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  • #1,581
  • May 10, 2015 1:38am May 10, 2015 1:38am
Hi guys, my broker doesn't use M2 ofline charts. The next closest time frame I can get is M5. My question if someone can please help...

Would I need to adjust the recommended brick size of 5 or is there no difference? I assume I still need to attach the Renko LiveCarts to a live M1 chart.
  • #1,582
  • Edited 2:20am May 10, 2015 2:01am | Edited 2:20am
Quoting gwindy
Hi guys, my broker doesn't use M2 ofline charts. The next closest time frame I can get is M5. My question if someone can please help... Would I need to adjust the recommended brick size of 5 or is there no difference? I assume I still need to attach the Renko LiveCarts to a live M1 chart.
Hi,

On Meta Trader 4 M2 is a non-standard TimeFrame you don't get from your broker. You attach a Renko Builder Software to a standard M1 TimeFrame and the Software will generate the M2 TimeFrame for you ( on the fly, you cannot close the M1 chart with the Renko Builder attached ). This M2 TimeFrame can then be opened as an "Offline Chart". Please find more about this in related threads.

Search for "Renko EA" and use only software which works for MT4 Build 600 or higher. You might want to wait with this until the markets are opened again. It can be configured when markets are closed as well but why to choose the hardest way .

Best, V.
  • #1,583
  • May 10, 2015 2:10am May 10, 2015 2:10am
Quoting verified
{quote} On Meta Trader 4 M2 is a non-standard TimeFrame you don't get from your broker. You attach a Renko Builder Software to a standard M1 TimeFrame and the Software will generate the M2 TimeFrame for you ( on the fly, you cannot close the M1 chart with the Renko Builder attached ). This M2 Timeframe can then be opened as an "Offline Chart". Please find more about this in related threads. Search for "Renko EA". Best, V.
Thanks Verified I really appreciate it. Information overload sorry, I have been reading these threads over and over and getting a littel lost in the different systems on the one thread. I really like the look and simplicity of the latest strategy posted. I should have realized about the Renko charts as I have used MathTrader7's non-gap renko builder previous. Think I will use MathTrader7's renko builder on this one. Thanks again.
  • #1,584
  • Edited 3:10am May 10, 2015 2:14am | Edited 3:10am
Quoting gwindy
{quote} Thanks Verified I really appreciate it. Information overload sorry, I have been reading these threads over and over and getting a littel lost in the different systems on the one thread. I really like the look and simplicity of the latest strategy posted. I should have realized about the Renko charts as I have used MathTrader7's non-gap renko builder previous. Think I will use MathTrader7's renko builder on this one. Thanks again.
Good choice, it works

P.S. MathTrader 7 has released 2 versions of the Renko Builders, a "normal" one and a "non-gap" version.

The non-gap version is needed for the latest releases of his EA and has huge advantages in automated backtesting ( robots ) because it elimitates a price calculation problem of the MT4 strategy tester in conjunction with Renko Charts.

For other systems / purposes you might prefer the "normal" one. However, there are Renko Builders around which can do both, it's selectable. Ask me why I know .
  • #1,585
  • May 10, 2015 2:44am May 10, 2015 2:44am
Quoting verified
Hey, hey ... A few days ago I worked on an indicator for my own system ( I try to have all source codes for the components I am working with ) and after a short check I believe it provides the same results as RenkoStreet_channel. So, if you like give it a try. The code is clean, fast and works well, please test it for 100% compatibility with RenkoStreet_channel ( use default settings for both indicators ). I am open to useful modifications as well. Best, V. {file}
great yo! I will give a try.
patience is a virtue
  • #1,586
  • May 10, 2015 3:35am May 10, 2015 3:35am
Quoting verified
{quote} Good choice, it works P.S. MathTrader 7 has released 2 versions of the Renko Builders, a "normal" one and a "non-gap" version. The non-gap version is needed for the latest releases of his EA and has huge advantages in automated backtesting ( robots ) because it elimitates a price calculation problem of the MT4 strategy tester in conjunction with Renko Charts. For other systems / purposes you might prefer the "normal" one. However, there are Renko Builders around which can do both, it's selectable. Ask me why I know .
Thanks again Verified. You have taught me something new again I see you have posted a Renko builder on other threads I assume this is your own creation? If so, I will give it a go.
  • #1,587
  • Edited 6:16am May 10, 2015 3:57am | Edited 6:16am
Quoting gwindy
{quote} Thanks again Verified. You have taught me something new again I see you have posted a Renko builder on other threads I assume this is your own creation? If so, I will give it a go.
You can give it a go, I work with it every day and use it for backtesting as well and yes, I coded it. When I think about it - I'm not sure if MathTrader7 really released a "normal" version as well, it can be that he released the non-gap version only ( to use with his EA ). So or so, NP.

Every "normal" Renko Chart has a price-gap of 1 Renko Brick on reversals, the new open price is 1 brick away from the last close price. The strategy tester sees this and gets "creative" - to your favor.

To overcome the issue ( and maybe other reasons as well I am not aware about ), MathTrader7 has created ( invented ??? ) the so-called non-gap Renko Chart. On reversals, the last close price matches the new open price. This is good for robot testing, the strategy tester cannot get "creative" with prices. This is not so good when you use the Renko Bricks with Heikin Ashi or any other indicators not based on the close price only. So I coded both variants in my Renko Builder, user selectable. My main motivation for coding it by myself has been the same as always, I want the source code of the components I am working with ...

In the picture you can see a non-gap Renko Chart. I attached the most recent Renko Builder I use, so that interested people can find it easily.

Best, V.
Attached Image (click to enlarge)
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Attached File(s)
File Type: ex4 EA_RenkoBuilder.ex4   289 KB | 221 downloads
  • #1,588
  • May 10, 2015 6:54am May 10, 2015 6:54am
Quoting verified
{quote} You can give it a go, I work with it every day and use it for backtesting as well and yes, I coded it. When I think about it - I'm not sure if MathTrader7 really released a "normal" version as well, it can be that he released the non-gap version only ( to use with his EA ). So or so, NP. Every "normal" Renko Chart has a price-gap of 1 Renko Brick on reversals, the new open price is 1 brick away from the last close price. The strategy tester sees this and gets "creative" - to your favor. To overcome the issue ( and maybe other reasons...
Hi Verified,

Thank for your kindness. We appreciate what you did on Renko chart.

We wish you a very success in forex trading business.


Sai Ram
Being a fxtrader is not easy. Ones must working hard.
  • #1,589
  • May 10, 2015 8:41am May 10, 2015 8:41am
@verified:

The SSChannel indicator is beautiful- please keep us users updated !!!
And thanks for your work !
  • #1,590
  • Edited 10:53am May 10, 2015 9:44am | Edited 10:53am
I just want to remind traders who don't know all the indicators I use to follow the behavior of the market.

I trade most of the time GU, my favorite pair during London session. The second pair is EurJpy. EJ allows me to trade in London, NY and Asian session.

I like trend following. It is easy for any level of forex traders. Because you follow the trend established in HTF and enter in LTF and reenter as long as the trend is still intact.

1) Trend is determined by the cross up/down of the 5/10 ema in H4. Trend H4 is a perfect trend for day to day trading. Most of the time the hedge funds like to enter their positions in H4.

Enter a trade in M2 renko chart

2) It is very important price must trade in or through the upper or lower channel before entering a trade.

Why is that ?
Because the areas of the channel represents the overbought or oversold zone. The high probability to enter a trade is after price retraces.
We use RenkoStreet_channel (dot + circle) to predict near the end of the retracement.

3) When 5e/8s MA cross then this cross represents the signal. That signal must be confirmed by Figi_Trend + stoch. hist.

4) The high probability entry signal when all indicators are aligned at the same time.

This strategy like other strategies in the FF forum use the same principals : discipline, patience and money management.

All signals in M2 are not all perfect you have to choose the high probability of success. This high probability of entry signal is introduced in details in post#1580

All the kits of the system are in post#1577 and 1580

Sai Ram
Attached Image (click to enlarge)
Click to Enlarge Name: MyTemplate.png Size: 103 KB
Being a fxtrader is not easy. Ones must working hard.
  • #1,591
  • May 10, 2015 3:12pm May 10, 2015 3:12pm
Hi guys,

Why do I choose Figi_trend and stoch hist. as a filter ?

Let's say we are in the uptrend.

Now, price trades in lower channel, oversold area. Price may start to go up in the few minutes.

So we need indicators to play a big role to detect the changing momentum.

If we use indicators late in timing the conditions then the entry point will not be a good deal.

Figi_trend and stoch hist. play quite well the role of filter.


Sai Ram
Attached Image (click to enlarge)
Click to Enlarge Name: long trade.png Size: 96 KB
Being a fxtrader is not easy. Ones must working hard.
  • #1,592
  • May 11, 2015 12:53am May 11, 2015 12:53am
1.12240 watch out pivot line this morning(italy time)
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  • #1,593
  • Edited 2:13am May 11, 2015 1:55am | Edited 2:13am
Quoting verified
{quote} You can give it a go, I work with it every day and use it for backtesting as well and yes, I coded it. When I think about it - I'm not sure if MathTrader7 really released a "normal" version as well, it can be that he released the non-gap version only ( to use with his EA ). So or so, NP. Every "normal" Renko Chart has a price-gap of 1 Renko Brick on reversals, the new open price is 1 brick away from the last close price. The strategy tester sees this and gets "creative" - to your favor. To overcome the issue ( and maybe other reasons...
BTW, if you use this Renko Builder, you could take advantage of it's "Reduce CPU Load" switch. It limits the number of updates of the Renko Chart to max. 20 per second. Technically it "sleeps" 50 miliseconds after every Renko Chart update. Normally not visible to the human eye and plenty of time for computers to perform other tasks. The setting is optional. I forgot to explain yesterday.

Best, V.
  • #1,594
  • Edited 4:04am May 11, 2015 3:20am | Edited 4:04am
Quoting sriloba
Hi guys, Why do I choose Figi_trend and stoch hist. as a filter ? Let's say we are in the uptrend. Now, price trades in lower channel, oversold area. Price may start to go up in the few minutes. So we need indicators to play a big role to detect the changing momentum. If we use indicators late in timing the conditions then the entry point will not be a good deal. Figi_trend and stoch hist. play quite well the role of filter. Sai Ram {image}
Hi Sai Ram,

When you cross TMA Bands, let's say 1 with period 20 and another one with period 60 you may get an even better picture about price extremes for entries. You may want to see the price at the upper boundaries for going short or at the lower boundaries for going long. Maybe you did already, maybe you want to give it a try.

Best, V.

This is what I mean:
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  • #1,595
  • May 11, 2015 8:36am May 11, 2015 8:36am
2 trades : 1 win and 1 lost -- GU --

First trade : long GU @ 1.54227 and price retraces and took the SL -28 pips

Second trade : long GU @ 1.54176, TP = +41

The entry signal of the 2 trades are not ideal. Because all indicators are not aligned at the same time.

Total : 41-28 = +13 pips


Sai Ram
Attached Image(s) (click to enlarge)
Click to Enlarge Name: MyTemplate.png Size: 94 KB
Click to Enlarge Name: long trade.png Size: 110 KB
Being a fxtrader is not easy. Ones must working hard.
  • #1,596
  • May 11, 2015 9:08am May 11, 2015 9:08am
Quoting verified
{quote} Hi Sai Ram, When you cross TMA Bands, let's say 1 with period 20 and another one with period 60 you may get an even better picture about price extremes for entries. You may want to see the price at the upper boundaries for going short or at the lower boundaries for going long. Maybe you did already, maybe you want to give it a try. Best, V. This is what I mean: {image} {image}
Hi Verified,

Can you share your template. I want to understand the period 20 and 60. It seems pretty interesting.


Sai Ram
Being a fxtrader is not easy. Ones must working hard.
  • #1,597
  • May 11, 2015 9:17am May 11, 2015 9:17am
Quoting verified
{quote} You can give it a go, I work with it every day and use it for backtesting as well and yes, I coded it. When I think about it - I'm not sure if MathTrader7 really released a "normal" version as well, it can be that he released the non-gap version only ( to use with his EA ). So or so, NP. Every "normal" Renko Chart has a price-gap of 1 Renko Brick on reversals, the new open price is 1 brick away from the last close price. The strategy tester sees this and gets "creative" - to your favor. To overcome the issue ( and maybe other reasons...

Hi Verified,

You mentioned that you coded both variants in your Renko Builder (Renko Bricks with Heiken Ashi). Are you referring to version 1.04 of RenkoBuilder, unfortunately I couldn't find it there.
  • #1,598
  • May 11, 2015 12:16pm May 11, 2015 12:16pm
Quoting sriloba
2 trades : 1 win and 1 lost -- GU -- First trade : long GU @ 1.54227 and price retraces and took the SL -28 pips Second trade : long GU @ 1.54176, TP = +41 The entry signal of the 2 trades are not ideal. Because all indicators are not aligned at the same time. Total : 41-28 = +13 pips Sai Ram {image} {image}
sriloba, the first of the picture below is 5 pips renko size and the second is 10 pips. First blue line is your loser trade and the second blue line is winner. When we look at the second picture 10 pips that your loser trade was early. May be we use 2 chart, 5pips and 10 pips renko brick size. Any suggestion?

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  • #1,599
  • May 11, 2015 1:28pm May 11, 2015 1:28pm
Quoting Paqe
{quote} sriloba, the first of the picture below is 5 pips renko size and the second is 10 pips. First blue line is your loser trade and the second blue line is winner. When we look at the second picture 10 pips that your loser trade was early. May be we use 2 chart, 5pips and 10 pips renko brick size. Any suggestion? {image} {image}
Hi Page,

Now, you become a good analyzer.

You are absolutely right. That's why I suggest the newbies using 10 pips box size. It is conservative and good for a swing trade.

I use 5 pips box size because I want to make 24 pips quick and goto bed because I live in a Eastern time zone -5.

Sai Ram
Being a fxtrader is not easy. Ones must working hard.
  • #1,600
  • May 11, 2015 3:11pm May 11, 2015 3:11pm
Quoting sriloba
{quote} Hi Page, Now, you become a good analyzer. You are absolutely right. That's why I suggest the newbies using 10 pips box size. It is conservative and good for a swing trade. I use 5 pips box size because I want to make 24 pips quick and goto bed because I live in a Eastern time zone -5. Sai Ram
Thank you I learned a lot from your experience. And I will continue to learn and I think I'm lucky to live in GMT.
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