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Lets Automate a Simple Renko Strategy!

  • #141
  • Mar 21, 2015 10:50am Mar 21, 2015 10:50am
Can we close down the charts that we have attach the Renko Mod to after we have opened/created the different M2 charts?
  • #142
  • Mar 21, 2015 10:52am Mar 21, 2015 10:52am
Quoting sminage
{quote} please check this weather the entry condition is ok . {image}
The two red bars do not have to close below the two MAs. The close of the last red bar must be below the two MAs and the previous two bars must be red. So one of the red bars can close above an MA. There is open discussion at the moment as to whether or not the third bar back must be green.
  • #143
  • Mar 21, 2015 10:57am Mar 21, 2015 10:57am
Quoting hamdysalah
Hello,in my opinion never trade renko alone it repaints history but it is excellent for entry while using candlestick charts please check the link below for more info.. http://www.forexfactory.com/showthread.php?t=530467
I agree with you, the majority MT4 renko scripts repaints.
They are unusable for backtesting any strategy.
If anyone doesnt have .hst file with real renko history from terminal which never was closed as long as the renko script was running, we can make forwardtesting only.
Or knows anyone about nonrepainting renko script (renko chart ploted from online data looks the same as renko chart from script simply inserted on a chart?
Here we need to start IMHO.
  • #144
  • Mar 21, 2015 11:45am Mar 21, 2015 11:45am
Can also look at the timestamps on bars to detect how volatile the current market is.. and do some analysis around that..

Doing some testing with a slightly different setup but happy to see some other work being done (strangely at the same time)
  • #145
  • Edited 5:01pm Mar 21, 2015 11:47am | Edited 5:01pm
Here is Version 1.81 of the EA that lets the user enable/disable checking for Candle 3 (see Post 117).
Attached File(s)
File Type: ex4 MathTrader7_RenkoEA.ex4   127 KB | 1,977 downloads
Trading is the hardest way to make easy money...
  • #146
  • Mar 21, 2015 11:54am Mar 21, 2015 11:54am
Quoting MathTrader7
Here is Version 1.8 of the EA that lets the user enable/disable checking for Candle 3 (see Post 117). {file}
That's an interesting change. I'm curious whether it will be more profitable or not.
  • #147
  • Mar 21, 2015 12:07pm Mar 21, 2015 12:07pm
Quoting krumpy
Can also look at the timestamps on bars to detect how volatile the current market is.. and do some analysis around that.. Doing some testing with a slightly different setup but happy to see some other work being done (strangely at the same time)
Timestamp analysis on a renko chart is worthless as it is not time dependent, it is range dependent.

If we were to compare, what time frame would we compare it to?

The reason behind the op mentioning start time being during Frankie and London, as specific to EURUSD, it is because this is the most active session. But this too will not and does not take into account the day of the week, week of the month, nor any press that may be active during these sessions.

It certainly doesn't account for the size of the retrace after FOMC and really doesn't take into consideration the buy back on the last day of the market week.

The market plays cycles, next week should be range, but still a best guess is only Thursday & Friday...after that, NFP week where EUR and GBP are both on a Bank Holiday for NFP...any guesses as to what's gunna happen there??

Chart below is an M15 marking spike low and high of the day(bottom)...and Renko of the same on top. Time doesn't matter to movement on a renko chart.
Attached Image (click to enlarge)
Click to Enlarge Name: renkocomp.png Size: 63 KB
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #148
  • Mar 21, 2015 12:27pm Mar 21, 2015 12:27pm
Quoting Magix
{quote} Timestamp analysis on a renko chart is worthless as it is not time dependent, it is range dependent.

If we were to compare, what time frame would we compare it to?
For example if the last 2x red/green bars have been opened in < x minutes the market is potentially spiking.

Using smaller boxes.. Say ranko has painted 4x red boxes within x minutes... we have a fairly high chance the next box is going to be red right?
  • #149
  • Mar 21, 2015 12:32pm Mar 21, 2015 12:32pm
Quoting krumpy
{quote} For example if the last 2x red/green bars have been opened in < x minutes the market is potentially spiking.

Compare time to range?
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #150
  • Mar 21, 2015 12:44pm Mar 21, 2015 12:44pm
If it takes hours to form a single bar the market direction is undecided.. If it takes minutes to form multiple bars the market is moving..

I'd much rather be in a trade that has direction over stale movement. I think this is something to consider to further filter out sideways action.
  • #151
  • Mar 21, 2015 12:44pm Mar 21, 2015 12:44pm
I agree with krumpy. atr wise , currently eu is moving 130 pips per day but it is not only moving 5.41 pips per hour why not? why is it moving more than 5.41 pips per hour on average? can anyone explain the reason it isn't uniform? i like the idea of combining range to time. range + time boom u get a candle. would smooth data quite well imo.

anybody can code i can show u my formula its quite simple. let me know.
  • #152
  • Mar 21, 2015 12:57pm Mar 21, 2015 12:57pm
Quoting 2+2=4ex
Want Renko? Here you go... Renko Strategy

so basically I think what you are saying that the strategy works better without the moving averages filter. anybody backtesting perhaps you can help.

nice thread guys thanks!
  • #153
  • Mar 21, 2015 2:05pm Mar 21, 2015 2:05pm
I know you can call time from indicators, including candles from other time frames when trading off of a regular chart, just don't know if you can all time from another chart as applied to Renko.


Alternatively, one could just look at the rate of movement by way of moving averages or envelopes on a faster frame to catch the trades...ie, if close is greater than upper band, longs, if close is less than lower band sell...

This effectively measures the speed of play...

Check it.

There'd be some inevitable losses incurred by a little chop, but perhaps not as dramatic as missing the range of plays by the center of the 21 & 50 EMA's, while still offering a little more filtering than none at all.



Perhaps even by calling Open[0]><, ensuring that we aren't getting tripped up by a turtle head poking across the draw line...
Attached Image (click to enlarge)
Click to Enlarge Name: renkoband.png Size: 67 KB
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #154
  • Mar 21, 2015 2:06pm Mar 21, 2015 2:06pm
Quoting bazze
Can we close down the charts that we have attach the Renko Mod to after we have opened/created the different M2 charts?
No one???
  • #155
  • Mar 21, 2015 2:11pm Mar 21, 2015 2:11pm
Quoting bazze
Can we close down the charts that we have attach the Renko Mod to after we have opened/created the different M2 charts?
If you close the chart to which the Renko Mod EA is attached, the Renko chart won't be updated anymore....
Trading is the hardest way to make easy money...
  • #156
  • Mar 21, 2015 2:33pm Mar 21, 2015 2:33pm
Quoting MathTrader7
{quote} If you close the chart to which the Renko Mod EA is attached, the Renko chart won't be updated anymore....
  • #157
  • Mar 21, 2015 4:46pm Mar 21, 2015 4:46pm
Quoting krumpy
If it takes hours to form a single bar the market direction is undecided.. If it takes minutes to form multiple bars the market is moving.. I'd much rather be in a trade that has direction over stale movement. I think this is something to consider to further filter out sideways action.
^^^ This. A lot of the losses that would come with this EA (and any trading system/EA in general) could simply be avoided by not running it when the market is ranging, only during LO and the first couple hours of the NY session.
  • #158
  • Mar 21, 2015 6:20pm Mar 21, 2015 6:20pm
Thanks for the interesting thread. I don t understand why some suggest Renko charts repaint. Maybe in backtesting. I have always used them live and watch them form, how can they repaint as when one brick is built that s it . It is in the history books.????
  • #159
  • Mar 21, 2015 7:50pm Mar 21, 2015 7:50pm
Yes.. i think the third brick is important, sometimes it gain the profit, but if the market retrace it would be end in loss.. so i think the feature to enabled or disable it, very important,, so we can use it based on the market conditions!
  • #160
  • Mar 22, 2015 3:13am Mar 22, 2015 3:13am
hi traders !
i was testing the ea posted here, in my backtest it made not good results.
But the way the concepts is very similar to another ea i found ,the difference of the ea i will post is that this enter on every renko bar who change the color.
It make wonderful results in the backtest but i never have tried in demo or real.
Maybe somebody is interested to test it.
Attached File(s)
File Type: mq4 Renko pure candle auto-trading EA by Steve Hopwood.mq4   9 KB | 2,327 downloads
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