Goldflight's RENKO strategy

Been playing w/renko for awhile but never able to go live with it. How are you determining the SL?

Hello Goldflight -- hope you are well.

In a humble attempt to repay you for your great system, I have put together the attached indicator that combines the various indicator signals that you use (plus one that I added) and produces a combined signal that can trigger an audible alert as well as an email alert. Here are some notes:

1. From the Parameters Input box, turn on each indicator one at a time and convince yourself that it is working properly.
2. Enable any combination of indicators by setting the desired ones to 'true'. The resulting signal is the logical union of the selected indicators. The following indicators can be enabled for signal:
a. AO_Filter_Enable -- when AO is green, this signals long; when AO is red, it signals short.
b. ADX_Filter_Enable -- I have added an 'DIthreshold' parameter. Set it to 50.0 to get your recommended minimum value for ADX. Personally, I have been experimenting with 40.0, which gets you in a bar earlier sometimes. For a long signal, +DI must be greater than +DI on the bar before, and +DI must be greater than 'DIthreshold'.
c. HAsmoothed_Filter_Enable -- this is a simple Heiken Ashi Smoothed filter. If the smoothed HA candle is green, the signal is long. If the smoothed HA candle is white, the signal is short.
d. MACD_Filter_Enable -- this is an MACD filter. If the current MACD bar is longer than the bar before it, the signal is long. If the current MACD bar is shorter than the bar before it, the signal is short.
e. ITL_Filter_Enable -- I added an 'Instantaneous Trendline" filter. The indicator is attached. It is a good indicator out of John Ehlers book "Cybernetic Analysis for Stocks and Futures", and it filters out a few loosers. If the trigger is above the instantaneous, signal is long, below, short.
f. AlertsEnable -- set this to true to get an audible alert.
g. EmailAlert -- set this to true to get an email alert. Note that AlertsEnable must be true for this to work, and yyour must have your MT4 configured properly for email.
3. I was unable to include your 1 EMA and 3 EMA in the AO indicator box. You use the AO data to produce these EMA lines, and I am unable to figure out how to sense these values in the AO indicator box from MQl language. However, I do not think it matters must, since the EMA lines give the same signal as the AO.

That is it. Hope this works for you, and allows you to trade more pairs.

Welcome Slack, I determined my S/L by what i am willing to lose. I have been experimenting with the amount , so at times you will see different size S/L on my chart. But i think 30 pip S/L is good.

Thank you EasyRyder for these indies. These may be exactly what i have been looking for. I will test them and see how it go's. Thank you again.

Happy pipping...........................

Here's what i got going on now.

Thanks!

Back from lunch, still running good...................

Done for today------GU +30 EU +85 UC +35
Total for today +150.
See you all tomorow...............
Happy pipping..........................................

Goldflight would U kindly post latest Indicators & template U are using many thanks in advance

Here is my indies and templates, There are a couple indies that are experimental. Thanks to Bane and Easy Ryder. Also through the thread are many more from others that are trying to help.

This mornings trades...................

Here are the rules,

AO turns green--- 1 EMA (on AO) crosses above 3 EMA (on AO) --- ADX 10 green crosses above red--- BUY.

AO turns orange--- 1 EMA (on AO) crosses below 3 EMA (on AO)--- ADX 10 red crosses above green--- SELL.

These are what you want to watch for Higher highs/higher lows---Lower highs/lower lows--- Support and Resistance--- The 1 and 3 EMA's--- AO color--- ADX--- Trend--- news.

I hope this helps. Happy pipping.............

many thanks Goldflight

You are welcome...............................

All going strong, Looks to be a good day.

hi Golflight thanks for the template,

ive put in the files in the indicators folder and loaded the template however im still not seeing renko blocks?

Do you know why?

Regards

Rump.

Renko is an indicator, put it in indicator folder-- then put it on a 1 min chart (if you have a 5 digit broker you must add a zero to block size)-- go to file, open offline m2 of chosen pair-- I have also put a 1 min template in the zip folder. this will help.

Ok thanks,

I am now looking at a 2 min chart with Renko and goldflight template however the chart is offline?

Sorry if its a silly question.

Yes, Renko charts are offline charts. remember you haave to keep 1 min chart running also because it feeds offline chart. you can trade off the offline chart just like regular charts. Hope this helps?

EU s/l hit +32 pips.