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MT4/MT5 EAs/Indicators/Alerts coder
MT4-Indicator: Adjustable Shift Renko Chart Builder Indicator
- #261
- Jan 12, 2014 1:38am Jan 12, 2014 1:38am
- Joined May 2007 | Status: MT4/MT5 EAs/Indicators/Alerts coder | 6,542 Posts | Online Now
- #262
- Edited 5:05am Jan 12, 2014 3:23am | Edited 5:05am
- | Membership Revoked | Joined May 2012 | 1,218 Posts
Oh boy, 5 pm's with similar question : "are you sure that using any kind of zigzag type indicators useless in renko chart ?"
And my answer is loud and clear.., Not like that.., it just useless if you don't know how to use them..
Well, let see this.. I will give all of you example basic trading system (i'm rather shy to call it 'system' actually), using shifted renko chart and zigzag indicator and Bollinger Band (lol.. another boring old system.. i think.. nothing new at all).
For this, let use 10 point brick size and 12.5% shifted renko chart, so your account need to strong enough to suffer at least 20 point SL per trade.
This is base on 5 digit broker
The template base on JPY pairs, so the starting price in your renko chart builder should be set at 100 (jpy pair parity). and also my sweetspot indicator should be set at 100 too for the starting price. If you use non JPY pairs you can set the starting price to 1 in renko chart builder and also in sweetspot indicator and re-save the template.
I use DT ZZ from Nen as main signal indicator, this is good ZigZag Indicator because its 'marking' the 'first time' the last leg position so you can see in history how 'far' the slip range actually. Because of this 'phenomenon' we will use this as our 'advantage'.
As you can see at the setting of this DT ZZ indicator, i change the depth to only 1, so this ZZ indi will be 'quick change' leg ZZ.
The other signal Indicator is my own calculation 4 independent lines BB (High/Low BB). I can't explain all the setting of this indicator but if you look at the setting input, it just usual setting that I hope most of you already understand how to set.
Remember that this is only basic trading system, you can add or change as you like according to your trading style.
The rule is simple;
Go Long when :
BB Arrow pointing Up (Aqua Arrow) and following with first 'up' mark of DT ZZ (spring green dot in my template).
Go Short When:
BB Arrow pointing down (Yellow Arrow) and following with first 'down' mark of DT ZZ (hot pink dot in my template).
Exit Rules just opposite signals from one or both indicators.. or the price action of renko brick itself.
Just for simple basic knowledge, when you enter to the market, go Long first, because with same lot, Long position is less risk than Short position. Better you scan for under parity pairs..
You know why ? let assume you select USDCHF that according to my broker the last position is 0.90223 (under parity at 1). and your account is strong enough to enter without SL.. lol.
At that UC price , if you go Long you will know exactly your max risk right.. yup that is 9022 point until zero. can you imagine how many percent the probability that USDCHF will go to zero ?, and how about your reward probability ? infinitive....
on the contrary if you go short at that UC price, do you know what is your exact risk without SL ? well infinitive ..right, and your reward probability ? that will be no more than 9022 point.
With this little explanation, i believe you 'simply' understand from where the term 'long' and 'short' came.
Ok, back to our example basic trading system.., Yes, with this one, you will loss some and win some.. but learn from your historical chart to know your win loss ratio.
Always care about Support and Resistance area, and Supply / Demand area.
You can always use your own brick size but still same shift percentage at 12.5% to use my template, maybe you need to adjust my sweetspot indicator to match with your brick size.
Here we go the picture
and all indicators and template need
feel free to ask about this basic system, and i will try to answer as best as i can, but forgive me if my answer not satisfy you because of my lack of knowledge..
Hope it help and happy trading.
EDIT : Renko Chart Builder Setting. (don't use Renko Parallel, this one need different indicators setting)
Source data M1,
Renko Offline Chart TF your choice as long as not that standard Candlestick TF.
Starting Price 100 for JPY pairs, and 1 for non JPY pairs.
Maxbars : me 28800 (1440 bars x 20 days)
Brick Size 10 point, but you can also use 5 point or 20 point or else.
Shifting Percentage : 12.5% max. if you want more smoothed but also consume more cpu resources use 6.125% (better for bigger brick size).
And my answer is loud and clear.., Not like that.., it just useless if you don't know how to use them..
Well, let see this.. I will give all of you example basic trading system (i'm rather shy to call it 'system' actually), using shifted renko chart and zigzag indicator and Bollinger Band (lol.. another boring old system.. i think.. nothing new at all).
For this, let use 10 point brick size and 12.5% shifted renko chart, so your account need to strong enough to suffer at least 20 point SL per trade.
This is base on 5 digit broker
The template base on JPY pairs, so the starting price in your renko chart builder should be set at 100 (jpy pair parity). and also my sweetspot indicator should be set at 100 too for the starting price. If you use non JPY pairs you can set the starting price to 1 in renko chart builder and also in sweetspot indicator and re-save the template.
I use DT ZZ from Nen as main signal indicator, this is good ZigZag Indicator because its 'marking' the 'first time' the last leg position so you can see in history how 'far' the slip range actually. Because of this 'phenomenon' we will use this as our 'advantage'.
As you can see at the setting of this DT ZZ indicator, i change the depth to only 1, so this ZZ indi will be 'quick change' leg ZZ.
The other signal Indicator is my own calculation 4 independent lines BB (High/Low BB). I can't explain all the setting of this indicator but if you look at the setting input, it just usual setting that I hope most of you already understand how to set.
Remember that this is only basic trading system, you can add or change as you like according to your trading style.
The rule is simple;
Go Long when :
BB Arrow pointing Up (Aqua Arrow) and following with first 'up' mark of DT ZZ (spring green dot in my template).
Go Short When:
BB Arrow pointing down (Yellow Arrow) and following with first 'down' mark of DT ZZ (hot pink dot in my template).
Exit Rules just opposite signals from one or both indicators.. or the price action of renko brick itself.
Just for simple basic knowledge, when you enter to the market, go Long first, because with same lot, Long position is less risk than Short position. Better you scan for under parity pairs..
You know why ? let assume you select USDCHF that according to my broker the last position is 0.90223 (under parity at 1). and your account is strong enough to enter without SL.. lol.
At that UC price , if you go Long you will know exactly your max risk right.. yup that is 9022 point until zero. can you imagine how many percent the probability that USDCHF will go to zero ?, and how about your reward probability ? infinitive....
on the contrary if you go short at that UC price, do you know what is your exact risk without SL ? well infinitive ..right, and your reward probability ? that will be no more than 9022 point.
With this little explanation, i believe you 'simply' understand from where the term 'long' and 'short' came.
Ok, back to our example basic trading system.., Yes, with this one, you will loss some and win some.. but learn from your historical chart to know your win loss ratio.
Always care about Support and Resistance area, and Supply / Demand area.
You can always use your own brick size but still same shift percentage at 12.5% to use my template, maybe you need to adjust my sweetspot indicator to match with your brick size.
Here we go the picture
and all indicators and template need
feel free to ask about this basic system, and i will try to answer as best as i can, but forgive me if my answer not satisfy you because of my lack of knowledge..
Hope it help and happy trading.
EDIT : Renko Chart Builder Setting. (don't use Renko Parallel, this one need different indicators setting)
Source data M1,
Renko Offline Chart TF your choice as long as not that standard Candlestick TF.
Starting Price 100 for JPY pairs, and 1 for non JPY pairs.
Maxbars : me 28800 (1440 bars x 20 days)
Brick Size 10 point, but you can also use 5 point or 20 point or else.
Shifting Percentage : 12.5% max. if you want more smoothed but also consume more cpu resources use 6.125% (better for bigger brick size).
- #264
- Jan 12, 2014 7:44am Jan 12, 2014 7:44am
- Joined May 2007 | Status: MT4/MT5 EAs/Indicators/Alerts coder | 6,542 Posts | Online Now
MT4/MT5 EAs/Indicators/Alerts coder
Hello Kiads,
i have one question, sorry about my language mistakes.
is it posible to make an EA that will trade only small brekouts like on my chart? so let we say if we can set in ea that breaks can bee from 2-4 candles
(i am using thv template and your renko indi 10pips box size and 12.5 shift)
By the way your renko indi is the best thing i sow on this forum.. great work..
Best regards..
C.
i have one question, sorry about my language mistakes.
is it posible to make an EA that will trade only small brekouts like on my chart? so let we say if we can set in ea that breaks can bee from 2-4 candles
(i am using thv template and your renko indi 10pips box size and 12.5 shift)
By the way your renko indi is the best thing i sow on this forum.. great work..
Best regards..
C.
