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Renko Block Charts

  • #521
  • Feb 16, 2010 11:58am Feb 16, 2010 11:58am
hey all, I can't seem to get the renko onto my chart. I downloaded it as an indicator, it's showing up as one but I can't get it to the chart. What might I be doing wrong?
  • #522
  • Feb 17, 2010 3:08am Feb 17, 2010 3:08am
Quoting pipn4alivin
hey all, I can't seem to get the renko onto my chart. I downloaded it as an indicator, it's showing up as one but I can't get it to the chart. What might I be doing wrong?
Everything....read the thread
----o00o--°(_)°--o00o----
  • #523
  • Feb 17, 2010 10:20am Feb 17, 2010 10:20am
Ok Mart -Hart where in the thread is a guide to the installation Thanks
  • #524
  • Feb 17, 2010 3:19pm Feb 17, 2010 3:19pm
hi Pipn,
I really would recommend using renkolivechart V3.2 - You will not then have any freezing or updating issues when you start up. hope the attached file answers your problems in getting renko to work.

regards

dr.scalpall
Attached File(s)
File Type: pdf Installing Renko script as an EA.pdf   62 KB | 2,081 downloads
  • #525
  • Edited 7:25am Feb 18, 2010 7:11am | Edited 7:25am
Hello Friends,
I've got some code from user 7bit, who has published Equity Charts method on this forum: http://www.forexfactory.com/showthread.php?t=207137
In functions file offline_charts.mqh he puts some interesting idea in comments:

"* Note: if you want to make Renko or other range based charts you will *need to
* write your own function similar to this but with a different algorithm to
* detect when a new bar must be started. This one is strictly time based.
*/ "

Is this possible to make Renko for Equity Chart?
I've tried to put on Equity Chart based on 7bit's method and attached RenkoLive 3.2 but without success. If anybody could help me, I will appreciate. Regards.
Attached File(s)
File Type: mqh offline_charts.mqh   13 KB | 626 downloads
File Type: mq4 equity_recorder.mq4   1 KB | 624 downloads
  • #526
  • Edited 4:06am Feb 20, 2010 2:07am | Edited 4:06am
Quoting regfreak
hi guys

I searched indi to draw renko as background on normal TF chart and could not find it.
If anyone know such thing please let me know.
Anyway I end up creating my own indi based on the logic of renkolivechartv.3.2.
For those who want to see the price chart contained in renko boxes please give it a try.
Very interesting idea regfreak, could you post a few trade examples how you might use this with only one to three indis max so I can better understand how the renko shadow is drawn on a 1 min or 5 min chart?

Think the vhands simulator would be great to test this one over the weekend.
I may post a few back-test simulator screen shots trades after I think I've figured it out.
Having the wicks turned on shows the renko head too which I'm not sure what that is yet.

PS:
Closing trades manually right now.
VHands Trading Simulator thread
The renko shadow seems to have some kind of refresh lag problem at least in the simulator, had to reload it to see the current renko bricks. Caused me to open a short position that went 100 pips against me.
I'll restart using the gbpusd since I hadn't traded that one all week I have no idea where it's current price is.
Don't think I'll test it further in simulator until problem is fixed, getting tired of reloading it all the time, might as well just use 3 ma with applied price in color indi instead.
Attached Image (click to enlarge)
Click to Enlarge Name: not a bad start.gif Size: 68 KB
  • #527
  • Mar 6, 2010 12:19pm Mar 6, 2010 12:19pm
I found a big problem when viewing backtest (visual mode) with Renko bars with MT4. This will lead to wrong backtest or optimizing result.

If the type of bar (up bar or down bar) of the last 2 bars are not the same type, then the last one will be drawn in wrong direction.

For example, bar[1] = up bar. If the next bar is also an up bar, there is no problem. But if the next bar is a down bar, this latest down bar is drawn from tail to head (from bottom to top) which not it suppose to be.

I know that this is because the nature of Renko chart (the open of the last bar can jump), but is there a way (an MT4 program/script?) to make the drawing of the last bar is exactly like the same way happens in real live chart?

At least the open[0] sits in the initial position until the whole renko is constructed, not sitting at the (after happened) position?

This makes a big difference for optimizing / backtesting with Renko charts.

It makes a wrong big profit, because if we stand at the last bar, it already know the "future" bar opening.
  • #528
  • Mar 6, 2010 9:41pm Mar 6, 2010 9:41pm
Hello all,

This is an amazing thread. Watching the development of the renko bar EA's and scripts has taught me a tremendous amount the efforts that go into creating an indicator. I tip my hat to Lou and Viking for their work and persistence.

There was some talk of creating an EA that would actually place trades based on renko charts. Has there been any progress on this?

Thanks in advance for your answers.

Be Well, Trade Well, and Prosper

Louis
  • #529
  • Mar 6, 2010 11:21pm Mar 6, 2010 11:21pm
Quoting lumanauw
I found a big problem when viewing backtest (visual mode) with Renko bars with MT4. This will lead to wrong backtest or optimizing result.

If the type of bar (up bar or down bar) of the last 2 bars are not the same type, then the last one will be drawn in wrong direction.

For example, bar[1] = up bar. If the next bar is also an up bar, there is no problem. But if the next bar is a down bar, this latest down bar is drawn from tail to head (from bottom to top) which not it suppose to be.

I know that this is because the nature of Renko...
The problem with the backtest is no wicks, if the script had the option to leave the wicks on backtest would be 1000% better, I have an EA that makes literally millions on backtest but won't breakeven on forward test.
  • #530
  • Mar 7, 2010 3:42am Mar 7, 2010 3:42am
Hi, Fourxxx,

The problem that I saw is actually about backtest with renko with wicks. Even with wicks the forming of the last bar (if the one before the last one/forming one is not the same type) is backwards, ie: up bar is formed from top to bottom, and down bar is formed from bottom to top. Without wicks it just worse, sometime 3-5 bars just show up and the EA don't know they have formed (EA missed those bars).

About EA with renko chart that make millions in backtest, it's because at position[0], the backtest already know the value of open[+1] (one bar in the future), exactly because the problem I describe above. Backtest of a renko EA will tell you the wrong result if this problem is not fixed.
  • #531
  • Edited 7:05am Mar 7, 2010 7:04am | Edited 7:05am
Quoting lumanauw
Hi, Fourxxx,

The problem that I saw is actually about backtest with renko with wicks. Even with wicks the forming of the last bar (if the one before the last one/forming one is not the same type) is backwards, ie: up bar is formed from top to bottom, and down bar is formed from bottom to top. Without wicks it just worse, sometime 3-5 bars just show up and the EA don't know they have formed (EA missed those bars).

About EA with renko chart that make millions in backtest, it's because at position[0], the backtest already know the value of...
Hi,

Don't I know the problems of the dud back test, can you tell me how you can do a back test with wicks please? It would be an improvement on no wicks that I can't get past at present.

Thanks
  • #532
  • Edited 5:59am Mar 8, 2010 5:38am | Edited 5:59am
This is how I do it. In folder history, make a new folder under any name, say the name is "renko". Fill this folder with 5 files (get it from another history folder)
-M1 data,
-symbols,
-symbols.sel
-symgroups
-ticks.
Use scrip version 1.7 (where there is wick enable option). Do this offline, no internet connection.
Then re-login with the folder name in the "server" filling. Close MT4, open it again (this time it opens the files in the "renko" history. Open M1 chart, apply renko script with M5 timeframe (instead of M2).
After the script finished, you can open M5 chart it will be renko with wicks.

This is the snapshot of the problem. The price is now 1.4434. The[1] candle is a down candle. The[0] candle is forming backwards, it is started not from close of candle [1], but started from open of candle[1]. This happens because this last candle will be an up candle.

This is what makes backtesting or optimizing renko chart is useless.

Anyone have idea, how to get visual backtest like a rea renko in live chart? ie: the opening of the last candle always the same as the close of the previous candle, until the point needed is reached, then the open of this last bar can move. Now the open of the last bar always sits on it's "future" position while the bar is not finished yet.
If we use PriceOpen indicator (like 5EMA with PriceOpen), the backtest calculate wrong indicator result, since the Open of the last candle is sitting on it's future value, not at close of the previous bar.
Attached Image
  • #533
  • Mar 8, 2010 4:24pm Mar 8, 2010 4:24pm
Thank you lumanauw, just been looking through the files on this forum but can't see Script version 1.7 am I missing something or can you point me in the right direction please?

Thanks

Fourxxxx
  • #534
  • Mar 9, 2010 2:03am Mar 9, 2010 2:03am
It's here , thanks to Kiasom

http://www.forexfactory.com/showpost...5&postcount=16
  • #535
  • Apr 1, 2010 3:04am Apr 1, 2010 3:04am
lumanauw is right. How to make accurate backtest with renko then?
  • #536
  • Apr 2, 2010 1:57am Apr 2, 2010 1:57am
Quoting thesecret
lumanauw is right. How to make accurate backtest with renko then?
I've posted the answer in the other thread you've asked. Simply set the backtest mode switch true and if will be as accurate as any other backtest.
  • #537
  • May 14, 2010 3:07pm May 14, 2010 3:07pm
Good code. Have been using it awhile. Are you up to making a slight modification to it.

1. Get it to start calculation at some fixed point , so that the chart looks the same following a restart.

2. Adding an alarm when box changes direction.

Thanks. Hope you'll have figured out a way to use your work profitably.
  • #538
  • May 15, 2010 4:41am May 15, 2010 4:41am
I made some modifications of LastViking's renko chart, so now it can be backtested. In the modified renko, the bar[open] is not moving anywhere now. Consequence is, in trend change, the bar height will be twice the preset value.

Anyone has consistent+profitable strategy (for EA) can be used for this chart?
Attached File(s)
File Type: ex4 StepChart3.2.ex4   14 KB | 1,052 downloads
  • #539
  • May 15, 2010 5:25am May 15, 2010 5:25am
Quoting Nagpada
1. Get it to start calculation at some fixed point , so that the chart looks the same following a restart.
This issue was fixed long ago. The starting point is rounded to the nearest renko block (+ BoxOffset). If it dose not look exactly the same then you restart MT4, it's because the historical block's are built from M1 data, and the live ones are built from tick data.

Also, you may want to look upp the BoxOffset setting, it alove you to move the stating point a little.

Quoting Nagpada
2. Adding an alarm when box changes direction.
Dose not belong in the renko EA. Use a separat indicator. (PM me if you can't find one, and i'll write one for you. It's a 10 minute jobb max).

Quoting Nagpada
Thanks. Hope you'll have figured out a way to use your work profitably.
I have fond a way to push the odds above 50/50 atleast. It remains to be seen if it's good enough to be used in an EA.

/L
  • #540
  • May 16, 2010 2:46am May 16, 2010 2:46am
Quoting LastViking

I have fond a way to push the odds above 50/50 atleast. It remains to be seen if it's good enough to be used in an EA.

/L
I have managed 55 % with a profit factor of 1.55. Totally discretionary system. Don't think in it's its present form it could be EAed. With the addition of an additional indicator there could be a proability. I think profit factor is the figure to watch. Above 1 is indicative of a viable system. I tried out my method on the THV system, where they do have the indicator I have in mind ( does not work with Renko ) and was able to achive 76% win. But I was not too happy with the stop placement.
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