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Lets Automate a Simple Renko Strategy!

  • #21
  • Mar 19, 2015 7:15pm Mar 19, 2015 7:15pm
Quoting sirwolf
{quote} Does this have to be applied to a Renko CHart? I have never used them before. Thanks!
The EA implements the strategy described in the first post. Please read the first post to find out how to create a Renko chart.
Trading is the hardest way to make easy money...
  • #22
  • Mar 19, 2015 7:17pm Mar 19, 2015 7:17pm
Quoting MathTrader7
{quote} The EA implements the strategy described in the first post. Please is read the first post to find out how to create a Renko chart.
Ok, wasnt sure if the EA required the Renko chart. Thanks!
Believe and Achieve!
  • #23
  • Mar 19, 2015 7:45pm Mar 19, 2015 7:45pm
Quoting sirwolf
{quote} Ok, wasnt sure if the EA required the Renko chart. Thanks!
Simple answer...no, it doesn't.

Thing about it is, if you apply it to a long enough timeframe and with a small enough risk, you will most likely still find your reward.

3 soldiers trading is not a new market concept...this is only applying moving averages to the idea.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #24
  • Mar 19, 2015 9:29pm Mar 19, 2015 9:29pm
Quoting reinerh
{quote} yes i second this.
Here is the template.
Attached File(s)
File Type: tpl Renko_mod.tpl   < 1 KB | 3,308 downloads
Without an edge MM is useless!
  • #25
  • Mar 20, 2015 3:31am Mar 20, 2015 3:31am
Quoting Jeg
Hi shreyash I am also interested in Renko charts, they look great when they are trending but how do you manage when it goes sideways? Thanks and regards
Hey Jeg!

Now thats why we use the moving averages as filter.

It keeps u away from a lot of bad trades and the chop.

Also the key here is in the money management.

Because whenever you catch a strong trend it will pay you back for a few loosing trades you have had because of the chop (unfortunately if u get caught in one) many times over because the Risk : Reward ratio is very good with this strategy.

Ex: for any given trade the Max Risk is 3 times the size of the bricks

i.e. if you are using 10pips bricks then your risk will be max 30 pips + the spread on a trade.
Or If you are trading gold and are using $1 brick then the risk will be $3 per trade in gold.

Hint : When i trade manually i just see to it that there is a visible distance between the prices or bricks and the moving averages.
Please observe that when the price tends to move near the EMAs it is generally ranging.

Playing around with the strategy for a while will teach you that.

Happy pipping!
  • #26
  • Edited 3:53am Mar 20, 2015 3:35am | Edited 3:53am
Quoting medIce
I might test this. I just hate that Renko is almost impossible to backtest properly. At least i havent found any good way.
You are not able to backtest renko properly because MT4 does not store tick data.
Also there are Renko based EA already on the forum and a way to back test them as well.
I will post more about it later.
But, I am sure our talented programmers on this forum will find a better way out of it.
  • #27
  • Mar 20, 2015 3:39am Mar 20, 2015 3:39am
Quoting MathTrader7
Here is the first version of the EA I just created. It has not been tested yet. I just started running it on a demo account on my VPS. Use this EA at your own risk. Note: In order to enable trading on an offline chart, you have to uncheck the Offline chart option in the Common tab of the Renko chart properties (press F8 to bring up the properties window). {file}
Thanks for your effort.
I have tested it check the result attached . It takes buy only.
Attached Image (click to enlarge)
Click to Enlarge Name: math7.PNG Size: 77 KB
Attached File(s)
File Type: rar mathtrader7renko.rar   19 KB | 4,000 downloads
  • #28
  • Mar 20, 2015 3:39am Mar 20, 2015 3:39am
Quoting Magix
{quote} A couple of things I have noticed...but overall not terrible. 1. if ((iMA(NULL, NULL,21,0,MODE_EMA,PRICE_CLOSE,current) > iMA(NULL, NULL,50,0,MODE_EMA,PRICE_CLOSE,current)) && (Ask > iMA(NULL, NULL,21,0,MODE_EMA,PRICE_CLOSE,current))) This is looking for the ASK to be > than the Moving Average, where as this specificity could actually miss out on the beginning of trend trades. 2. if ((Close[3] > Open[3]) && (Close[2] > Open[2]) && (Close[1] > Open[1])) A little wordy, because in dealing with Renko, all bricks being the same size, you can...
Welcome Magix & MathTrader7,

I am very glad that experienced programmers and traders like you have found a way on this thread!
And Having Magix & MathTrader7 on board for sure looks very promising!!!

Happy pipping!!!
  • #29
  • Mar 20, 2015 3:43am Mar 20, 2015 3:43am
Quoting IAmRetep
Hello, here a diagram for a "quick and dirty" EA. If you think, we can talk about it, here is the source. Made with ForexGenerator and "Copy and paste". Have fun and let me know, how we can improve it. {image} {file}
I really appreciate it!
Thank you!
I am busy with a few meetings today!
Will go test it and definitely get back to you!
  • #30
  • Mar 20, 2015 3:50am Mar 20, 2015 3:50am
Quoting MathTrader7
Here is the first version of the EA I just created. It has not been tested yet. I just started running it on a demo account on my VPS. Use this EA at your own risk. Note: In order to enable trading on an offline chart, you have to uncheck the Offline chart option in the Common tab of the Renko chart properties (press F8 to bring up the properties window). {file}
Now thats what i call a good start!!

Thank you MathTrader7!
I really appreciate your contribution on this thread!
I will test it and get back to you!
  • #31
  • Mar 20, 2015 4:13am Mar 20, 2015 4:13am
Quoting sminage
{quote} Thanks for your effort. I have tested it check the result attached . It takes buy only. {file} {image}
Hey sminage!
But how can you back test this strategy on 1m chart???

I think there is another way of back testing EAs which trade thru offline charts!

Guys is this back test valid?

Please share your valuable insights!

No offences Please!
Just a constructive criticism!
  • #32
  • Mar 20, 2015 4:30am Mar 20, 2015 4:30am
Quoting sminage
{quote} Thanks for your effort. I have tested it check the result attached . It takes buy only. {file} {image}
Thanks for backtesting my EA, but it is supposed to run on a Renko chart. However, I'm surprised by it's performance on 1 minute chart! I will try to find out why it only takes Buy positions, there may be a bug in the first version....
Trading is the hardest way to make easy money...
  • #33
  • Mar 20, 2015 4:31am Mar 20, 2015 4:31am
Quoting shreyash
{quote} Hey sminage! But how can you back test this strategy on 1m chart??? I think there is another way of back testing EAs which trade thru offline charts! Guys is this back test valid? Please share your valuable insights! No offences Please! Just a constructive criticism!
back test is done using a script named oflinetesthelper but the result may vary because in real market there is requots .
sorry for my poor language
Attached Image (click to enlarge)
Click to Enlarge Name: renkohunterfomc.PNG Size: 35 KB
  • #34
  • Mar 20, 2015 4:34am Mar 20, 2015 4:34am
Quoting MathTrader7
{quote} Thanks for backtesting my EA, but it is supposed to run on a Renko chart. However, I'm impressed with it's performance on 1 minute chart! I will try to find out why it only takes Buy positions, there may be a bug in the first version....

I was looking at the same thing.

Lot size .1, and the few trades that show are taking 2ish pips, $2 profit.

Spread could be the killer of this idea on an M1.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #35
  • Mar 20, 2015 4:38am Mar 20, 2015 4:38am
Quoting Magix
{quote} Spread could be the killer of this idea on an M1.
I agree with you! In the backtest a spread of 0.3 pips is used. There is almost no broker to offer such low spread without a commission of 7.0 USD per 1 lot (0.7 pips additional spread on EURUSD).
Trading is the hardest way to make easy money...
  • #36
  • Mar 20, 2015 4:39am Mar 20, 2015 4:39am
Quoting MathTrader7
{quote} Thanks for backtesting my EA, but it is supposed to run on a Renko chart. However, I'm surprised by it's performance on 1 minute chart! I will try to find out why it only takes Buy positions, there may be a bug in the first version....
The m1 chart is generated from the offline renko chart for back testing using a script .
  • #37
  • Mar 20, 2015 4:48am Mar 20, 2015 4:48am
Quoting shreyash
{quote} Now thats what i call a good start!! Thank you MathTrader7! I really appreciate your contribution on this thread! I will test it and get back to you!
And I thank you for sharing your trading idea
Trading is the hardest way to make easy money...
  • #38
  • Mar 20, 2015 4:57am Mar 20, 2015 4:57am
Quoting MathTrader7
{quote} And I thank you for sharing your trading idea
Well, I thought it was payback time!
To give my 2 cents to a forum which has taught me so much in my career as a trader spanning last 8 years!

I have put your EA on demo forward testing.
Looking forward to achieve great results!

Thanks!
  • #39
  • Mar 20, 2015 5:02am Mar 20, 2015 5:02am
Quoting MathTrader7
{quote} And I thank you for sharing your trading idea
The EA has just placed a trade on the demo acc.

The EA is perfectly in sync with post 1 but as i mentioned before i usually keep my SL near the recent low.

Can we keep the stoploss to the last low ?

Pls observe the pic below.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDM2.png Size: 28 KB
  • #40
  • Edited 6:07am Mar 20, 2015 5:07am | Edited 6:07am
Quoting shreyash
{quote} The EA has just placed a trade on the demo acc. The EA is perfectly in sync with post 1 but as i mentioned before i usually keep my SL near the recent low. Can we keep the stoploss to the last low ? Pls observe the pic below. {image}
Sure! I fix this in the next version. I also think that a Trailing Stop is a good idea to be implemented in the next version. My idea is to have three blocks size as the distance to trail the stop loss. what do you think about it?
Trading is the hardest way to make easy money...
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