Fxkred's Renko System

hello

what is the best size for a renko box after your experience?

Be careful of posts like the below; normally they come from people who want to sell your system or method on Ebay.

I do not think that there is a "best" size, similarly to time based candles. Which is best the M1, or M5 Or h1? There is no good answer, I mean only one : Depends on...

But you have to think about your strategy and choose for it the Renko size.
Do not forget the maximal length of Renko candle can be around 3 times of its body. It means that 4R candle can be 11 pip of length, so if your strategy needs only 6 pip stops, then 4R candle do not proper for you.

Personally I like 4 R Renko for scalping and day trading, as they are similar to M5 candles.
(Interesting that number 4 is not a fibo number, but between 3 and 5. And if you multiply any bigger fibo number then 4, and add to the number of series it results another fibo number. )
Well, after 4 the first fibo number is 5, the second is 8, the third is 13 etc.

4 x 5 = 20 + 1= 21 <- Fibo number, too
4x 8 = 32 + 2 = 34 <- Fibo
4 x13 =52 + 3 = 55 <- Fibo
etc to infinity (and further )
It means nothing alone, but interesting, is it?


The other Renko size I am using is 8R. Which is similar to H1 chart.

how to trade it ? and what is harmonic pattern?

Just want to share some Elliot wave counting on Renko chart.

There is a projected price for the begin of the week.
Thank you for Christina for this great indicator, the ElliotWaveProphet.

Here is a video about using:


It is free indicator, Google is your friend (especially if you have some shares of it in the cupboard. )

So bad that I can not download this indicator....

It shows you the upper & lower values for the current renko bar to complete before starts a new candle..

[ups... sorry guys, already answered by the creator...]

Asian session worked well, the Elliot wave was completed by minimal expectation. London session can start with "freehand".

Here is the first "Language pack" Really it is the Hungarian sound pack. So it says the CLose Up and Close Down By Hungarian.

First unzip the attached sound files, and copy into Yourmetatrader ++ sounds subdirectory.
There is necessary to change the code in the indicator of Renko Counter v1.05, as below:


if (LongSetAlert && Close[0]== LongAlertLevel)
{

// Alert("Renko closed up.");
// PlaySound("ClosedUp.wav");
PlaySound("ClosedUp_hun.wav");

}
if (ShortSetAlert && Close[0]== ShortAlertLevel)
{

// Alert("Renko closed down.");
// PlaySound("ClosedDown.wav");
PlaySound("ClosedDown_hun.wav");
}
return (0);

I only downloaded your indicator,and no things displayed on the chart. It seemed to be needed some extra files(such as fonts) from thv 5 system by Mihailo , did it?

I do not think so, you have to install extra things.
I was used the Windows basic fonts.

You told ''I've been using Renko charts for years to trade futures and fx''
Do you have any good and profitable system or strategy with renko?

Hi all,

I use RLC v3.2 and generate renko HST files for boxsize 5 , 10 , 20 ,... pips with satisfaction. Thanks LastViking and Lou G for bright code.

In the same time as HST files are generating I read them by ArrayCopyRates() in regular indi and EAs working in regular TF (M5 , M15 , H1 ...)

The problem arise if HST file stop refreshing from any reason. This problem force me extend ver 3.2 and code new features in MTF_RenkoLiveChart_v1.0 with preservation all perfect characteristic of RLC v3.2

Short description of MTF_RLC v1.0 :

Expanded for more Renko TF and more offline charts for each of them and communication with your own indicators/EAs by global variables
The code is derived and refined from original Okt 13 2009 (LV) (v3.2)

Main code is separated from start() to one_start()
The original functionality is preserved
All names of the variable are saved using #define by similar name in the arrays[][]
If RenkoTimeFrame_1 = 0 start numbering Renko TF from 16
If any RenkoBoxSize is 0 init() doesn't check more RenkoBoxSize
Each Renko TF refreshes more than 1st offline chart (refreshses all of them)
Information about opened offline chart by Comment
The code is prepared for extend to 5 Renko TF
Coded modular for easy expanding more than 5 Renko TF by _dim_renko
The externs RenkoBoxOffset and EmulateOnLineChart are common for all charts (optional)
Common externs are prepared to change to regular externs (for each Renko one extern)
Idea of the code for multiple refresh is separated and recoded from v1.9 P4L PeriodCon.mq4 by pips4life of ForexFactory.com
SendTick = true will simulate an incoming tick so you can create offline charts when the market is closed

If no offline chart is opened for renko TF the function ArrayCopyRates() don't work properly (any refresh) : MT4 behaviour
So if use ArrayCopyRates() to get the array rates[][] of Renko TF in regular TF, MIN ONE OFFLINE RENKO CHART HAVE TO BE OPEN FOR SELECTED RENKO TF
The information about opened offline charts (refreshed) are written on the chart and
set as global variable with the name "MTF_RLC_" + SymbolName + "_" + RenkoTimeFrame whith the contents :
1 : mean offline chart is refreshing
0 : mean offline chart is not refreshing
Your own indicator can check validity of actual data in HST by global variable before uses ArrayCopyRates()
Check globals with F3 to see how it works

Next advantage of MTF version over original is that all Renko offline TF get refresh by the same tick from broker (one run MTF_RLC) and is prepared for reading HST by MQL ArrayCopyRates()
The speed and consumtion of CPU is better than multiple run RLC v3.2
Inform me please about significant inevitable changes in the code or bugs.
I use HST output of MTF_RenkoLiveChart in my own indicators working in the regular online TF for natural S/R levels.

HST read by : if (glob_RenkoTimeFrame == 1.0) ArrayCopyRates(rates, NULL, RenkoTimeFrame).
Thanks.

I hope it can help anybody else.

laro_ron

Hi Man,

It was a great job!

You have solved a lots of problem, I have not aware of it. But gave me lots of tips, what could do with Renko , I have not even think before
Thanks again,

Hi all,

I coded small testing indi for own developing purpose to see how renko looks inside....

Try it and you will see where is the price and where are the renko boxes.

Renko boxes are generated by EA MTF_RenkoLiveChart_v1.0 with externs 5 , 20. The others are default.


There are two instances of Show_Renko on the chart with the externs :

16 , 2000 , true
17 , 1000 , false

Put both Show_Renko on M5 chart as is on the pict and you can switch the others TF

http://www.forexfactory.com/attachme...1&d=1335279555


laro_ron

Today's Elliot wave on EURUSD gave our daily bread and butter

The correction wave would give some possibilities, so not late to see a good entry again.

Hello,

Unfortunately that ELLIOTT WAVE indi is not available for free anymore and not yet available for buying either.

D

Here is Elliotwave indicator for those who cant find it.

BTW: Nice thread Fxkred

Thank you for your post. It was a big help for me, so I can empty my message box

use it if you like it, but PLEASE don´t call it elliott-wave. elliott-wave-rules: in an impulse(5wave sequence) the 4 cannot overlap the 1.
and wave 3 is never the shortest.
this indi is violating the 2 most important rules of r.n.elliott.
i posted this on the facebook page of the developers, their reaction was just deleting my post. no answers.
the indi was a gift to attract buyers for an black-box-ea.