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Trading Renko

  • #121
  • Oct 10, 2009 3:37am Oct 10, 2009 3:37am
Quoting Nagpada
Could you please explain the entries on the bottom right of the and how to use them. specifically Tick speed and bar timer. Thanks.
I thought the pic I posted is enough....
Bar timer is simply counting the percentage to to bar close.....
it goes from 0% to 100%..... 0% is a bar open and the rest till 100%
is bar time until it closes and another bar forms!

Tick speed shows you a strenght of ticks cluster.....
if you have a bunch of upticks one after another the code will
give you a 100% lime color number meaning the the tick flow is
strong to the uptrend, same goes to downicks......red color, but negative
percentage and redish colors(orange and red), based on strenght and speed percentage. Just look at this for a few minutes at market open
and you will understand it.

The indicator I posted doesnt need anything else to work!!!

Regards
forexflash
  • #122
  • Edited 7:45am Oct 10, 2009 7:04am | Edited 7:45am
Quoting Nagpada
I tried this on various pairs but it not work for me. Any other suggestions ?
Well, you could download M1 data from Metaquotes - go to history center in MT4 - how to do it is explained in MT4 help.

I'm always confused when something I've done many times "does not work" for someone else...

EDIT;

I just tried what I originally told you (left arrow key) on my demo and added two days of M1 history. Perhaps you should call your broker and ask them - maybe they can help you.

I mean no offense but I suggest you start MT4, press F1 and spend some time in MT4 help. Many potential questions regarding the basic functions of the program are answered there
Old Benjamin was right
  • #123
  • Oct 10, 2009 7:49am Oct 10, 2009 7:49am
Quoting FOREXflash
Here is an updated toy.....Scalpers will love this!
Regards
That's incredible - can't wait to try it out on Sunday evening. Excellent coding as well - very clear and readable...

Thanks, FOREXflash.
Old Benjamin was right
  • #124
  • Oct 10, 2009 8:09am Oct 10, 2009 8:09am
Quoting Lou G
That's incredible - can't wait to try it out on Sunday evening. Excellent coding as well - very clear and readable...

Thanks, FOREXflash.

Your welcome. If I can help with some coding, just shoot!
Once you try the renko or ticks, you will never go back to bars....
Regards
forexflash
  • #125
  • Oct 10, 2009 12:18pm Oct 10, 2009 12:18pm
Quoting FOREXflash
Here is an updated toy.....Scalpers will love this!
Regards
What box size are you using in this pic?
  • #126
  • Oct 10, 2009 12:42pm Oct 10, 2009 12:42pm
[quote=FOREXflash;3134972]I thought the pic I posted is enough....
Bar timer is simply counting the percentage to to bar close.....
it goes from 0% to 100%..... 0% is a bar open and the rest till 100%
is bar time until it closes and another bar forms!


Thank you for posting the explanation. I and I am sure others do very much appretiate it.

Since Renko is time tick based , non time, how does it know the % to bar close or is this indicator not Renko based ?

If I remember correctly you also posted a multi box based mini chart indicator. Terrific but you stated, if I understand correctly, that your Renko chart was the commercial online version. So would this work with Last Viking's offline indicator based Renko chart.

I do appologise for asking these inane questions but being a non programmer a little bit of explanation does help us out a lot. Thank you for your attention.
  • #127
  • Edited 1:49pm Oct 10, 2009 1:17pm | Edited 1:49pm
FOREXflash,
Give the guy or gal a break. We were not all abducted by aliens, & we can't all see the future, but hopefully with help from your renko indi we will, you know.
lol
Quoting FOREXflash
I thought the pic I posted is enough....
Bar timer is simply counting the percentage to to bar close.....
it goes from 0% to 100%..... 0% is a bar open and the rest till 100%
is bar time until it closes and another bar forms!

Tick speed shows you a strenght of ticks cluster.....
if you have a bunch of upticks one after another the code will
give you a 100% lime color number meaning the the tick flow is
strong to the uptrend, same goes to downicks......red color, but negative
percentage and redish colors(orange and red), based on strenght...
  • #128
  • Edited 3:10pm Oct 10, 2009 1:46pm | Edited 3:10pm
Quoting FOREXflash
Your welcome. If I can help with some coding, just shoot!
Once you try the renko or ticks, you will never go back to bars....
Regards
Everything works but no Renko bars...am I missing something here...I just drop it on a chart like an indy right? Maybe because I am loading on the weekend and no tick volume?
Thanks for your help.
Q
The Only Constant Is Change!
  • #129
  • Oct 10, 2009 3:12pm Oct 10, 2009 3:12pm
Quoting JazzmanQ2
Everything works but no Renko bars...am I missing something here...I just drop it on a chart like an indy right? Thanks for your help.
Q
I expect that you will need a Renko chart in the main window (either RLC3 or 3.1 or s-renko, take your choice) set to 5 pip blocks.

That's what it looks like to me, but I'm sure FOREXflash will enlighten us. The market needs to be trading to see what this puppy does, so we will have to wait until Monday's open.
Old Benjamin was right
  • #130
  • Oct 10, 2009 3:33pm Oct 10, 2009 3:33pm
[quote=Nagpada;3135336]
Quoting FOREXflash
I thought the pic I posted is enough....
Bar timer is simply counting the percentage to to bar close.....
it goes from 0% to 100%..... 0% is a bar open and the rest till 100%
is bar time until it closes and another bar forms!


Thank you for posting the explanation. I and I am sure others do very much appretiate it.

Since Renko is time tick based , non time, how does it know the % to bar close or is this indicator not Renko based ?

If I remember correctly you also posted a multi box based mini chart indicator....
Bar completion % appears to be based on pips rather than time (as it should be with Renko).

Either s-renko or RLC 3.0/3.1 should be fine for the chart window (I think).
Old Benjamin was right
  • #131
  • Oct 10, 2009 3:42pm Oct 10, 2009 3:42pm
This thread is working out very well. We've seen excellent approaches to Renko-based trading from ranger, SlushFund, FOREXflash and several other contributors.

All have shared their techniques in great detail and all of this is more than I ever hoped for.

Thanks to all of you - keep it coming!

Best,

Lou G
Old Benjamin was right
  • #132
  • Oct 11, 2009 1:14am Oct 11, 2009 1:14am
Quoting JazzmanQ2
Everything works but no Renko bars...am I missing something here...I just drop it on a chart like an indy right? Maybe because I am loading on the weekend and no tick volume?
Thanks for your help.
Q
Go to Renko Block charts under programming discussions and download and install the Renko V2.1 which is an indicator and so works even on the week-ends.

Then attach the indicators that you are refering to. Then you will get the complete picture.
  • #133
  • Oct 11, 2009 5:11am Oct 11, 2009 5:11am
Here's something interesting.
Below is a screen shot of regular volume indicator with Renko_am below it set to 240. They look remarkably similar, I wonder why Lou?
This is on a 10 pip renko brick chart generated by a renko chart script I found at tsd, I used it instead of the ea since it generated the offline chart much quicker than the ea version, guess for same reason mentioned in above post.
Does this mean we can use either or, or is there some advantage of using the two indis together?

PS:
Congrads Lou, just noticed you have three Vouchers now.
Don't think I've mentioned it before here, but I could really use a hand or hands re-coding an ea for use on renko charts.
Please visit my thread, you'll find a link to it under my profile.
Thank you...
Attached Image (click to enlarge)
Click to Enlarge Name: a fractal zig zag2 ea pic 21.gif Size: 25 KB
  • #134
  • Oct 12, 2009 8:16am Oct 12, 2009 8:16am
[quote=45Fxguy;3135847]Here's something interesting.
Below is a screen shot of regular volume indicator with Renko_am below it set to 240. They look remarkably similar, I wonder why Lou?[quote]

Not so strange really - RenkoAM measures minutes, volume counts ticks, so more ticks equals more time.

I've never used volume much for Forex - since it's not centralized (the volume you see is from your broker only) it can vary all over the map from broker to broker.
Old Benjamin was right
  • #135
  • Oct 12, 2009 9:16am Oct 12, 2009 9:16am
Another good thread, bee lurking for awhile, but finally decided to start adding in my thoughts to the boards. I like the Renko style and want to learn even more about this technique, what are your reco's here? Where else can I go to get an education? My broker does not offer training on this area.... Thanks!
  • #136
  • Oct 12, 2009 9:28am Oct 12, 2009 9:28am
Hi to all fellow Trader who using Renko,

Just an thought that strike my mind, what's the "best" box for Renko?? Saw some guys using 5pips, some said 10pips but what's the "Best" Box that really gave us the "Price Action"??

Example, using 1min, alot of whipsaw & normally candlestick or any chart formation is not really obvious. Only the 1hr or above shows us more accurate
trend, chart formation etc.

How about Renko in this case as time & volume is out of the picture, as Renko also produce "noise" in small pips, how to filter out & we really see the "Action" of the price movement.

Any guys here have any thoughts??
  • #137
  • Oct 12, 2009 10:34am Oct 12, 2009 10:34am
Quoting draco76x
Hi to all fellow Trader who using Renko,

Just an thought that strike my mind, what's the "best" box for Renko?? Saw some guys using 5pips, some said 10pips but what's the "Best" Box that really gave us the "Price Action"??

Example, using 1min, alot of whipsaw & normally candlestick or any chart formation is not really obvious. Only the 1hr or above shows us more accurate
trend, chart formation etc.

How about Renko in this case as time & volume is out of the picture, as Renko also produce "noise" in small pips, how to filter out & we really...
Well, if you have read the whole thread you've seen people having success with 5 pips and 10 pips. I tried 20 pips for about a week and went back to 10. IMHO anything less than 5 pips is not going to give you the advantage of Renko (filtering the noise) - might as well just scalp on a M1 chart
Old Benjamin was right
  • #138
  • Oct 12, 2009 10:50am Oct 12, 2009 10:50am
Quoting Lou G
Well, if you have read the whole thread you've seen people having success with 5 pips and 10 pips. I tried 20 pips for about a week and went back to 10. IMHO anything less than 5 pips is not going to give you the advantage of Renko (filtering the noise) - might as well just scalp on a M1 chart
I agree Lou, I tried 5 pip blocks for a couple weeks now so know exactly what you mean.
I'm going to stick with 10 for a while & see how that goes.
Seems to be making trade life easier so far.
  • #139
  • Oct 12, 2009 11:10am Oct 12, 2009 11:10am
I like Pivot Points. As "predictive" indicators go, pivots work about as well as anything I've tried. They are not perfect but the upside is that many people trade using them so it's reasonable to expect a certain element of "self-fulfilling prophecy" to help you out.

I've been looking for trade direction at midnight, GMT. This is the start of the Asian market and is a convenient time to trade for me - it's 6-7 PM where I live, depending on DST.

As the example below shows, the market open for today was below the pivot so we should expect the bias to be toward short trades, at least for a while. I look for a basic Renko entry signal (two bars in the same direction, enter on the third bar). I use a 25-30 pip stop and a target of either S1 or R1 depending on the bias.

As you can see, my first short trade was a loss but the second short signal went straight to S1for a decent profit.

In the last six weeks this has been very successful. 80% of trades like this have reached either S1 or R1.
Attached Image (click to enlarge)
Click to Enlarge Name: renko10pip.gif Size: 11 KB
Old Benjamin was right
  • #140
  • Oct 12, 2009 6:10pm Oct 12, 2009 6:10pm
Quoting Lou G
I like Pivot Points. As "predictive" indicators go, pivots work about as well as anything I've tried. They are not perfect but the upside is that many people trade using them so it's reasonable to expect a certain element of "self-fulfilling prophecy" to help you out.

I've been looking for trade direction at midnight, GMT. This is the start of the Asian market and is a convenient time to trade for me - it's 6-7 PM where I live, depending on DST.

As the example below shows, the market open for today was below the pivot so we should expect...
Lou G,

Thanks for the insights. This looks like a good simple way to trade. I'm also in the same Time Zone as you are so I look for something to trade at night when I get home from my full-time job. I'm going to try your method and see how it works for me.

Thanks again,
rptrader
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