can somebody recommend a renko builder?

Hi, can somebody recommend a renko builder? What I need it to do, is to show me the bar only when it is finished, not while its being formed. Anyone know how I can accomplish this? Thanks, Josh

Set your brick size to the smallest fraction of a pip available.

.00001 <-EURUSD as an example. This way, you will eliminate the chance of seeing the bricks being built.

Otherwise, not sure there is an option as the building of bricks is Price Movement...eliminating that from a chart, doesn't seem to be anything that anybody would think of.
(stipulating this on a price chart, not a dashboard)

Do you also need some sound/alert when a Renko bar is closed?

Thanks Magix and MathTrader7.
I wasnt looking for alerts, but i was just trying to "think outside the box". If I use an EA based on an oscillator for entry/exit, it sometimes gets tripped during the time a bar is created.(or miss-tripped entry or exit so to speak) I was trying to find a solution from another angle. Now, i have to re-think the oscillator only to accept data from finished candles.
Thanx again, Josh

This is kind of a vague reply, Josh...but let's see if we can't hash it out.

Admittedly, I am pretty new to trying to code into Renko but have found a couple of solutions.

As for Math, that dude is a fucking genius and could definitely lend some perspective.

Triggering mid bars...well...here are some of the things that I have found that have helped in in eliminating double triggering as well as maybe show where the issues might be.

1. Triggering mid bar on a renko trigger, by either oscillator or price, might just actually be the spread...this is the most obvious answer, in that, when you look at a renko chart and try to work out a strategy based on what you see, you never really keep in mind the Spread Factor. Are you trades being triggering mid candle due to broker spread??

2. The second most obvious answer to the question is not using [0] <- as a time frame. The 0 bar is the current bid price and will consistently re-paint as long as the bar is open and especially if using any indicator/oscillator base. Working with Close[1] can help these issues, but read a little further, it can still fuck ya!

3. Let's get past the spread factor...I was working with another fella on my Coin Toss thread where I was chatting about some of the issues I found in triggering, maybe you will find some help, HERE.

4. One of the biggest mind fucks on Renko, especially if you are applying a stop loss value inside of the 2 bricks of up and down and can even be present on an oscillator is...the Value of the Stop Loss gets triggered, while the condition is still present. This is a little about what I mention in the link on point 3 as applied to the wicks on a candle. If you check it out, and as a hypothetical, because of the spread factor and because the Renko Candle can swipe against the trade before the candle is closed, this can automatically trigger a new trade, because your conditioning is still present. These always suck!

One of the things that I have worked out to keep multiple trades from triggering against the trend is by simply adding in this as a condition:

Longs: && Bid>Close[1]
Shorts: && Bid<Close[1]

What this does is, while you have a trade that may hit loss on a stop loss value, will keep the triggering from entering another trade because it mandates the trade only take place if and only if the direction of the trade is intact.

With this, I still see multiple triggers on the same candle being where the primary is stopped out on a Static SL value, but the second time price is triggered is a higher probability of success...before I added this criteria, the second trigger almost always ended in a secondary loss on logic which, by then nullified the conditions and in a choppy market, ended up taking additional trades in the same area a few bricks down the road, or even worse...missing the whole fucking shooting match which may have bought out the acquired losses!!!


Without you being more specific, I can only speculate. If you decide to add a little more to your situation, I would definitely be interested in a view of renko charts through your optics and Would absolutely learn a little more if Math was able to think outside of yours and my, collective box.

Well wishes!

Wow, that is an awesome answer Magix. Thank you. I am sorry if I was being vague in my question.
I was just thinking about an issue that occurs in my every Renko adventure. It was theoretical. Its basically what you described in your point 1. The reality, as you have described, is that there are even more issues to consider. The issues of spread I have tried to counter by using larger bars, but with limited success. In every chart i use 2 tf and not zero. I will have to experiment with that. The SL's are a complete mindf#ck, as many times they trigger basically as you describe in point 4. I was trying to run by the saying - remove the problem from the situation, the situation improves - so my solution was to eliminate the SL, and boy you can imagine how well that turned out. Lets use Stochastics as an example. If I use condition of crossing above 20 line, (just K) as the trade start condition, a trade is started while a candle is forming. As the candle develops further in the opposite, the condition reverts below zero and the candle closes. Now, if you use a sell condition,(or exit), as a move below 20, that will never happen now, and what will happen is the trade will hit your SL. Second scenario is that it will move up above 20 with a finished candle, firing up another trade, or maybe more, depending on how many times the condition is created withing the developing candle - I call this the unintentional martingale.
Now my theory was that the issue could be fixed by using a builder that would not show the candle being developed, but only when its 100% done.
Now I will mention that I am rather new to renko, but it seemed like an abstract solution. It would in theory fix most of these issues ?
Best wishes, and sorry if I am completely off base.
Josh

If I were you, I would have just used a standard Renko builder, but in the EA program that I would be developing, I always trade based on Close[1], which I'm sure it represents a Renko candle that has been closed. Simply put, you do not need any special Renko builder, just ignore Close[0],High[0] and Low[0] values, and keep in mind that a new Renko bar, if it is a reverse, takes twice brick size to form, so, put stop loss at that level plus/minus the typical value of spread.

I have to agree with Math here...I have seen the tendency of a lot of failed ideas attributed to trying to work with both indicator and price base off of the [0] or current price...Working with the last bar closed or [1], can definitely remove a lot of false entries, but is still not perfect because when working with an indicator base, like the stochastics, the ranges and directions of these plays are typically trend based, and thus the failure of a lot of systems.

I work a lot with Stochastics and have an especially difficult time working with these and renko charts for an intraday trade.

Issues are really based on the fact that because Renko smooths out the charts by showing the directional bias, they don't seemingly allow for great entries.

It's like this...stochastics will show overbought if the chart is short, and can show oversold, when the chart is long...much like you were saying in the Over 80 and under 20 positions...but, because the charts tend to trend, taking an overbought signal on a short chart may actually only show as the absolute trend is changing, or...may lag for so long in overbought, assuming every candle that is bearish creates a losing trade.

In addressing another issue, or idea, and again...as math is a genius, I was wondering if it's possible to create more of a dynamic Renko Chart based on the highs and lows vs the actual generic open and closes of the candles...as posted HERE.

In dealing with a lot of the current situations with Renko bars, this too might create a whole new separate Hell...but, who knows, might in turn help you solve some of the issues in position taking.

One other idea...instead of larger bricks, move to a fractionally smaller brick. In doing this, you can nullify the signal while still trying to catch the trends...hypothetically speaking...if you use a generic 10 pip brick looking for a 20 pip profit/loss...when these hit the stops, the trigger can still be present turning into an additional trade that loses...if you drop to a 9 pip brick, you may still lose the trade, but by the time the stop loss is hit, the trigger may be nullified on the range making it so that you aren't adding to the misery.

Those are great suggestions. Time to go back to the lab for me, to experiment. Thank you both for your input. You guys rock :-)
Best,
Josh

I sorta know why you ask. I have found the free ones tend to lag and I scalp!

try the one on OVO.COM I am not associated with them at all
It seems to have little lag
if about $15 but free for a month

regards