Actual Renko - page 6
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some renko kagi here
HI Beluck,
It's possible to have Alert pop up in this trading system ?
Best Regards,
David,
EA for RENKO
Hi all,
I am using renko indicator from here: Renko Charts - MQL4 Code Base
Anyone mind to share their EA for this indicator?
How reliable is backtest with renko? Seems too good to be true.
renko script and backtesting
How reliable is backtest with renko? Seems too good to be true.
This renko ea was developed on forex factory and is used extensively. It sets a base starting point so your charts remain consistent and also has the option to include wicks.
It is an EA and I have not been able to find a way to backtest using it.
rgds
Peter
Backtests with renko charts can be done with a trick as described here:
http://www.mqlservice.net/download/Off-line%20charts%20FAQ.pdf
This draws the renko candles on normal timeframe charts.
Its on mql4 codebase.
This draws the renko candles on normal timeframe charts. Its on mql4 codebase.
Kkeskar,
Can you elaborate on how this works? It does not appear to be functioning properly on my chart as the indy's appear to be out of sync...
I've placed it on a 1min chart and it is tracking
Since Renko Brick is formed by price movement, how do we know when a new brick is formed? Do we have to remember the current bricks, like currently there is a four red bricks, the next time when we see a fifth red brick, we know a new brick has been formed. You see, we have to remember the current bricks before we could know that a new brick has been formed because Renko chart is not time based. Is there an Renko indicator that has a index buffer containing the time when the new brick is formed?
Thanks
Do you have alert sound version in this indicator renkofx? Tnx in advance...
I prefer to trade using pure price movement and I use RENKO analysis to determine my entry and stop levels. It is very simple concept based on price threshold levels. Essentially, I trade the EURUSD with a trailing stop value of 150 pips in steps of 75 pips. Price would have to retrace max 150 pips to reverse the signal on my 75 pip RENKO box. The advantage of RENKO analysis is that the variable of time on the charting axis is removed from the system. The renko boxes will not repaint or flicker after the standard candle timeframe has closed but the price must exceed the box value for a new box to appear.
I have attached the previously posted RenkoFX indicator and a screen shot of the Renko EURUSD since Feb 08. In just the the last major move alone, we see a 75 pip RENKO box has captured over 1000 pips with no ‘noise’.
Choppy markets can lose money using the RENKO box method depending on the box size chosen. However, a market that is in a price stagnation or standstill for an extended period will not give false signals under RENKO analysis. This is the major distinction of the RENKO indicator compared to any moving average indicator that illustrates price momentum.
A quick visual inspection of the applied RenkoFX indicator will reveal the estimated profitability of your chosen box size in your market. The net profit of each directional color sequence can be calculated by counting the number of consecutive boxes in a continuous series -minus three boxes. A three box color retracement will be a break-even scenario. A two box retracement will be a loss of one box value in pips. A one-box retracement will be a loss of two box values in pips.
Since Feb 2008 when the EURUSD was 1.4493, the attached RenkoFX indicator screen shot has a rough approximate winning value of 25 boxes x 75 pips per box = 1875 pips
Important Note: The indicator must be placed on 1minute charts in the Metatrader platform. Larger time frames will offer longer dynamic signals since the Renko box will not truly ‘close’ in a speedy manner.
Feedback appreciated. Thanks