Renko Bounce Trade | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

RENKO Trading SYSTEM - RENKO Indicators 7 replies

EA won't trade live on MT4 Renko 22 replies

How To Trade Renko Profitably 13 replies

How do you trade renko? 15 replies

New Renko Bar and Reversal Renko Bar Indicator Alert Help Please 5 replies

Attachments: Renko Bounce Trade
Exit Attachments

Renko Bounce Trade

  • #1
  • First Post: Edited Jan 25, 2021 5:13am Dec 17, 2014 5:46pm | Edited Jan 25, 2021 5:13am
Entry rules:
BUY: If a bearish Renko candle intersects the indicator's lower band or closes below the lower band, and the next Renko brick is bullish, open a BUY position, set the stoploss level three bricks plus spread away from the entry point.

SELL: If a bullish Renko candle intersects the indicator's upper band or closes above the upper band, and the next Renko brick is bearish, open a SELL position, set the stoploss level three bricks plus spread away from the entry point.

Exit Options:
1. If the position is in profit, exit after the first reverse brick.
2. If price has touched the opposite band, close the position.
3. Use a profit target based on a fixed Risk to Reward ratio 1:N (N>1).

Example:
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDM3.png Size: 45 KB


How to create a Renko chart:
1. Download MathTrader7_RenkoChartCreator.ex4 and copy it into your <Experts> folder.
2. Enable DLL import in Options menu.
3. Refresh your MT4 platform's navigator window (or restart MT4).
4. Open a M1 chart (e.g., EURUSD, M1) and attach the above EA to the chart.
5. From <File> menu, select <Open Offline> and choose (EURUSD, M2) chart.
Note: If you see few Renko bars on the M2 chart, close all the charts, open history center of MT4 and download M1 data.

How to install the indicator:
1. Download MathTrader7_ATRBands.ex4 from the attachments and copy it into your <Indicators> folder.
2. Refresh your MT4 platform's navigator window (or restart MT4).
3. Attach the indicator to the Renko chart [leave the default input settings].

>>Thread Rules:
1. In this thread we only discuss Renko Bounce Trade presented here. I will IGNORE anyone who writes any irrelevant post in this thread.
2. You post any commercial link (directly or indirectly) and that would be your last posts.

--- Update 2021-01-25 ------
Version 1.20 of the adaptive ATRBands released. In this version the indicator algorithm improved.
Attached File(s)
File Type: ex4 MT7_Adaptive_ATRBands.ex4   52 KB | 1,044 downloads | Uploaded Jan 25, 2021 5:13am

Note: THIS IS AN EXPERIMENTAL VERSION. PLEASE REPORT ANY BUGS YOU MAY ENCOUNTER.

---- Update 2018-08-13 -----
Version 1.00 of the Renko Bounce EA released. This version has been programmed from scratch.
Attached File(s)
File Type: ex4 MT7_RenkoBounceEA.ex4   60 KB | 1,658 downloads | Uploaded Aug 13, 2018 1:53pm

Note: THIS IS AN EXPERIMENTAL VERSION. PLEASE REPORT ANY BUGS YOU MAY ENCOUNTER.

--- Update 2018-07-13 ------
Version 2.30 of the indicator released.
Attached File(s)
File Type: ex4 MathTrader7_ATRBands.ex4   46 KB | 1,751 downloads | Uploaded Jul 25, 2018 2:24am
Trading is the hardest way to make easy money...
  • #2
  • Dec 17, 2014 7:27pm Dec 17, 2014 7:27pm
I wish you well with your thread however there is nothing new about this renko bar strategy.

It has been around for a very long time indeed.

Applied correctly it will and has served many traders well.

Is your idea of this thread to expand upon the renko idea with timely entry and exit strategies?

In other words will you be adding to or refining this method as the thread progresses or will it remain as it is?

Which pairs will you trade? Only EU or others?

How will you identify and trade during a ranging market?

I see this thread as being potentially useful hence the reason for my questions.

Good trading,

Masterrmind..........
Master your Mind then Master your Trades
  • #3
  • Dec 17, 2014 9:39pm Dec 17, 2014 9:39pm
Hello,
What is the indicator you are using, Bollinger-like? I do not use Metatrader platform.
Thanks
Insider
  • #4
  • Dec 18, 2014 12:47am Dec 18, 2014 12:47am
Thanks for sharing your method here!!!
This sounds very interesting to me.

But I have some questions on it

Which brick size do you trade?
Do you trade this System on an intraday basis?
Which pairs do you trade?
  • #5
  • Dec 18, 2014 4:48am Dec 18, 2014 4:48am
Quoting Mr.Ma
Which brick size do you trade?
The man said 10 pips!
Let it turn and find your entry.
  • #6
  • Dec 18, 2014 8:21am Dec 18, 2014 8:21am
Quoting Masterrmind
I wish you well with your thread however there is nothing new about this renko bar strategy.
Thanks :-)

Quoting Masterrmind
Is your idea of this thread to expand upon the renko idea with timely entry and exit strategies? In other words will you be adding to or refining this method as the thread progresses or will it remain as it is?
Yes! Indeed I would update the strategy as I find a new better idea for entry, exit, MM, etc.

Quoting Masterrmind
Which pairs will you trade? Only EU or others?
Please see the first post (I have updated it).

Quoting Masterrmind
How will you identify and trade during a ranging market?
I am working on a method to identify a ranging Renko interval by observing the volume and price action...

Quoting insider999
Hello, What is the indicator you are using, Bollinger-like? I do not use Metatrader platform
The indicator uses the ATR value instead of standard devision in Bolinger Bands.

Quoting Mr.Ma
Which brick size do you trade?
As I mentioned in the first post, I use 10 pips bricks.

Quoting Mr.Ma
Do you trade this System on an intraday basis? Which pairs do you trade?
Please see the first post (I have updated it).
Trading is the hardest way to make easy money...
  • #7
  • Edited 10:06am Dec 18, 2014 9:49am | Edited 10:06am
Dear Mathtrader7!
thank you for share your idea!
this is my first serious inter community in a thread! sorry for a bad writing in english
i am testing line fractal : the next coming fractal without line as entry and the open right fractal line extended as target! what is the mates opinion?

Attached Image (click to enlarge)
Click to Enlarge Name: fractal line.png Size: 111 KB


Attached File(s)
File Type: mq4 LineFractal.mq4   17 KB | 2,497 downloads
  • #8
  • Dec 18, 2014 10:04am Dec 18, 2014 10:04am
Interesting..
FXerha
  • #9
  • Dec 18, 2014 10:30am Dec 18, 2014 10:30am
Quoting MathTrader7
{quote} The indicator uses the ATR value instead of standard devision in Bolinger Bands.
Could you please be more specific about your bands indicator

  1. Is the center line an MA? If so, what type of MA, and over how many bars, please?
  2. Is your ATR a simple average or exponential average ATR? Again, over how many bars?

Thanks in advance.

dwt

PS. What I think you are describing here is commonly known as a Keltner Channel

  • #10
  • Dec 18, 2014 11:24am Dec 18, 2014 11:24am
Quoting arya.aryaee
Dear Mathtrader7! thank you for share your idea! this is my first serious inter community in a thread! sorry for a bad writing in english i am testing line fractal : the next coming fractal without line as entry and the open right fractal line extended as target! what is the mates opinion? {image} {file}
In my opinion, your strategy is kind of breakout trading, which I am interested in not only on Renko charts but also on normal bar charts. However, a big problem with a breakout strategy is the fake breakout that may happen multiple times in a ranging market. If you have been runing this system for a while, please let us know what are the results so far.
Trading is the hardest way to make easy money...
  • #11
  • Dec 18, 2014 12:01pm Dec 18, 2014 12:01pm
Quoting MathTrader7
{quote} In my opinion, your strategy is kind of breakout trading, which I am interested in not only on Renko charts but also on normal bar charts. However, a big problem with a breakout strategy is the fake breakout that may happen multiple times in a ranging market. If you have been runing this system for a while, please let us know what are the results so far.
i was testing it for a while in composite with similarity dis-similarity method. but i will test it for renko bar and let you know the result
  • #12
  • Dec 18, 2014 12:27pm Dec 18, 2014 12:27pm
SL is not realistic. It should be at least 3 x brick + spread otherwise you'll be wicked out not knowing what just have happened. Both examples from 1 post are probable loosers not winners (the second one looks like obvious looser not 160 pips winner).
Use axe Luke...
  • #13
  • Edited 1:37pm Dec 18, 2014 1:24pm | Edited 1:37pm
Quoting Krystyn
SL is not realistic. It should be at least 3 x brick + spread otherwise you'll be wicked out not knowing what just have happened. Both examples from 1 post are probable loosers not winners (the second one looks like obvious looser not 160 pips winner).
Thanks for your point. Indeed, I do not put a server side stoploss level, I use a commercial trailing stop EA that I cannot share it here. I may write a Trailing Stop script for MT4 platform later. For the moment, I updated the first post accordingly.
Trading is the hardest way to make easy money...
  • #14
  • Dec 18, 2014 10:58pm Dec 18, 2014 10:58pm
Hi MathsTrader thanks for simple system took trades AU +40 and EA +30.

Test it more on london open.

thanks regards
Attached Image(s) (click to enlarge)
Click to Enlarge Name: AUDUSD-ProM2.png Size: 50 KB
Click to Enlarge Name: EURAUD-ProM2.png Size: 45 KB
  • #15
  • Dec 19, 2014 12:45am Dec 19, 2014 12:45am
GA stop loss move to BE
Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUD-ProM2.png Size: 53 KB
  • #16
  • Dec 19, 2014 1:06am Dec 19, 2014 1:06am
Took 15 pips on GA should have waited more but i achieved my target. This GA trade i mixed with price action analyses. GA tried to to two fake out move then finaly went up side.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUD-ProM1.png Size: 53 KB
  • #17
  • Dec 19, 2014 4:13am Dec 19, 2014 4:13am
Quoting jeetvirk
Hi MathsTrader thanks for simple system took trades AU +40 and EA +30. Test it more on london open. thanks regards {image} {image}
I'm glad to hear that you are successfully using the system.
Trading is the hardest way to make easy money...
  • #18
  • Dec 19, 2014 4:49am Dec 19, 2014 4:49am
Thanks Maths Trader.

Missed GA entry . I hope you dont mind if i am putting my views how i am comparing Price action with Renko. sorry for my english. any suggestion from senior members are welcome.

thanks
regards
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPAUD-ProM3.png Size: 43 KB
Click to Enlarge Name: GBPAUD-ProM12.png Size: 59 KB
  • #19
  • Dec 19, 2014 4:58am Dec 19, 2014 4:58am
Quoting jeetvirk
Thanks Maths Trader. Missed GA entry . I hope you dont mind if i am putting my views how i am comparing Price action with Renko. sorry for my english. any suggestion from senior members are welcome. thanks regards {image} {image}
You are doing a great job. Am new to renko myself but your postings have been educative trying out this system.
  • #20
  • Dec 19, 2014 5:09am Dec 19, 2014 5:09am
Quoting Esosa
{quote} You are doing a great job. Am new to renko myself but your postings have been educative trying out this system.
Me too new to renko but when i mix renko with 1 min chart things becoming more easy. Now what i am doing is, when Renko bars As per entry rules by MathTrader come into band i move to 1 min chart and start analysing there like SR, Congestion Zone, Fakeout, Trend on which i made my decision and SL.

thanks
regards
2 traders viewing now