Actual Renko - page 4
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Oh don't get me started!
I can tell you that it is easier to find something that works when you dump the time based sample(bars). Don't flame me over this ok. Of course these things are not the grail but they can be a simple and effective noise filter.
As an aside there was a collection of papers by esteemed math heads, one being Mandelbrot, on the random, or not, properties of markets. As I recall he concluded that having time on the x axis was what was screwing everything up and it was up to the reader to pursue the possibilities. Sorry for my vague references but it was 8 years ago when I read the book. I will have to find it again. Maybe he is reading this and can throw his hat into the ring.
Renko bars give a false impression since they only fill the bar in arrears, they appear to be doing better than they are if you do not make allowances for that. I use a bar that is slightly different from Renko and what you see is what you get. The open of the bar is your entry and it is what your indicators etc should be based on. The close has no significance since the bars are based on movement in price vs movement in time. Since you know the size of the bar you can place your orders way ahead of time. My bars are also in the 40 to 70 pip size. Slippage is not an issue. I use my own type of bar that is similar to Renko. I only have one minute data from 2001 to test but that is good enough to get a reasonable assessment of risk.Thanks for the advise applied it to the Renko, using it now as EA. the boxes seem much more stable and almost predictable seems easier to trade.
a real renko
EURUSD 30 pip bar size
No filling in of gaps.
Renko File?
Hello all - I have been trading Forex a while, but have only recently been introduced to Renko and would like to find a solid file to start with...
MrTools - the one you have in your screen shot from a couple of days ago looks really clean. Is that .MQ4 available in this thread somewhere, or would you mind posting it?
Any tips you have would be most appreciated! I generally trade EUR/USD and GBP/JPY....
TIA!
Are range bars the same as P&F charts?
Oh don't get me started!
I was reading an article about point and figure charts and how the time based element in them is ignored. Is this the same as range bars?
Further, I have downloaded the binary tick writer in an attempt to create the same type of bars as you have in your post. However, I obviously thought that my coding skills were much better than they actually are. I know you are using MB's platform, but any chance you could have a go at coding it for MT4?
Thanks for the advise applied it to the Renko, using it now as EA. the boxes seem much more stable and almost predictable seems easier to trade.
Hi mrtools..
Could I test your template??
Could u please post your indis & template?
Thanks
P&F vs Renko
Hello,
There is not much in it.
If you do not pad the chart, ie allow gaps.
If Open > PrevOpen then max high = Open + BrickSize - 1; MinLow = Open – 2 * BrickSize
If Open < PrevOpen then max high = Open + BrickSize * 2; MinLow = Open – BrickSize + 1
Otherwise if you want to pad then it is based of the previous bar's DRAWN RENKO BOX high/low +/- the box size NOT the previous bar's real high or low.
Thus this looks the same as a p&f with reversal of 2 * box, does it not?
As for coding it in mt4. I am too busy at the moment with this MB ea that I am working on. You just need to write a small prog that writes the tick file into mt4.hst format with each record being your renko bar. It then continues to poll the tick file and update the renko hst file. Start the BuildRenko&Poll prog first before you start Mt4. I have not written a hst file myself but my understanding is that you create an 'offline' file with an unusual time frame as part of its name, to avoid mt4 mistaking this file for one of its reserved files.
There are some hst file format posts on this forum, I believe. Then you can open the file as an offline file in MT4. Assuming that MT4 will update the chart on the screen as the file grows, you have a realtime renko chart. If you want to change the box size you have to close your app and start your Build&Poll prog with a different box size. You will need to keep an eye on the size of the files as they grow infinitely. You might want to consider a rounding algorithm if you have 5 digit files. I round down if the direction is up and up if the direction is down. This avoids any ghost prices and since I only trade on a breakout basis this is no discrepancy between fills and indicator. However my MB tick prog was storing every tick, and the feed seems more active than MT4, so maybe this will not be an issue with MT4.
As for doing it all in MT4, I would not do this. If you write the renko file from MT4 then you are only have one file of fixed renko box size and no data stored to work with. If you know the perfect box size then it may be an option. However the advantages of having your own data far outweigh any convenience offered.
I write in anything except vb. If you would like some help with coding then feel free to message me and I will give you my email address. When I finish my MB ea I might look at the MT4 version so that I can have an easy way to see various indicators on my data. Design first, code last.
Cheers
Hi mrtools..
Could I test your template??
Could u please post your indis & template?
ThanksConsidering my less than stellar results and seeing Painless last post still more work to do before posting but the originals are a coupie posts back and Painless gave examples how to change, maybe try to do the changes yourself probably be better than what I do.
Hmmm... perhaps I will wait for you
I write in anything except vb. If you would like some help with coding then feel free to message me and I will give you my email address. When I finish my MB ea I might look at the MT4 version so that I can have an easy way to see various indicators on my data. Design first, code last.
CheersThanks for your response. Having finished rereading about P&F charts, and seeing some examples of possible trading methods using it on another forum, it is certainly worth pursuing as an alternative to standard charts (especially for spotting potential reversals in trend as was outlined in one of the strategies)
However, having now twice reviewed the code that mrtools posted and again your binary tick writer with your program, I am afraid that this is beyond my scope as a novice programmer (even with your help I fear!).
To that end and as I am currently profitable with what I am using so far, I will wait for you to finish your MB ea. After you are done, perhaps you could post back here and hold my hand to write the build and polling program?
No need to reply now as this isn't high priority for anyone. Just whenever you get some free time in your schedule.
TIA
For LimStylz
Ok. My advice is that you run my tickwriter ea to collect data for the future. You cannot get it anywhere else that I know of. I wish I had done this 12 months ago then I would have the real thing to work with instead of this minute data, which is next to useless. Then we can share data if we get holes. Of course it varies depend on which bucket shop you use. The qutes on some of them are a joke.
Cheers
Check out a system i made based on renko charts, being making 100%+ gains a week using 50% of my balance since the past 2 months.
https://www.mql5.com/en/forum/179557