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Renko Block Charts

  • #941
  • Nov 17, 2011 11:31am Nov 17, 2011 11:31am
Quoting sissi
...
I've said this dozens of times but no one seems to listen:

NONE of the script-based versions of RenkoLiveChart are accurate or dependable.

NONE of the indicator-based ones are accurate or dependable.

RenkoLiveChart_v3.2 (or RenkoLiveChart_v3.3 if you prefer to see the current bar displayed in a different way) are the only completely correct open source EA's. Search within this thread (or use the paper clip icon) to locate the source code.

If you don't want to use the open source version, buy the commercial version.
Old Benjamin was right
  • #942
  • Nov 17, 2011 11:53am Nov 17, 2011 11:53am
Quoting Lou G
I've said this dozens of times but no one seems to listen:

NONE of the script-based versions of RenkoLiveChart are accurate or dependable.

NONE of the indicator-based ones are accurate or dependable.

RenkoLiveChart_v3.2 (or RenkoLiveChart_v3.3 if you prefer to see the current bar displayed in a different way) are the only completely correct open source EA's. Search within this thread (or use the paper clip icon) to locate the source code.

If you don't want to use the open source version, buy the commercial version.
I dont know from what do you talk, but open your eyes please, i have edit my post.

good night
  • #943
  • Nov 17, 2011 12:06pm Nov 17, 2011 12:06pm
Quoting sissi
I dont know from what do you talk, but open your eyes please, i have edit my post.

good night
No good deed goes unpunished...
Old Benjamin was right
  • #944
  • Nov 17, 2011 12:16pm Nov 17, 2011 12:16pm
Quoting Lou G
No good deed goes unpunished...

  • #945
  • Dec 20, 2011 2:57pm Dec 20, 2011 2:57pm
Quoting mezarashii
this is a true gift to experienced traders. I have been using constant range bars and these beat the pants off of that script. Nothing shows the existence of a trend better than renko, I am a convert. Thanks to both posters with their efforts.

settings on my chart are 20. Happy pips to all.
Hi mezarashii,
Please, can you share this indi.
I think it work very well whith trend and could be useful.
Thanks in advance
grm5
  • #946
  • Edited Jan 14, 2012 1:08am Jan 13, 2012 9:50pm | Edited Jan 14, 2012 1:08am
Hi guys, im new to the thread and i have read most of the posts but i fail to understand some things.. please help!! I am using renkolivechart 3.3 ..

1. Assuming i am using a 8-pip box, in a bullish trend, every 8 pips it moves will give us a new green candle and it will take 16 pips to create red candle, am i right to say that? If this is true, why did i get a different result in the chart below?

2. Why is it that renko is based on price movements and the adjustment of timeframes directly affects how the offline m2 chart looks like?

3. From what i read from the chart, backtesting for renko is inaccurate, so is it correct to say that the renko candles before the vertical line is all inaccurate?

4. If 1 is true, why did this happen in the chart below?

P.S: I am using H1 to open m2 offline chart, but even when i use M1 to open , the data shown is wrong too.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 02.png Size: 52 KB
Click to Enlarge Name: 03.png Size: 45 KB
  • #947
  • Jan 28, 2012 12:37am Jan 28, 2012 12:37am
You posted on January 14 - a Saturday, market closed, and I believe that the Offline charts need a steady inflow of signal from the Base chart to be able to display properly?

Anyway, now 2 weeks later so I guess you found that out.



Quoting watashiLQ
Hi guys, im new to the thread and i have read most of the posts but i fail to understand some things.. please help!! I am using renkolivechart 3.3 ..

1. Assuming i am using a 8-pip box, in a bullish trend, every 8 pips it moves will give us a new green candle and it will take 16 pips to create red candle, am i right to say that? If this is true, why did i get a different result in the chart below?

2. Why is it that renko is based on price movements and the adjustment of timeframes directly affects how the offline m2 chart looks like?

3....
It takes a lot for me to IGNORE you, but you can try.
  • #948
  • Edited 11:33pm Jan 30, 2012 1:22pm | Edited 11:33pm
Hi guys. I hope this is the right place to ask. I am trying the EA v3.4 and I have the wicks enabled. I see some wicks that are long enough to deserve blocks of their own. I am attaching a chart here where I have marked them in blue. This is a 50 pips renko chart made from a euro/usd daily chart. Is there something that I am doing wrong or there is some other use for so long wicks?

I just turned my attention to renko charting so I don't know much about it.
Attached Image (click to enlarge)
Click to Enlarge Name: wicks.jpg Size: 65 KB
  • #949
  • Feb 3, 2012 7:25am Feb 3, 2012 7:25am
Quoting KMidas
Hi guys. I hope this is the right place to ask. I am trying the EA v3.4 and I have the wicks enabled. I see some wicks that are long enough to deserve blocks of their own. I am attaching a chart here where I have marked them in blue. This is a 50 pips renko chart made from a euro/usd daily chart. Is there something that I am doing wrong or there is some other use for so long wicks?

I just turned my attention to renko charting so I don't know much about it.

try to use 1h or 4h chart. the extra-long wicks should disappear then.

happens always then the movement of your time-unit is bigger than your boxsize.

if you use smaller box and 1-min chart you will see something like that at news release when the market spikes or gaps.
  • #950
  • Feb 15, 2012 2:34pm Feb 15, 2012 2:34pm
Hi guys,

I'm running the renko ea 3.4 and with wicks turned on and 10pips brick volume. I'm curious to know if the historical wick data is accurate or not? There seems to be a lot of blocks that don't seem to have any wick suggesting I could have opened the order with very little SL and taken the 10pips.

Is this an illusion or am I missing something?
  • #951
  • Feb 15, 2012 5:14pm Feb 15, 2012 5:14pm
I advise all of you to use ONLY 1 minute data to generate Renko charts. The historical Renko blocks will be useless for analysis when sources longer than M1 are used.
Old Benjamin was right
  • #952
  • Feb 15, 2012 10:59pm Feb 15, 2012 10:59pm
Quoting Lou G
I advise all of you to use ONLY 1 minute data to generate Renko charts. The historical Renko blocks will be useless for analysis when sources longer than M1 are used.
Thank you for your advice. I have noticed some problems either way. I understand that the design of the EA is such that works best with 1min data but for me at least works better on 30 minutes and up.

I think the problem has to do with the amount of historical data that we can get from our broker. I am attaching two charts of the EUR/USD, one generated with 1 min data and one with 1 hour data. As we can see the chart generated with 1 min data is almost unusable. I can't see no support/resistance and I am not sure that the previous downtrend is real. On the other hand the hourly chart is more readable since the historical data are going further to 2009. And with daily charts Oanda offers historical data as far as February 2005.


Downloading historical data from History Center makes things worse since the data will be downloaded corrupted. Every time I use that feature I have gaps that can be as big as 2 months of data missing. And we talking about recent data. I have tried many times to download those data and always I delete the history files in the end.


On the other hand with hourly data I noticed a problem yesterday. The price had moved 1-2 bars further during the day (I use 50 pips blocks) and the chart didn't update. I had to switch my chart to 1 min and back to 1 H to get an updated chart.

Am I doing something wrong?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurusd1min.png Size: 29 KB
Click to Enlarge Name: eurusd1h.png Size: 39 KB
  • #953
  • Feb 15, 2012 11:49pm Feb 15, 2012 11:49pm
If you want back tests that are anywhere near accurate you need to download tick data. Metatraders back testing is flawed and only gives a simulation within each bar.

It takes some time and work but following these instructions to download and setup tick data testing is well worth the effort.
  • #954
  • Feb 17, 2012 8:36am Feb 17, 2012 8:36am
Quoting Fourxxxx
If you want back tests that are anywhere near accurate you need to download tick data. Metatraders back testing is flawed and only gives a simulation within each bar.

It takes some time and work but following these instructions to download and setup tick data testing is well worth the effort.
I too have found that there is much more to backtesting than just using what Metatrader has to offer. Also consider the differences between testing dynamic stops and simple price stops. You really need to have high-resolution data to get backtesting results that are anywhere near what you could expect in real trading...

cheers
Ohka
  • #955
  • Feb 21, 2012 9:51am Feb 21, 2012 9:51am
Quoting KMidas
Thank you for your advice. I have noticed some problems either way. I understand that the design of the EA is such that works best with 1min data but for me at least works better on 30 minutes and up.

I think the problem has to do with the amount of historical data that we can get from our broker. I am attaching two charts of the EUR/USD, one generated with 1 min data and one with 1 hour data. As we can see the chart generated with 1 min data is almost unusable. I can't see no support/resistance and I am not sure that the previous downtrend is...
The 50 pip blocks are part of your problem - try 10-20.

To get more M1 data from your broker you can turn off auto scroll (on the toolbar) and hold the home key down until you have downloaded all the data your broker will provide. Alternatively, you can leave mt4 running with a M1 chart active for a week or so and thus collect 5 days worth of M1 data.
Old Benjamin was right
  • #956
  • Feb 26, 2012 10:50am Feb 26, 2012 10:50am
For all you 'Renko', lovers (& I'm one) I have attached an INDICATOR that produces great bricks, & also allows weekend working (Playing!).

Attach it the same as all the Renko brick experts:

Open a one min chart, & drop the indicator on it.
Select your brick size.
Open a 2 min chart & there you have it.
All expert robots will work with it.
Just drop the expert on the 2 min chart.
Attached File(s)
File Type: ex4 RenkoLiveChart-Not EA.ex4   12 KB | 1,287 downloads
File Type: mq4 RenkoLiveChart-Not EA.mq4   14 KB | 1,807 downloads
So make sure it's an exciting one, 'cos it's the only one you get!
  • #957
  • Feb 27, 2012 1:05pm Feb 27, 2012 1:05pm
Quoting ComoxBluejay
For all you 'Renko', lovers (& I'm one) I have attached an INDICATOR that produces great bricks, & also allows weekend working (Playing!).

Attach it the same as all the Renko brick experts:

Open a one min chart, & drop the indicator on it.
Select your brick size.
Open a 2 min chart & there you have it.
All expert robots will work with it.
Just drop the expert on the 2 min chart.
CBJ
BackTesting is a real problem, yes I know its not reliable but for priliminary testing its helpful. I use the attached script:
Open a one min chart, & drop the script on it.
Select your brick size. & 5min time frame
Open a 5 min offline chart & then run your 5 min backtest. Some times the offfline chart looses its bricks so you have to watch it. You must reboot mt4 prior to setting all this up to initialize the history data.. The nice thing about this script , it allows you to run test on the weekend.
Question: do you have a more reliable backtest procedure???
Attached File(s)
File Type: mq4 RK-Renkoashi_scriptwWicks.mq4   14 KB | 1,127 downloads
  • #958
  • Feb 28, 2012 4:19am Feb 28, 2012 4:19am
DOes anyone here know which is better s-renko ea or renko live chart not ea(indicator)?
  • #959
  • Feb 28, 2012 10:54am Feb 28, 2012 10:54am
I don't really think there is much, if any, difference between the two.
I use the indicator version simply because it allows weekend 'playing', whereas the expert is dead....no signal input.
As to back testing, I'm not a fan. Atleast not as far as RENKO is concerned. Renko trading is simplicity itself, nothing can forecast a move. But Renko will give you the fastest notice of a change, or atleast get you out in a timely manner.
I trade with an Expert and only trade during a very limited time window.
My objective is twenty pips a day @ £5 a pip spread trading. I'm rarely disappointed.
So make sure it's an exciting one, 'cos it's the only one you get!
  • #960
  • Feb 28, 2012 11:48am Feb 28, 2012 11:48am
I am familiar with tick data backtesting but is it possible to have tick data renko backtesting?
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