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Renko Block Charts

  • #661
  • Oct 24, 2010 8:40pm Oct 24, 2010 8:40pm
Traderduke,

Good to see someone still working on a new ea for renko charts.
I see "RK-NonLagMA_v7.9 parameters--", in it's input settings, but noticed you didn't post this indi. Does your ea need it, did you remove it, or planning to add it later?
Sorry if you've already mentioned this, & I missed the post.
Also good to see Lou G. is still keeping an eye on his thread...

Quoting Traderduke
Yes, I'm not lucky enough to be able to RenkoLive EA on a 2min for trading. I clean my platforum, by that I maen I remove all charts and name it default then exit platform then recall platform then select pair then make it m1 then load my script with 5m and size it then select my offline pair for 5m. Now I'm ready to either load an EA or run a Strategy test but I won't due both on the same setup because I have had problems....
  • #662
  • Oct 25, 2010 2:24am Oct 25, 2010 2:24am
Ok so I am kind of confused now..is it true to say that we can't open 5m offline chart to trade the EA as it is not accurate. If so, what do we use then to feed the data to the offline chart, and the only offline chart that is accurate is the 2M chart?
  • #663
  • Oct 25, 2010 9:22am Oct 25, 2010 9:22am
All this confusion is the result of some not taking the time to work through the whole thread:

There are no "minutes" in Renko. Renko is based solely on price movement. "M2" is just a name assigned to a chart to distinguish it from other chart files. You cannot use one of the standard MT4 timeframes (M5, M15, etc.) because if you do so on a live chart, MT4 will begin to update it automatically as new ticks arrive and wipe out your Renko blocks.

To test offline using Strategy Tester, you need to create a dummy server so that updating will not take place and you need to rename the M2 chart to M5 so that Strategy Tester will recognize it.

It's much simpler (and more useful) to do live forward testing:

Set up RLC_v3.2 on a M1 chart.

Open the created M2 (or M3 or M11 or anything other than a standard time frame).

Put your EA on that chart, let it trade and see what happens.

PLEASE don't ask why it is advisable to use a M1 chart as the source for a Renko chart - this question has been asked and answered multiple times since this thread began. The short answer is, if you use a longer TF the historical blocks (everything that happened prior to the time you start RLC running) will be very misleading.
Old Benjamin was right
  • #664
  • Oct 25, 2010 9:56am Oct 25, 2010 9:56am
Lou,
Thanks for the clarafication. I didn't realize an my EA would trade on a 2m chart with my broker. I agree Backtesting just get you in the ballpark, Forward testing gets you to your seat.

Thanks again


Quoting Lou G
All this confusion is the result of some not taking the time to work through the whole thread:

There are no "minutes" in Renko. Renko is based solely on price movement. "M2" is just a name assigned to a chart to distinguish it from other chart files. You cannot use one of the standard MT4 timeframes (M5, M15, etc.) because if you do so on a live chart, MT4 will begin to update it automatically as new ticks arrive and wipe out your Renko blocks.

To test offline using Strategy Tester, you need to create a dummy server so that updating will...
  • #665
  • Oct 25, 2010 10:06am Oct 25, 2010 10:06am
Quoting Traderduke
Lou,
Thanks for the clarafication. I didn't realize an my EA would trade on a 2m chart with my broker. I agree Backtesting just get you in the ballpark, Forward testing gets you to your seat.

Thanks again
Your broker has no idea what chart you're looking at - the client (your mt4) sends an order to the server (their mt4) and if the order is legal and correct it's executed...

most of the time
Old Benjamin was right
  • #666
  • Edited 10:31am Oct 25, 2010 10:29am | Edited 10:31am
Here's what I use to find entry points and stoploss placement. It's based on Williams fractals. Also helpful to see the current trend.

In this chart (10 pip blocks) trend has been down for a while so until resistance is broken, trade short on a break of the red line, place stop at the green line plus spread.
Attached Image (click to enlarge)
Click to Enlarge Name: renko.gif Size: 11 KB
Attached File(s)
File Type: mq4 Fractal_SR.mq4   2 KB | 1,066 downloads
Old Benjamin was right
  • #667
  • Oct 25, 2010 10:30am Oct 25, 2010 10:30am
Thank you Lou G.

I have been trading renko manually for quite awhile using the normal indicator on a daily timeframe such that I only check my trades every morning and adjust them accordingly (I use 100 pips per block since I don't do intra-day trading). Thus, I admit that I was abit too hasty upon knowing that an EA could be a possible solution that enables me to trade intraday using smaller bricks since I run on a very tight work schedule, resulting in me jumping in too quickly and missing the finer details. I have readjusted my whole live test and attached is what I have about 5min ago. I used 1M timeframe for the RLC but its still dated back to 22october so I just want to make sure if it's alright. I am using 20pips block.
Attached Image (click to enlarge)
Click to Enlarge Name: Renko 3.JPG Size: 274 KB
  • #668
  • Oct 25, 2010 10:51am Oct 25, 2010 10:51am
Quoting Maveri4k
Thank you Lou G.

I have been trading renko manually for quite awhile using the normal indicator on a daily timeframe such that I only check my trades every morning and adjust them accordingly (I use 100 pips per block since I don't do intra-day trading). Thus, I admit that I was abit too hasty upon knowing that an EA could be a possible solution that enables me to trade intraday using smaller bricks since I run on a very tight work schedule, resulting in me jumping in too quickly and missing the finer details. I have readjusted my whole live test...
Looks OK to me...
Old Benjamin was right
  • #669
  • Oct 26, 2010 9:44am Oct 26, 2010 9:44am
Fellows

I agree with Lou G comments in this forum that Forward Testing is the one that give us a confirmation of our strategy results.

In past I did lot of backtests on Renko and on other strategies and none of them are found to be performing the same when I put them on forward test.

Another issue in back testing is quality of data we are we are using in tests. I wish someone can help us providing an authentic Renko data (i.e. 10, 20, or 25 pips renko) for at least 2 years and that we use in our backtest to see how the results are. So far from the free sites or from Metaquotes I do not consider these data as clean.
  • #670
  • Oct 26, 2010 10:34am Oct 26, 2010 10:34am
i have only GBPUSD M2 , how can i add EURUSD and other currencies with M2 ?
kino
  • #671
  • Oct 27, 2010 2:21am Oct 27, 2010 2:21am
Quoting Maveri4k
Basically SL is 2times whatever the renko block sizes you decide to use. Thus, your money management is kind of proportionate to the block sizes that you use. E.g If you only want to risk 1% of your 10k account trading mini lots, your SL would be 100pips and thus the renko charts that you would want to use is 50 blocks. I am trying to find this indicator which I believe would make our trades more accurate as it tells us what is happening between the blocks. If anyone has it please post it! I saw it somewhere before but I could not remember and now...
You never explained how you were determine your red and blue blocks as per the picture you posted. I was just curious.
  • #672
  • Oct 28, 2010 9:37am Oct 28, 2010 9:37am
Quoting kinonen
i have only GBPUSD M2 , how can i add EURUSD and other currencies with M2 ?
kino
Open a new M1 chart to drive each currency pair you wish to add and install RLC_v3.2 to create the M2 for that pair.
Old Benjamin was right
  • #673
  • Oct 29, 2010 5:50am Oct 29, 2010 5:50am
Quoting Lou G
Open a new M1 chart to drive each currency pair you wish to add and install RLC_v3.2 to create the M2 for that pair.
thnxs you LOU
kino
  • #674
  • Nov 8, 2010 11:28pm Nov 8, 2010 11:28pm
What is the best way to backtest and optimize on an offline renko chart?
  • #675
  • Nov 10, 2010 8:15pm Nov 10, 2010 8:15pm
I have managed to secure my VPS and have been running this EA since Monday, will give a situation report at the end of this week.
Regards
  • #676
  • Nov 10, 2010 9:55pm Nov 10, 2010 9:55pm
I've looked through this thread and other places but I could not find any information on the following:

I want to backtest REAL (tick-derived) Renko. Not pseudo-renko derived from M1 data.

I have dukascopy tick data, but the best I can do is convert it to an .FXT format. I have no way to import this data into MT4 and run a renko script on it.

I know that to backtest renko I need to convert it to a standard timeframe on a fake server, etc.... but how can I get the renko indicator to use my .fxt data?
  • #677
  • Nov 11, 2010 1:59am Nov 11, 2010 1:59am
Hello, I am using renko 5pips block for quit a while and have great success with it. Anybody nind to share an EA based on this?

1)every new block= 5pips(point)
2)change to opposite color when there are 10pips moving opposite.
3)I will determine the lot size by myself.

Example:

I buy EUR/USD@ 1.4000, price move to 1.4005, one blue bar appear, price move to 1.4010, another blue bar appear, now price move back to 14000, red bar appear, close my existing buy position and sell it instead. Same goes for opposite direction.

No need SL or TP. SL is basically the 10pips moving opposite.
  • #678
  • Nov 11, 2010 6:03am Nov 11, 2010 6:03am
If you refer to the earlier pages Traderduke has already posted one EA, you can go forward test it just like I do.
  • #679
  • Nov 11, 2010 9:21am Nov 11, 2010 9:21am
Quoting Maveri4k
If you refer to the earlier pages Traderduke has already posted one EA, you can go forward test it just like I do.
Forward testing is of course the most important thing, but I like to have a bullet-proof backtest as well.

I actually figured out how to backtest Renko on tick data. Here's how to do it in case anyone else is interested:

1. Get your tick data into .FXT format (google "Birt tick data")
2. Delete all your history data from the folder.
4. Modify the RenkoLiveChart3.2 EA to remove the "Renko timeframe" and "Connection" restrictions.
3. Log onto MT4 with an incorrect password so that "No Connection" is displayed in your status bar.
4. Run the RenkoLiveChart3.2 EA in strategy tester using your .FXT tick data (in every tick mode) and save to a standard time frame.
5. Your REAL (every-tick based not M1 based) renko chart is now in the standard time frame you chose.
  • #680
  • Nov 11, 2010 9:44am Nov 11, 2010 9:44am
Quoting Maveri4k
If you refer to the earlier pages Traderduke has already posted one EA, you can go forward test it just like I do.
this one? http://cdn.forexfactory.com/images/attach/mq4.gif RK-Renko-Blocks_EAwKC-MA-5TrlS.mq4
but im really don understand how to forward test it...
cos i put in on backtest its all turn up with lose...
& how about the setting? i cant see clear from the picture...
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