being used in an EA to automate a strategy.
Sometimes repainting indicators do a better job than non-repainting indicators. Unfortunately, too many traders don't know how to use repainting indicators properly. The first chart uses halftrend TT [x5v4] that sometimes repaint and the second chart uses half-trend nrp_mladen that doesn't repaint. Both halftrends use amplitude 2. The problem with non-repainting halftrends is that they need trend confirmation so signals are normally late or worse they give signals when the trend has almost ended.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: HalfTrend TT [x5v4].png Size: 32 KB
Click to Enlarge Name: half-trend nrp_mladen.png Size: 32 KB
  • #1,724
  • Jun 25, 2021 12:02am Jun 25, 2021 12:02am
Quoting Davdei
{quote} Hi David what is your strategy? look for R/S and when breakout you open a position? Do you look different size or only 5 pips in this case.. thank you !
Hi Devdei,

I ues two charts based on MT7's non gap Renko EA, a 5 pip and 10 pip chart. I trade breaks from previous highs and S/R levels and retracements, the 10 pip chart provides the overall view and possible set ups, and the 5 pip chart provides the micro detail and the amount of "noise" in the area that I think the price is going to move into which might cause a reversal.

Friday morning and this is the view I get when I just opened MT4, nothing for me at the moment, price is moving around the 15600 level and into a previous area of consolidation, although it might break short - better go! Cheers, Dave
Attached Image (click to enlarge)
Click to Enlarge Name: GER30 25_06c.png Size: 61 KB
Everything should be made as simple as possible, but no simpler - Einstein
  • #1,725
  • Jun 25, 2021 12:30am Jun 25, 2021 12:30am
DAX short +11. The 10 pip pull back (5 pip chart) from the previous spike low is at 15575 is usually a good sign and typical of a good entry point:
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 50203245_open.png Size: 30 KB
Click to Enlarge Name: 50203245_close.png Size: 28 KB
Everything should be made as simple as possible, but no simpler - Einstein
  • #1,726
  • Jun 25, 2021 3:14am Jun 25, 2021 3:14am
Quoting MathTrader7
Version 1.21 of Renko MA Cross EA released (I updated Post 1). In this version the EA closes a BUY (SELL) position if the candle closes below (above) the fast moving average.
Hi!
Yes, I saw it, but it won't let me insert the bot to my renko chart, it tells me "attach the ea to a non-gap renko chart". I downloaded the non gap renko chart from your first post, and it tells me the same thing.
Would it be possible to somehow attach on a normal renko chart?
  • #1,727
  • Jun 25, 2021 1:32pm Jun 25, 2021 1:32pm
Quoting aaronett
{quote} Hi! Yes, I saw it, but it won't let me insert the bot to my renko chart, it tells me "attach the ea to a non-gap renko chart". I downloaded the non gap renko chart from your first post, and it tells me the same thing. Would it be possible to somehow attach on a normal renko chart?
Hi,

Please download version 1.68 of MathTrader7_RenkoChartCreatorEA.ex4 from here. The MA Cross EA will work on the Renko charts created by version 1.64 (Note: Do NOT set "Show price jumps?" to "Yes"!).

/Matt
Trading is the hardest way to make easy money...
  • #1,728
  • Jun 26, 2021 5:20am Jun 26, 2021 5:20am
Quoting MathTrader7
{quote} Hi, Please download version 1.68 of MathTrader7_RenkoChartCreatorEA.ex4 from here. The MA Cross EA will work on the Renko charts created by version 1.64 (Note: Do NOT set "Show price jumps?" to "Yes"!). /Matt
Hi, Matt.
Is this for the MA Cross-EA" alone or can I use it on my Renko charts as well?
Thank you for replying.
Best wishes,
Hercs.
Hercs
  • #1,729
  • Edited 9:20am Jun 26, 2021 7:38am | Edited 9:20am
Quoting Hercs
{quote} Hi, Matt. Is this for the MA Cross-EA" alone or can I use it on my Renko charts as well? Thank you for replying. Best wishes, Hercs.
Hi Hercs,

The new version can be used with all of my Renko trading EAs including your EA.

/Matt
Trading is the hardest way to make easy money...
  • #1,730
  • Jun 26, 2021 8:59am Jun 26, 2021 8:59am
Quoting Hutch
{quote} Sometimes repainting indicators do a better job than non-repainting indicators. Unfortunately, too many traders don't know how to use repainting indicators properly. The first chart uses halftrend TT [x5v4] that sometimes repaint and the second chart uses half-trend nrp_mladen that doesn't repaint. Both halftrends use amplitude 2. The problem with non-repainting halftrends is that they need trend confirmation so signals are normally late or worse they give signals when the trend has almost ended. {image} {image}
Hutch, the problem with a repainting indicator, such as the Halftrend TT is, simply waiting for the current candle to close isn’t long enough to be assured the arrow won’t move (backwards or forward). I’ve worked with it quite a bit in the Strategy Tester and just found I could never rely on the signal. Tanaka tried to code an EA based on the Halftrend TT but described the signal it gives as “crazy”! That being said, I believe if you work with it enough, you can predict how it will behave. I agree with you that the non-repainting Halftrend indicators give too late a signal. As a Renko trader, I’ve found more conventional indicators, such as the Heiken Ashi T3, Aroon, Ehlers Safe Zone, Rex or PriceChannel_Stop are less, or not, repainting but still give a reasonably early signal. As with most indicators, settings are everything!
  • #1,731
  • Jun 26, 2021 12:54pm Jun 26, 2021 12:54pm
Quoting pantera1
{quote} Hutch, the problem with a repainting indicator, such as the Halftrend TT is, simply waiting for the current candle to close isn’t long enough to be assured the arrow won’t move (backwards or forward). I’ve worked with it quite a bit in the Strategy Tester and just found I could never rely on the signal. Tanaka tried to code an EA based on the Halftrend TT but described the signal it gives as “crazy”! That being said, I believe if you work with it enough, you can predict how it will behave. I agree with you that the non-repainting Halftrend...
All half trend indicators don't work properly by themselves. In the chart that I posted a trade is not opened on the brick with the arrow but on the next brick if the brick is of the same color but, more importantly, the FxBay MACD has crossed the center line in the same direction of the arrow. Sometimes I get false signals like the next brick isn't the same color as the brick with the arrow or the FxBay MACD doesn't correspond with the signal since the crossing of the center line is too far. Here is one invalid signal and two valid signals. There is no perfect strategy but this one is quite good.
Attached Image
  • #1,732
  • Jun 28, 2021 12:59am Jun 28, 2021 12:59am
DAX short +10, 5 pip bricks:
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: 50235765_close.png Size: 27 KB
Everything should be made as simple as possible, but no simpler - Einstein
  • #1,733
  • Jun 30, 2021 1:14am Jun 30, 2021 1:14am
DAX +14 short, 5 pip bricks, thought it would bounce off support zone around 15630
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 50309799_open.png Size: 28 KB
Click to Enlarge Name: 50309799_close.png Size: 27 KB
Everything should be made as simple as possible, but no simpler - Einstein
  • #1,734
  • Jun 30, 2021 3:09am Jun 30, 2021 3:09am
No clue as to the strategy but great results David, it really dropped some today :-)
  • #1,735
  • Jun 30, 2021 3:22am Jun 30, 2021 3:22am
Quoting pgtips
No clue as to the strategy but great results David, it really dropped some today :-)
Hi Pgtips, thanks for your reply; its tiny reversals (1x 10 pip reversal brick on the 5 pip chart) onto previous lows or highs. On the previous trade the price pulled back into the previous low at 15560 then reversed, retested the 15560 level with a 10 pip reversal brick then immediately reversed so I opened at 15550 but closed way too quickly!! Yes it has really dropped - 15460 on my charts, just come back to it so looking for another enrty, cheers, dave
Attached Image (click to enlarge)
Click to Enlarge Name: GER30 30_06c.png Size: 55 KB
Everything should be made as simple as possible, but no simpler - Einstein
  • #1,736
  • Jun 30, 2021 5:50am Jun 30, 2021 5:50am
Ahh, so 2x renko generated charts, a 5 pip and a 10, I hadn't thought of that approach. It does open up a lot more detail, the 10 would not have shown that reversal.
thanks for sharing, PG
  • #1,737
  • Jun 30, 2021 6:09am Jun 30, 2021 6:09am
Quoting pgtips
Ahh, so 2x renko generated charts, a 5 pip and a 10, I hadn't thought of that approach. It does open up a lot more detail, the 10 would not have shown that reversal. thanks for sharing, PG
Hi PG, yes I trade off the detail on the 5 pip chart, the 10 pip chart is useful for the bigger picture potential S/R levels, cheers, Dave
Everything should be made as simple as possible, but no simpler - Einstein
  • #1,738
  • Jul 1, 2021 12:47am Jul 1, 2021 12:47am
DAX long +21, 5 pip bricks:
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 50351544_open.png Size: 27 KB
Click to Enlarge Name: 50351544_close.png Size: 25 KB
Everything should be made as simple as possible, but no simpler - Einstein
  • #1,739
  • Jul 1, 2021 1:42am Jul 1, 2021 1:42am
A bit of detail regarding this trade while the price is bouncing around 15700. There was a test long yesterday morning at 15670 (10 pip chart) before continuing short. The price tested the 15670 zone this morning and then continued long so I opened just above at 15685. Unlike yesterdays big short from 15650, the price reacted to the resistance around 15700 and has been bouncing around it. I can justify closing at +21

I don't show wicks on my bricks, so the 15670 zone on the 5 pip chart I posted earlier is at 15675 which is the 10 pip brick plus a bit of wick - I hope that makes sense - I've got used to it! Cheers, Dave
Attached Image (click to enlarge)
Click to Enlarge Name: GER30 01_07c.png Size: 37 KB
Everything should be made as simple as possible, but no simpler - Einstein
  • #1,740
  • Jul 1, 2021 6:52am Jul 1, 2021 6:52am
I am testing an EA that works very well on the Dax with 10 pip candles, it worked very well for a week but the VPS failed yesterday and I had to restart it. Today afternoon I will upload the EA so you can test it.
Attached Image (click to enlarge)
Click to Enlarge Name: Dax 01-07-2021.png Size: 92 KB
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