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Trading Renko

  • #901
  • Sep 15, 2014 3:05pm Sep 15, 2014 3:05pm
Hi folks, fairly new to renko and am glad there is finally a user base to which I an discuss various renko strategies with. One I am personally using myself is a fairly simple straight forward strategy, which is a renko chart, with a 50 ema channel (high and low) draw on the screen. below the channel and im looking for sell and above the channel and i will be looking for buys.

To get a valid buy signal i need two consecutive green renko bars after one red renko bar. Enter on the close of the bar with a 20 point stop loss and a profit target of 30 points. for every new green renko bar created or 10 pips i move stop loss 10 points.

Opposite for a sell signal.. two consecutive red renko bars after a green renko bar.

Its not done too bad back testing, but of course the real test with any strategy is forward testing. To help implement this strategy I was wondering if there already has been an indicator that has been created whereby each time this pattern is displayed an alert or arrow indicator pops up?

Thanks!
  • #902
  • Sep 20, 2014 8:40am Sep 20, 2014 8:40am
my broker is using . (dot) as postfix to the symbols

f.e. I may have a pair that looks like EURUSD. or EURUSD..

there is a problem with the renko charts as the offline chart is not generated at all for such pairs.

does anyone have similar issue? it works with other postfix symbols ,but not with .
anyone has working renko offline charts that would work with such symbols?
  • #903
  • Sep 21, 2014 6:03am Sep 21, 2014 6:03am
Quoting fxhst329
my broker is using . (dot) as postfix to the symbols f.e. I may have a pair that looks like EURUSD. or EURUSD.. there is a problem with the renko charts as the offline chart is not generated at all for such pairs. does anyone have similar issue? it works with other postfix symbols ,but not with . anyone has working renko offline charts that would work with such symbols?
I know only of one Renko generator that handles dots and double dots: Omnia Charts for MT4, the Non-repainting Offline Charts
  • #904
  • Sep 30, 2014 4:44am Sep 30, 2014 4:44am
Hello Everyone,
I need your help.
I just started to use Renco Charts.
I set my GBP/USD and USD/JPY Renco 2Min Offline charts yesterday and nothing is moving.
When I set my GBP/USD M2 Offline chart yesterday, the price was at 1.62431 and today the
price is at 1.62074 a difference of 46 pips but my Renco M2 Offline chart did not move a single bit.
Am I doing something wrong?
The USD/JPY price is now at 109.651 and I set the M2 Offline Renco chart yesterday at 109.273
and its still on 109.273? The Renco Bars are set at 5 pips.
Does Renco chart never move? Is it because its offline?
How are we supposed to trade the Renco charts?
Can someone help?
I will be very grateful.
Thanks.
Winning is a Great Feeling!
  • #905
  • Sep 30, 2014 6:00am Sep 30, 2014 6:00am
Quoting johnblake
Hello Everyone, I need your help. I just started to use Renco Charts. I set my GBP/USD and USD/JPY Renco 2Min Offline charts yesterday and nothing is moving. When I set my GBP/USD M2 Offline chart yesterday, the price was at 1.62431 and today the price is at 1.62074 a difference of 46 pips but my Renco M2 Offline chart did not move a single bit. Am I doing something wrong? The USD/JPY price is now at 109.651 and I set the M2 Offline Renco chart yesterday at 109.273 and its still on 109.273? The Renco Bars are set at 5 pips. Does Renco chart never...
Your charts should be moving with every tick transaction. Either you have not configured your renko setup correctly or the date feed is frozen. Reboot, check your renko EA, make sure all the common boxes are checked, make sure your 1 minute chart stays open and reload your renko chart.
  • #906
  • Sep 30, 2014 6:04am Sep 30, 2014 6:04am
Quoting singth
Hi folks, fairly new to renko and am glad there is finally a user base to which I an discuss various renko strategies with. One I am personally using myself is a fairly simple straight forward strategy, which is a renko chart, with a 50 ema channel (high and low) draw on the screen. below the channel and im looking for sell and above the channel and i will be looking for buys. To get a valid buy signal i need two consecutive green renko bars after one red renko bar. Enter on the close of the bar with a 20 point stop loss and a profit target of 30...
You can try this thread. Someone may code it for you if it doesn't already exist.

http://www.forexfactory.com/showthread.php?t=166758
  • #907
  • Sep 30, 2014 1:49pm Sep 30, 2014 1:49pm
Quoting Thruline
{quote} Your charts should be moving with every tick transaction. Either you have not configured your renko setup correctly or the date feed is frozen. Reboot, check your renko EA, make sure all the common boxes are checked, make sure your 1 minute chart stays open and reload your renko chart.
Thank you Thruline,
I restarted my laptop and still have the same problem.
Here is what I am doing, am I making any mistake anywhere:
First I open an M1 EUR/USD Chart and apply the RenkoLiveChart_v2.1, This is an Indicator not an EA.
As soon as do that I get a message on the top
"RencoLiveChart(5) Open Offline EURUSD M2 to view chart"
I then go to File, Open Offline and I don't see the EUR/USD M2 .... Strange, it was there before I restarted my laptop
What did I do wrong? This was on Sunbirdfx MT4 Chart.
Winning is a Great Feeling!
  • #908
  • Sep 30, 2014 5:45pm Sep 30, 2014 5:45pm
Quoting johnblake
{quote} Thank you Thruline, I restarted my laptop and still have the same problem. Here is what I am doing, am I making any mistake anywhere: First I open an M1 EUR/USD Chart and apply the RenkoLiveChart_v2.1, This is an Indicator not an EA. As soon as do that I get a message on the top "RencoLiveChart(5) Open Offline EURUSD M2 to view chart" I then go to File, Open Offline and I don't see the EUR/USD M2 .... Strange, it was there before I restarted my laptop What did I do wrong? This was on Sunbirdfx MT4 Chart.
I'm not familiar with the indie you're using for renko charts. I'd only heard of EAs to create renko charts. The first thing I would do is try a standard renko EA. You should be able to find one on this forum fairly easily. HTH
  • #909
  • Sep 30, 2014 8:17pm Sep 30, 2014 8:17pm
Quoting johnblake
{quote} Thank you Thruline, I restarted my laptop and still have the same problem. Here is what I am doing, am I making any mistake anywhere: First I open an M1 EUR/USD Chart and apply the RenkoLiveChart_v2.1, This is an Indicator not an EA. As soon as do that I get a message on the top "RencoLiveChart(5) Open Offline EURUSD M2 to view chart" I then go to File, Open Offline and I don't see the EUR/USD M2 .... Strange, it was there before I restarted my laptop What did I do wrong? This was on Sunbirdfx MT4 Chart.
Start again... In the EA settings select "use strange symbol" and set the TF to something other than 5m.
Try something like 6m... i've had a similar problem before and this seems to fix it..
Cheers.
  • #910
  • Oct 4, 2014 4:11am Oct 4, 2014 4:11am
Quoting johnblake
{quote} Thank you Thruline, I restarted my laptop and still have the same problem. Here is what I am doing, am I making any mistake anywhere: First I open an M1 EUR/USD Chart and apply the RenkoLiveChart_v2.1, This is an Indicator not an EA. As soon as do that I get a message on the top "RencoLiveChart(5) Open Offline EURUSD M2 to view chart" I then go to File, Open Offline and I don't see the EUR/USD M2 .... Strange, it was there before I restarted my laptop What did I do wrong? This was on Sunbirdfx MT4 Chart.
Hello johnblake

is like you are useing outdated renckolivechart, the latest version is either v3.4 or something higher, iam still useing the v3.4. Although i prefer median rencko than this standard rencko. Back to your issue, you should either change the renckolivechart and backtest the 1m timeframe chart to atlest 15days or more say 30days and leave it open because that is where the renckochart offline draw its life from.
  • #911
  • Mar 7, 2015 1:21am Mar 7, 2015 1:21am
Are there any websites where I can use traditional renko charts for free?
Thanks
  • #912
  • Aug 4, 2015 10:03pm Aug 4, 2015 10:03pm
How to Setup this? I'm newbie.
  • #913
  • Mar 7, 2016 5:14am Mar 7, 2016 5:14am
Has anyone actually managed to trade any sort of renko strategy profitably yet?
  • #914
  • Mar 7, 2016 6:04am Mar 7, 2016 6:04am
Quoting Jamesgad
Are there any websites where I can use traditional renko charts for free? Thanks
Here is a website where you can choose any type of chart and enjoy)
http://stockcharts.com/freecharts/
  • #915
  • Nov 2, 2016 10:01am Nov 2, 2016 10:01am
I really like renko charts. Fact is time isn't relevant when determining price direction, it's nice just seeing the price.

Anyway. I want to discuss a trading strategy I've been brainstorming. It's by no means complete, and as of now only a hypothetical trading strategy that I'm developing.

Essentially the strategy involves 3 renko charts. One is used to determine the primary direction, the other is a middle price frame to determine the trend, and the smallest is to place entries and exits.

The primary direction is like determining what the overall price direction is. Since renko bricks only reverse when price reverses twice the initial direction, set to a large price frame it doesn't show reversals, only the direction price moves.

Then the smaller price frame is to verify the trend. And the smallest chart is to place entries and exits.

I'm also playing around with a hedging strategy. Essentially it involves that if a trade is placed, and the heiken ashi on the middle price frame chart reverses, then a hedge trade is placed. Then one of the two counter trades closes only when the heiken ashi reverses and the profit of the closing trade is > 1 hedge gap (hedge gap = difference between initial trade and hedge trade).


Trade requirements could be something like

1. Trade direction of master direction (greatest price renko chart w/ heiken ashi)
2. Trade direction of primary direction when in sync with master direction (heiken ashi, and price on correct side of moving average)
3. Open trade when price in sync with moving average and heiken ashi and primary and master direction
4. Close trade once heiken ashi reverses if trade is in profit
4. Hedge trade if primary direction (middle price) renko heiken ashi reverses.
5. Close trade once one of two counter trades heiken ashi reverses on primary direction chart if in profit > 1 hedge gap



Hedge gap explanation
Trade placed in initial direction. Price reverses 500 pts, hedge trade placed. Difference between initial trade and hedge is 500 pts, hedge gap = 500 pts


Let me know what you think



Attached Image (click to enlarge)
Click to Enlarge Name: Primary direction shown on daily chart.png Size: 122 KB

Attached Image (click to enlarge)
Click to Enlarge Name: Primary direction shown on 1997 pt renko chart.png Size: 91 KB

Attached Image (click to enlarge)
Click to Enlarge Name: middle price frame chart.png Size: 106 KB

Attached Image (click to enlarge)
Click to Enlarge Name: entires and exits.png Size: 103 KB
  • #916
  • Edited 7:47am Dec 20, 2016 7:01am | Edited 7:47am
Quoting Luhan
Dear friend,,, ia need for help to make my trading strategy into EA The indicators: 1. MA 5 - Exponential - OPEN-SHIFT0 === YELOW COLOUR AS TREND DIRECTION 2. MA 14,-SIMPLE-OPEN-SHIFT0 === RED COLOUR AS LIMIT FOR TAKE PROFIT OR STOP LOSS (EXIT SIGNAL) 3. MA 20, SIMPLE - OPEN-SHIFT 0 === COLOUR PURPLE AS MAJOR TREND DIRECTION 4. Parabolic SARS STEP 0,02 , MAX 0,03 === AS ENTRY SIGNAL 5. CCI, ADD LEVEL 100 and - 100 === AS ENTRY SIGNAL 6. EA Renko Chart version 3.2 SETTING BOX SIZE 5 Here is the trading rules : BUY ENTRY: 1. THE OPEN PRICE OF THE...
Hi, Luhan! I made the EA for You. Try it in the Strategy Tester.
Attached File(s)
File Type: ex4 e-msRenko_FF_Luhan.ex4   59 KB | 575 downloads
File Type: tpl Renko_FF_Luhan.tpl   2 KB | 586 downloads
  • #917
  • Jan 13, 2017 3:36am Jan 13, 2017 3:36am
Update. Version 1.02

Improved support positions.
Attached File(s)
File Type: ex4 e-msRenko_FF_Luhan v102.ex4   68 KB | 753 downloads
  • #918
  • Edited 2:02pm Jan 18, 2017 12:42pm | Edited 2:02pm
Who knows a MT4 indicator alerts & notifications working with renko charts and simple moving average?

Soon as a renko cross the moving average it should give me and alerts and notifications.

Let me knows


Qlemac Trader
  • #919
  • May 25, 2017 1:54am May 25, 2017 1:54am
renko dashboard
Attached Image (click to enlarge)
Click to Enlarge Name: 3.PNG Size: 20 KB
Attached File(s)
File Type: ex4 FR-Scanner_2.ex4   65 KB | 658 downloads
File Type: mq4 FR-Scanner_2.mq4   41 KB | 911 downloads
what we want:1+1+1+1+1+1+1+1=8 what market delivers:1+2+8+7-4+0-5+8-4-5=8
  • #920
  • Jul 17, 2017 3:05pm Jul 17, 2017 3:05pm
Can you share your pivot indicator


Quoting ranger
Glad there is a Renko thread , I was feeling alone here trading it. I do love it, I have scalped and traded all sorts of things but in terms of waiting and adjusting stop losses i wasnt very disciplined, but actually trading Renko has helped me with that. I use a 5 pip renko, look for Price Action, I.E. hh's hl' lhs'lls etc. And then I threw in a bollinger band where the midline is set to 20, which I think most are but on Ninja it was set at 14. I trade going along with the price action but also using that in conjuction with a nice bounce off the...
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