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Join me in the making of RenkoShade3

  • #1
  • First Post: Edited 11:44am Apr 8, 2015 11:34am | Edited 11:44am
Hi,

This was Indicator developed by "http://www.doztronics.com" which in turn had certain parts of the code from RLC32. First I want to ascertain the following

a) open of new candle is not changed
b) if brick size is 20 and wick is formed if price action manages to complete only 19 points.
c) of course, price must have moved back again reversed to 19+20 points in order to make the brick of opposite color.
d) wick have to be lean like real chart and should be at the center of the candle.
e) wick have to match the color of candle (so there is no need for a separate color for the wick).

Can anyone help me with the coding.

Well this may not be pure Renko but we now can develop a EA based on this and we have a back testable EA, if trading functions can be added later.

picture speaks thousand words
Attached Image (click to enlarge)
Click to Enlarge Name: Untitled.png Size: 87 KB
Attached File(s)
File Type: mq4 RenkoShade2_3.mq4   20 KB | 309 downloads
  • #2
  • Apr 12, 2015 6:31am Apr 12, 2015 6:31am
As an after thought I found the M-candles more similar to the result I wanted. Also I realise that I dont need to reinvent the wheel. What I narrated in the first post already exists and its called Range Bars :-)


I am just wondering if there is any open source (mq4) indicator based Range Bar already programmed. If yes, please let me know.
Attached File(s)
File Type: mq4 M-Candles.mq4   8 KB | 255 downloads
  • #3
  • Apr 12, 2015 9:17am Apr 12, 2015 9:17am
Ok.

I modified the M-Candles code to paint Range Bars. But it has many bugs

1) Bullish bars are having Bearish color and vise versa.
2) There is an unwanted candle from start to finish.
3) I can't get the wicks painted

Can someone help. As usual the picture ...
Attached Image (click to enlarge)
Click to Enlarge Name: Untitled.png Size: 61 KB
Attached File(s)
File Type: mq4 stRangeCandles.mq4   8 KB | 303 downloads
  • #4
  • Apr 13, 2015 12:30pm Apr 13, 2015 12:30pm
I finally managed to get the desired result (mentioned in the first post). Basically this Range bar now works on (all) standard charts. No need to generate offline chart.

Attached Image (click to enlarge)
Click to Enlarge Name: Untitled.png Size: 73 KB
Attached File(s)
File Type: ex4 stRangeCandles_v1.ex4   11 KB | 302 downloads
  • #5
  • Apr 25, 2015 4:51pm Apr 25, 2015 4:51pm
Nice work man
  • #6
  • Apr 25, 2015 9:08pm Apr 25, 2015 9:08pm
Quoting francisakz
Nice work man
Thanks fracisakz
  • #7
  • Apr 26, 2015 6:57am Apr 26, 2015 6:57am
tx for this. i'm working one of my strategies that uses multiple size ranges/blocks. Kindly make that feature available if possible.

a mtf version so to speak, can be fantastic in its effectiveness imo. The challenge is that the colors aren't overlapping correctly. Its difficult to visually do a back test of different brick sizes without something coded for us to develop systems for. TYIA for understanding and consideration
  • #8
  • Apr 26, 2015 8:16am Apr 26, 2015 8:16am
Quoting dagoods
tx for this. i'm working one of my strategies that uses multiple size ranges/blocks. Kindly make that feature available if possible. a mtf version so to speak, can be fantastic in its effectiveness imo. The challenge is that the colors aren't overlapping correctly. Its difficult to visually do a back test of different brick sizes without something coded for us to develop systems for. TYIA for understanding and consideration
Dear dagoods,

Yes, it supports multiple pip block sizes (if not price ranges). It works on multiple time frames but it becomes compress in timeframe other than 1M. The bigger the timeframe the more the compression. Thats why colors are overlapping. My favorite is 5 Min. Like Renko time frame is irrelevant here because a new bar is printed as soon as a Block is completed.

Hope I am clear.
  • #9
  • Apr 26, 2015 8:52am Apr 26, 2015 8:52am
Quoting pannet1
{quote} Dear dagoods, Yes, it supports multiple pip block sizes (if not price ranges). It works on multiple time frames but it becomes compress in timeframe other than 1M. The bigger the timeframe the more the compression. Thats why colors are overlapping. My favorite is 5 Min. Like Renko time frame is irrelevant here because a new bar is printed as soon as a Block is completed. Hope I am clear.

yes. thanks for responding. sorry for not being clear. all my fault. please allow me to be clear. i want an indicator that shows the overlaps of the different sizes. i think this can be simply accomplished by having an option to show only the outlines or only the overlaps. i don't know if the current version can show that or not using multiple instances of the indicator...but....for example when the 25 size is growing and then the 100 size is growing and they are both showing the candle color is white bullish. then that would be a good area for a momentum trade. if 25 size 100 size and 200 size are all growing and bullish colored at same time that would add even more confidence. etc. hope that makes sense. also would appreciate a copy of the mql for personal use if that is all right. Thanks
  • #10
  • Apr 26, 2015 9:39am Apr 26, 2015 9:39am
Quoting dagoods
{quote} yes. thanks for responding. sorry for not being clear. all my fault. please allow me to be clear. i want an indicator that shows the overlaps of the different sizes. i think this can be simply accomplished by having an option to show only the outlines or only the overlaps. i don't know if the current version can show that or not using multiple instances of the indicator...but....for example when the 25 size is growing and then the 100 size is growing and they are both showing the candle color is white bullish. then that would be a good area...
It can show the overlaps like you said, I guess. One with background color and with one without background color like you said. PM me your email id, I will send you the mql version. No problems.
  • #11
  • Apr 26, 2015 9:51am Apr 26, 2015 9:51am
Quoting pannet1
{quote} It can show the overlaps like you said, I guess. One with background color and with one without background color like you said. PM me your email id, I will send you the mql version. No problems.

can it be done now as it is? i don't see how?
what if we want a third and a fourth size though?
  • #12
  • Edited 10:20am Apr 26, 2015 9:58am | Edited 10:20am
Quoting dagoods
{quote} can it be done now as it is? i don't see how? what if we want a third and a fourth size though?
for two ranges it can be done, i guess. The attached screenshot has 15 and 45 BoxSize.
Attached Image (click to enlarge)
Click to Enlarge Name: Range15n45.png Size: 38 KB


for the third and fourth range, you may use a separate chart. Its not a technical issue that you cant use the third and fourth instance of the indicator in the same chart. But may be the ranges are not clearly visible particularly if they are too close.
  • #13
  • Last Post: May 2, 2015 6:28am May 2, 2015 6:28am
With lot of bug fixes and addition of helper lines I am happy to release the latest and greatest version of stRangeCandles_v3

http://www.forexfactory.com/showthread.php?t=489029
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