{quote} Could you please show your live chart without refreshing the renko script.
repaint??
MT4-Indicator: Adjustable Shift Renko Chart Builder Indicator
- #242
- Dec 6, 2013 8:36am Dec 6, 2013 8:36am
- Joined May 2007 | Status: MT4/MT5 EAs/Indicators/Alerts coder | 6,542 Posts
{quote} Yes, that's the problem, this bearish bar, if you close and then open the chart becomes a bull bar. repaint??
In real time, the renko make like zigzag up and down ... but when you refresh the chart, it becomes only 1 direction. The direction of the D1 candles (from open to close). A d1 candle has no zigzag. So ALL the renko bricks for a given day are in the same direction.
MT4/MT5 EAs/Indicators/Alerts coder
- #248
- Jan 6, 2014 4:05pm Jan 6, 2014 4:05pm
- | Membership Revoked | Joined May 2012 | 1,218 Posts
Hi Guys. please forgive me that i'm not here for couple of weeks.. hv some extra job at rural area without any net connection ..lol.
better late than never.. Merry Christmas and Happy healthy and wealthy New Year..
to all of you.
And now, about all the indicators or EA that I share in this thread I think, I need to discontinue further development to wait and see and also learn about that 'new' set of MQL4/5 from metaquotes..
and hopefully it's not too difficult to learn the new set of codes.. 
According to Metaquotes that this new compiler will backward compatible with the previous EX4 files but who knows.. since metaquotes is always full of big surprises..
Just little suggestion, maybe you should keep 1 copy of your MT4 build 509 just in case the next build version give you bad surprises.. lol.
Anyway, as always.. happy trading.. and best regards.
better late than never.. Merry Christmas and Happy healthy and wealthy New Year..
to all of you.And now, about all the indicators or EA that I share in this thread I think, I need to discontinue further development to wait and see and also learn about that 'new' set of MQL4/5 from metaquotes..
and hopefully it's not too difficult to learn the new set of codes.. According to Metaquotes that this new compiler will backward compatible with the previous EX4 files but who knows.. since metaquotes is always full of big surprises..
Just little suggestion, maybe you should keep 1 copy of your MT4 build 509 just in case the next build version give you bad surprises.. lol.
Anyway, as always.. happy trading.. and best regards.
- #250
- Jan 6, 2014 5:34pm Jan 6, 2014 5:34pm
- | Membership Revoked | Joined May 2012 | 1,218 Posts
HI Kiads, First of all let me echo thanks for your great work on Renko. Couple of questions: (1) want to set the box size to 20 pips and want to trade geometrically, with a 50% shift or wick...can you tell me the shift % I should use in the inputs pls? (2) ditto for 50 pip box size...? I tried using your formula you gave on the first post you made but I cant get it work according to my calculations. (3) The other thing that happens on my charts using ten pip boxes and the setting of 25%, the horizontal lines are not "sticky" . (They move slightly...
Firstly, I wanna explained again about the term 'geometrical chart' so it will not mislead to different direction. This 'geo' term is not like common 'geometry' term, and this is only related to 2 original angles of trend direction, 45 degree for uptrend and 315 degree for downtrend (ideal interaction between price movement and time movement).
In Renko Chart, we try to adjust the shift of the brick configuration so the angle of the bricks will nearly emulate this 45 and 315 degree angles visually.
According to my limited knowledge of renko, we can 'nearly' emulate this 45/315 angles with 12.5 % brick shifting (1/8 of 100%), and 8 point incremental brick size (8,16,24,32..etc).
Now, for your questions;
1 & 2. Are you sure you want to trade geometrically ? with trend lines or regression channel ..etc. If yes, then 20 or 50 point brick sizes can't give you ideal environment.
3. If you have spare time, would you please upload chart and show us what you mean by 'horizontal lines' since this renko chart builder not create any horizontal lines..?
4. I believe that I already explained clearly about advantage and disadvantage of using this type of renko chart comparing to Japanese candlestick chart. The basic rules for renko chart, the bigger the brick size then you will get the bigger 'risk' of turning range when direction change. for example with 8 point brick size, you need at least 16 point of price movement in opposite direction to see clearly the turning point.
Since I don't know about your statistic calculation formula, so I don't have any clue to help you further in that matter, but I believe that you know about 'fractal geometry' then I hope this 12.5% shifting renko will help you.
In your next post, you explain that you only trade EURJPY with daily,weekly and also monthly candlestick charts, if you don't mind, feel free to explain your method to us here, or create new thread if you have time. coz i'm also EJ lover
for EJ renko chart for long term trend analysis, maybe you can try this setting. Set the starting price to 100 (EJ parity) set the brick size to 62.5 point and 25% shifting
if you put your renko chart builder indicator/ea at M1 data source chart set the maxbar to 144000 (100 days data).
this is the picture.
note that those horizontal lines came from my MTH_SweetSpot Indicator with starting price also 100, main level 2500 (250 point) and sublevel 625 (62.5 point).
and the blue line is SMA 3 shift 3 on median (HL/2).
Hope it help and happy trading.
- #255
- Jan 10, 2014 1:53am Jan 10, 2014 1:53am
- | Membership Revoked | Joined May 2012 | 1,218 Posts
I am really enjoying watching this renko system, but could someone explain what and why the 'shift' makes the difference?
We Understand that, Standard Renko Chart without brick shift / 100% shifted give us late visual information when price movement turning its direction, for example if we set our brick size at 5 point, then at least we need price to move 10 point in opposite direction before we can visually see new brick completely.
With this adjustable shifted renko, we can reduce that 'blind moment' so we can visually recognize that more earlier. and also from 'indicators' calculation side 'stepped' shift will give more detail and smoothed data and of course generally any indicators will give us more accurate visual information, and hopefully we can get more precise entry and exit position.
This USDJPY example bellow created with same brick size :5 point, but the first is standard renko chart (100% shift) and 2nd is 25% shifted renko chart.
With the same price movement (inside blue box) we can see more detailed movement with 25% shifted renko, and you will recognize that dodgerblue SMA line with same 3 period shift 3 on Median Price (HL/2) will show you more smoothed line with 25% shifted renko.
Also, you can see that shifted renko chart will visually give more 'angular' bricks formation than standard renko chart.
I hope my limited explanation will answer your question.
Happy trading and best regards
- #259
- Jan 11, 2014 9:26pm Jan 11, 2014 9:26pm
- Joined May 2007 | Status: MT4/MT5 EAs/Indicators/Alerts coder | 6,542 Posts
{quote} This image is so beautiful that I made it my desktop on my computer. This was made from 5 pip shifted 50, using a Daily chart? Thanks
It would be to good to be true
MT4/MT5 EAs/Indicators/Alerts coder
- #260
- Jan 12, 2014 1:28am Jan 12, 2014 1:28am
- | Membership Revoked | Joined May 2012 | 1,218 Posts
{quote} Doesn't matter the TF it is from. If it isn't based on M1 data, what you see on this beautiful chart isn't what happened in real time. It would be to good to be true
Guys, please you should read and re-read again to know the basic knowledge of this renko chart building process, so you can really understand the advantage and disadvantage when using it. (pls read post 217 for brick building process explanation).
Nice screenshot sometime look like perfect system, (remember Karl D. amazing arrow indicators .. holy grail in picture but broken grail in reality ).
Again and again I should remind you that any type of renko chart just exactly same with zigzag indicator in visual process.
Bigger Depth size in zigzag mean bigger "slip range" of last leg position (i don't want to name it 'repaint' because this is not repaint)
that exactly same with renko chart that bigger brick size or bigger source data TF will give you bigger 'blind range'.
This 'slip range' or 'blind range' really dangerous for your account health if you don't know how to handle this situation correctly.
Using any kind of zigzag base formula indicators (High/Low search) like Semaphore, Psar, ZUP, Donchian, Harmonic, etc in renko chart without any deep understanding just similar like using 2 spoons in one hand.. worthless.
Hope it help and happy trading.