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Renko Power System

  • #81
  • Jan 7, 2014 1:38pm Jan 7, 2014 1:38pm
Quoting Gemini Man
{quote} Wahaj, for unknown reason, i couldn't use your RenkoAM v-2.0 indicator. It made my MT4 screen freeze. So, for a moment, i do not use it. Could u explain more about this indi ? I don't get the point from the explanation above Regards, GM
Hello Gemini Man,

Glad to see you in here (FF) also. Welcome to the thread!

The purpose of RenkoAM is to avoid the whipsaws during news times, like NFP news, the market will move immediately most of the time without the interval of even 1 minute, then these are non-trending conditions because only robot can take these kinds of trades, as the system is not based on Robots but completely based on human actions.

if you can't use it in your MT4, no problem, just make sure that the signal bar took at-least 4-5 minutes to form by moving your cursor to bar, on the low side of MT4, you will see details, compare the signal bar time with previous bar, otherwise, stay away from the market.

But, if you think there is no need of it and you can do better without it, just skip it, do only with what you are comfortable to.

Hope this helps!

Best Regards and Profitable trades to you,
PrinceWahaj
  • #82
  • Jan 7, 2014 1:41pm Jan 7, 2014 1:41pm
Quoting lotsofmoney
hi wahaj thanks for your system ,do you only enter on cci cross of line and renko am 5,or can you enter when cci have crossed already and renkoam then show 5 bar
Hello lotsofmoney,

If the conditions doesn't met on the signal bar, then stay away.

Hope this helps.

Best Regards,
PrinceWahaj
  • #83
  • Jan 7, 2014 3:10pm Jan 7, 2014 3:10pm
Hello Traders,

I have just updated my first post with new update, i will remove some useless texts tomorrow because its too late from my end and i have to sleep now, use the new updated version to earn green pips with more high accuracy.

Also share your results with us, so we could celebrate your success and our success.

Best of luck!
PrinceWahaj
  • #84
  • Jan 8, 2014 4:35am Jan 8, 2014 4:35am
Hallo , i will like to add an idea i had as i am looking at the system. Before of all i will like to tell that i dont use renko bars for the system but range bars . Range bars dont repaint and are about the same with renko bars . So the idea is not enter in the postion if the CCi (8) on osma indicator at the top and over 200 or -200 . Use it like a filter .
  • #85
  • Jan 8, 2014 4:37am Jan 8, 2014 4:37am
Any one Knows how Renko V2 indicator works ?
  • #86
  • Jan 8, 2014 12:55pm Jan 8, 2014 12:55pm
Quoting fskliris
Hallo , i will like to add an idea i had as i am looking at the system. Before of all i will like to tell that i dont use renko bars for the system but range bars . Range bars dont repaint and are about the same with renko bars . So the idea is not enter in the postion if the CCi (8) on osma indicator at the top and over 200 or -200 . Use it like a filter .
Hello fskliris,

Thank you for your advise, I would like to draw your attention on the new updated system on my first post if you want to move forward.

Renko bars doesn't repaints once the bar is closed, on the bar reversal in 15 pips box configuration, it is required for the market to move against 30 pips then renko will show you opposite brick.

On which evidence you are saying that Renko is repainting? Can you please explain about it?

About RenkoAMv.2, this indicator only shows that how much time the current bar took to close, and in new R.P.S update, the use of RenkoAMv.2 is optional. Read the previous posts made by me and you will understand the concept of RenkoAMv.2 .

Best Regards,
PrinceWahaj
  • #87
  • Jan 8, 2014 7:57pm Jan 8, 2014 7:57pm
Hopely going to my destiny, NU.
Attached Image (click to enlarge)
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  • #88
  • Jan 9, 2014 12:26am Jan 9, 2014 12:26am
Hi My Friend PrinceWahaj,

Congratulation to this new Renko Power System and I wish all of you great success..


For anyone that still new with price base charting, if you want more information about the basic concept and tools feel free to visit my thread here , maybe it will help you to more understand about any kind of renko chart builder tools (indi or EA), how to adjust brick (renga) size, how to set ideal maxbars of source data chart, how to anchor your renko brick formation with specific starting point/price, how to minimize missing point range when trend direction change, how to set period of your standard or custom indicators, etc.

Hope it help and best regard
  • #89
  • Jan 9, 2014 12:43am Jan 9, 2014 12:43am
Quoting zamanib
note -- the problem with range bars and renko bars---- the 1min chart is mess up most of time because of gaps - every time there gap on the 1min chart it screw up the rangebar and renko bars- so you notice no 2 brokers renko chart will look the same. If there is no gap then renko and range bars is best. Until this is fix we have to live with it. One way to reduce keep your chart running 24/7 - and scroll back as far back on the 1min then apply the expert renko. Yes it is 15 box size {image}
This problem appear from old version of renko/range bar chart builder script, the new concept already solve this one using anchor point/ starting price as calculation base when slicing the price movement/swing range with the brick size. Actually you can use any TF of standard candlestick chart as your source data chart to build your offline renko chart, it depend on your trading strategy type, even you can create another offline renko chart from your current offline renko chart to double smoothing your brick formation.
  • #90
  • Jan 9, 2014 12:56am Jan 9, 2014 12:56am
Anyone have settings for 2pip renko? I scalp for 4-10 pips ... 15 pip takes to long for me I dont have the patience lol
  • #91
  • Jan 9, 2014 6:35am Jan 9, 2014 6:35am
Quoting Kiads
{quote} This problem appear from old version of renko/range bar chart builder script, the new concept already solve this one using anchor point/ starting price as calculation base when slicing the price movement/swing range with the brick size. Actually you can use any TF of standard candlestick chart as your source data chart to build your offline renko chart, it depend on your trading strategy type, even you can create another offline renko chart from your current offline renko chart to double smoothing your brick formation.

thanks for explanation, but can you tell us which renko charts scripts are with the right concept? The Renkolivechart3.2 posted in post n.1 are still unbacktestable.
Thanks.
  • #92
  • Jan 9, 2014 7:19am Jan 9, 2014 7:19am
Quoting colombino
{quote} thanks for explanation, but can you tell us which renko charts scripts are with the right concept? The Renkolivechart3.2 posted in post n.1 are still unbacktestable. Thanks.
Hi My Friend Colombino, the problem is not about backtestable or not, but its about some bug in old renko chart builder, that sometime offline renko chart keep changing the brick shape and formation, when there is a gap at its source data chart mostly after weekend and when EA type of renko chart builder not active.

This is happen, because renko chart builder script code build 'her' history with backward counting, so every new bar data from source chart, will change the previous bricks configuration. we solve this problem with maxbars limit and starting price (anchor point) then we will hv same history data length and the script will count from same starting price.

Yes, there is a way to backtest renko chart with strategy tester using fake server folder, but the result mostly unreliable compare to the real time trade. If you want more explanation visit to my thread at platform tech sub forum here, since i don't want to confuse others with our friend Wahaj Renko Trading System. I just want to give information about basic concept of renko chart building, not this trading system itself.

Bellow is example of USDJPY offline renko chart, with 5 point brick size and shifted by 25% (1.25 point each) and with anchor point /starting price from pair parity at 100.
with maxbars limit of M1 source data chart to 28800 bars/candles (20 days M1 data).

Attached Image (click to enlarge)
Click to Enlarge Name: 20140109 UJ Renko 5p 25% shift starting point parity 100.png Size: 287 KB


Hope it help and best regards.
  • #93
  • Jan 9, 2014 8:38am Jan 9, 2014 8:38am
Quoting Kiads
{quote} Hi My Friend Colombino, the problem is not about backtestable or not, but its about some bug in old renko chart builder, that sometime offline renko chart keep changing the brick shape and formation, when there is a gap at its source data chart mostly after weekend and when EA type of renko chart builder not active.
thanks for your answer, will go through your thread;-)
  • #94
  • Jan 9, 2014 10:44am Jan 9, 2014 10:44am
Sorry one question renko live chart v3.2 is an expert or indicator or script?
  • #95
  • Jan 9, 2014 12:22pm Jan 9, 2014 12:22pm
Quoting fskliris
Sorry one question renko live chart v3.2 is an expert or indicator or script?
Hello fskliris,

Its an expert and it will be placed in : platform directory > expert >>

M1 chart must remain open with EA, so only then renko will print new bricks, because M1 is a tick data and will feed its data to M2 offline chart.
  • #96
  • Jan 9, 2014 2:13pm Jan 9, 2014 2:13pm
i have done this but even if i have chose brike size 15 pips , as you can see in the pic the brike high is biger
Attached Image (click to enlarge)
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  • #97
  • Jan 9, 2014 2:14pm Jan 9, 2014 2:14pm
anyone kows why so ?
  • #98
  • Jan 9, 2014 2:16pm Jan 9, 2014 2:16pm
another pic is here
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 137 KB
  • #99
  • Jan 9, 2014 3:01pm Jan 9, 2014 3:01pm
Quoting fskliris
i have done this but even if i have chose brike size 15 pips , as you can see in the pic the brike high is biger {image}
Hello fskliris,

Can't understand what you are talking about!

But, please note that if you are talking about Opposite color bricks, then it is required for the market to move against 30 pips then renko will print a opposite color bar, but if previous bar was red and next bar is also red, then it will be 15 pips.

If you have any questions, please ask it with details so we could help you.

Thank you for your contributions and Best Regards,
PrinceWahaj
  • #100
  • Jan 9, 2014 3:14pm Jan 9, 2014 3:14pm
Hi wahaj, thanks for sharing what looks to be a great trading system. Am wondering if you've ever thought of adding in an alert when the conditions are met signaling an entry?

Since the bricks are no longer time-based, I often find myself camped in front of the screen hoping something will happen. Then, when I finally get frustrated and walk away, I come back only to find a bunch of bars printed and the signal long gone! Any thoughts on this predicament?
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