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Renko Block Charts

  • #801
  • Apr 7, 2011 3:53am Apr 7, 2011 3:53am
Quoting tim112779
hows it going marley,

do you ever try the metatraders profiles for running multiple block size for each pair?

its under "files/profiles" in metatrader, you can save a profile for different renko block size and have a profile for each pair, it works good.
hi, fine, how are you?

no, I have all the charts in the same profile, because I donīt trade the bigger bricks, I just use them as a filter and therefor I have to see them all at the same time.
example: if my 10 pip and my 5 pip are long, I will try to find long-entries in the 2 pip chart (where my initial stop is 6-10 pips away). then I will use the 5 pip for trailing stops and later the 10 pip.
I do this because I want to combine small brick risk with big brick profit.

at major support/resistance lines I will try to go countertrend with 2 pip chart entries.

I you like to visually test this strategy just put the renko-shade indicator on your renko-chart.
  • #802
  • Apr 8, 2011 11:48am Apr 8, 2011 11:48am
I you like to visually test this strategy just put the renko-shade indicator on your renko-chart.[/quote]

hi
please can you explain about RenkoShade2
don't understand different colors and shapes
thanks

kino
  • #803
  • Apr 10, 2011 11:24am Apr 10, 2011 11:24am
renkochart 5 pip _ renkoshade 25 pip

possible entries:

white arrows (first brick in the direction of shade after an correction)

or

green line (new highs in an uptrend)

or whatever entrytechnique you prefer...


important: you would try long(short) until the first red(green) shade is drawn
Attached Image(s) (click to enlarge)
Click to Enlarge Name: renko-shade.JPG Size: 219 KB
Click to Enlarge Name: renko-shade2.JPG Size: 222 KB
  • #804
  • Apr 11, 2011 2:17am Apr 11, 2011 2:17am
Quoting form
is renko block charts the best charts to see the trend easier?
Hi, there is no best charts, it depends on user's knowledge - how to use(read) chart. There is few other chart types which also helps to see the trend: point and figure, kagi.
  • #805
  • Apr 11, 2011 6:14am Apr 11, 2011 6:14am
Quoting marley60
renkochart 5 pip _ renkoshade 25 pip

possible entries:
white arrows (first brick in the direction of shade after an correction)
or
green line (new highs in an uptrend)
or whatever entrytechnique you prefer...
important: you would try long(short) until the first red(green) shade is drawn
thanks for that !
why do you use a M11 chart instead of M2 ?
kino
  • #806
  • Apr 11, 2011 3:25pm Apr 11, 2011 3:25pm
I have 5 different eurusd-charts running, I think I can use "2" only once...
  • #807
  • May 3, 2011 8:03am May 3, 2011 8:03am
Hallo Traderduke,

I have an idea for youre ea.
Maybe you can put a martingale system to it.

Set renko candle at 10 , tp=10 sl=20.
Lets say a buy at 1.4700.
At 1.4710 we tp and wait for a new candle. That can be a buy at 1.4720 or a sell at1.4700.We trade in the direction of the candle.

So the price moves to 1.4720 and we buy, than we take a loss at 1.4700 and wait for a new candle.
That will be a sell at 1.4690 or a buy at 14720.We multply the lots factor 2 for break even and 3 for a profit.
In case of a loss we multiply again.

Sooner or later the renko candles break out of a ranging period , so it seems a good system to me.


Good luck
  • #808
  • Edited May 9, 2011 12:53am May 8, 2011 11:35pm | Edited May 9, 2011 12:53am
I using ikonfx turbo meta platform, EURUSD symbol name for this platform is "EURUSD.." , there is two dot behind symbol name, I only able to create offline chart by enable strange symbol name, the problem is that offline chart file name is only "EURUSD,M2" but not "EURUSD..,M2", my EA cannot trade on this offline chart and even I right click on chart, there is no trading in list.

Quote
if(StrangeSymbolName) SymbolName = StringSubstr(Symbol(), 0, 6)+"..";
or
if(StrangeSymbolName) SymbolName = StringSubstr(Symbol(), 0, 8);
if amend here, comeout this error "EURUSD..,M1: Error: can't create / open history file: wrong file name: EURUSD..2.hst", but for other timeframe history file is named as EURUSD..1.hst, EURUSD..5.hst, EURUSD..15.hst and so on...
if I put if(StrangeSymbolName) SymbolName = StringSubstr(Symbol(), 0, 7); it will create EURUSD.2.hst, but cannot trading on offline chart


Can somebody assist me?
  • #809
  • May 18, 2011 3:47pm May 18, 2011 3:47pm
Lou G & Folks,
I'm posting this EA in hope that WE can come up with a winning pair,Renko pip & combination of strategies.

This EA has 5 options using MACD & RSI, they must be "//" out in the program,lines 146 to 150 & 159 to 163. The options are numbered at line 146 to 150. right now option 3 & 5 are live. They show the best combination of TNP&PF&%Win in Backtest, using eurusd & renko-10pip.

This is for experienced Renko traders. I'm not doing the renko basics, for that read the thread.

It looks great on backtest, of course, and promising on forward. Some of the Trailing stops don't work correctly, I'm trying to fix them, any help would be appreciated. The RSI is the standard and I'm including the zerolagmacd. The ShiftM "Entry" & ShiftMx "Exit" allows us to use the prior candles or not.

I believe this can be a winner with the right combinations. Any suggestions or added indicators would be welcome. I'm not a good programmer but I can get it done.

Have at it and lets make pips!

Lou I'm especially interested in your thoughts.
Attached File(s)
File Type: mq4 RK-ZeroLag-MACD.mq4   3 KB | 1,106 downloads
File Type: mq4 RK-ZeroLagMacd-Rsi_EA.mq4   40 KB | 1,049 downloads
  • #810
  • May 18, 2011 10:19pm May 18, 2011 10:19pm
Quoting marley60
renkochart 5 pip _ renkoshade 25 pip

possible entries:

white arrows (first brick in the direction of shade after an correction)

or

green line (new highs in an uptrend)

or whatever entrytechnique you prefer...


important: you would try long(short) until the first red(green) shade is drawn
how do you get a shade for a different pips renko bars say on a 10 pip renko chart how can i get a shade of 50 pips?
Raza
  • #811
  • May 25, 2011 8:44am May 25, 2011 8:44am
1. set up your 10-pip-renko(-offline-chart)
2. add the renko-shade indicator(with input 50) to that chart

thats it

you can put the renko-shade indi on any chart you like, doesnīt have to be a renko chart

does this answer your question?
  • #812
  • Jul 12, 2011 7:49pm Jul 12, 2011 7:49pm
Quoting Traderduke
Lou G & Folks,
I'm posting this EA in hope that WE can come up with a winning pair,Renko pip & combination of strategies.

This EA has 5 options using MACD & RSI, they must be "//" out in the program,lines 146 to 150 & 159 to 163. The options are numbered at line 146 to 150. right now option 3 & 5 are live. They show the best combination of TNP&PF&%Win in Backtest, using eurusd & renko-10pip.

This is for experienced Renko traders. I'm not doing the renko basics, for that read the thread.

It looks great on backtest, of course, and promising...
Well, I'd like to suggest from what I've been reading on FF. The Nonlag MA v 7.1 with period set to 13 and Pct filter set to 2.0 looks a promising indicator. I looked around and found an EA based on this indicator, but the people were not using it on Renko charts with the settings shown above, so it wasn't profitable.
The EA and the indicator are attached. The settings have to be edited for the EA as indicated above. Please check this out and do inform on profitability.
Happy pippin!
Attached File(s)
File Type: ex4 NonLagMA_v7.1.ex4   8 KB | 845 downloads
File Type: ex4 NonLagMA_EA.ex4   14 KB | 738 downloads
  • #813
  • Jul 13, 2011 9:42am Jul 13, 2011 9:42am
OTEA
Thanks for your efforts. I have tested many kind of EAs on Renko chanrts, result are too good to be true. When I put the same EA on forward test the results are quite different. One of the reasons is price in MT4 is not stored as it arrives to MT4. Also when you create renko block in offline mode they do not create clear live picture. Thats why they are seen good on back test.

My suggestion is if you are backtesting EA, backtest on NIX renko EA. as it is more accurate than any other renko scripts. NIX EA can be found on the-forex-strategy.com.

I would also give a try on yor EA on NIX renko backtesting method and would let you know the result.

Good try any way
  • #814
  • Jul 16, 2011 5:05am Jul 16, 2011 5:05am
Quoting forexzak
OTEA
Thanks for your efforts. I have tested many kind of EAs on Renko chanrts, result are too good to be true. When I put the same EA on forward test the results are quite different. One of the reasons is price in MT4 is not stored as it arrives to MT4. Also when you create renko block in offline mode they do not create clear live picture. Thats why they are seen good on back test.

My suggestion is if you are backtesting EA, backtest on NIX renko EA. as it is more accurate than any other renko scripts. NIX EA can be found on the-forex-strategy.com....
Thanks forexzak for your reply. Tried to forward test the EA on a demo, and the results were, shockingly, bad! Back to the drawing board. The EA you are suggesting currently costs a bit more than I can afford. Will try it when I have more money to spend.
  • #815
  • Jul 17, 2011 1:54am Jul 17, 2011 1:54am
Buddy, I spent 2+ years on renko strategy and found that it is excellent on back-test and poor on forward tests. Renko has it usefulness in trending market but in sideways its performance is not worth.

Therefore, I would suggest to switch to Range-Bar. And for Range-Bar also I would suggest breakout strategy or a PullBack strategy. If you learn these two strategies you will start making money by trading manually.

There are some good youtube videos by JAMTHETRADER. it will help you learn Range Bar trading. the link is
Inserted Video


Hope it helps you save your time and start earn some money
  • #816
  • Jul 21, 2011 3:56am Jul 21, 2011 3:56am
Hello All,

RenkoLiveChartsv3.2 Charts don't work with Strategy Tester (Error: TestGenerator: Invalid File for 'EURUSD5)', however the ones generated with RenkoLiveChart Initial build do run fine. RenkoLiveChart first build doesn't have enablewick option which is it's downside.

Anyone experienced this before me? workarounds?
  • #817
  • Jul 21, 2011 5:49am Jul 21, 2011 5:49am
Quoting CartB4Horse

RenkoLiveChartsv3.2 Charts don't work with Strategy Tester (Error: TestGenerator: Invalid File for 'EURUSD5)', however the ones generated with RenkoLiveChart Initial build do run fine. RenkoLiveChart first build doesn't have enablewick option which is it's downside.
Anyone experienced this before me? workarounds?
See the 'How to backtest Renko?' thread
http://www.forexfactory.com/showthread.php?t=204485

To get reliable results when Backtesting with renko charts, one has to use good quality tick data. The simulated tick data MT4 generates for the strategy tester is usually not a good fit for the task.
  • #818
  • Jul 22, 2011 6:13am Jul 22, 2011 6:13am
My sincere advice, do not Count Upon Renko and its Back Tests, they are very miss leading. In forward and Live testing you see entirely different results. Also in sideways market Renko is no good.
  • #819
  • Jul 26, 2011 9:58pm Jul 26, 2011 9:58pm
Dear all,

In renko bricks during trend changeover the brick price open is not constant, it should be close of the previous brick instead it becomes the open of the previous brick. Can someone tell me how to correct or what it means?

Thanks in advance,
  • #820
  • Jul 27, 2011 1:54am Jul 27, 2011 1:54am
Quoting vin_yoga
Dear all,

In renko bricks during trend changeover the brick price open is not constant, it should be close of the previous brick instead it becomes the open of the previous brick. Can someone tell me how to correct or what it means?

Thanks in advance,
The current Bar Open while the Brick is in formation, the open price float. It is finalized when the brick is formation is completed.

Depending on the Renko Script/EA/Indicator you are using, you can keep the open price unchnaged for the latest bar, even while it is under creation.

I use commercial Renko Scripts, there is an option to check Back Test Mode to True. This way my Open Price does not float.

Hope it helps
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