All about Renko
Good afternoon:
As always please excuse my English.
I wanted to know if anyone is thinking about this topic.
And if anyone is going to help develop applications.
Regards
Hermo.
Good afternoon:
....
I wanted to know if anyone is thinking about this topic.
....
Hermo.Hi Hermo,
why Renko ? I think, whoever reads here , has at least heard of it or knows that the main difference to normal charts is in omitting the timefactor. But it’s laborius and not all indicators which work with normal charts do work with non-timebased-charts.
So again, what is the advantage of using Renko ? – And why not CRB (Constant Range Bars) for example ?
Could you please show me some benefit of dealing with it?
regards
derfel
Hi Hermo,
why Renko ? I think, whoever reads here , has at least heard of it or knows that the main difference to normal charts is in omitting the timefactor. But it’s laborius and not all indicators which work with normal charts do work with non-timebased-charts.
So again, what is the advantage of using Renko ? – And why not CRB (Constant Range Bars) for example ?
Could you please show me some benefit of dealing with it?
regards
derfelGood afternoon derfel:
Pray apologize my English please.
I will try to explain to everyone that also work with renko. We first explain that I am relatively new to the world of forex and the platform used for this trade, metatrader 4. I was surprised that the most widely used trading platform in the world, for the most liquid market in the world, has the limitations, but hey, as I said several times, we have to adapt to the tools we have and we have to deal to make the most. I've been many years in the world of trading, futures market,
I have worked with different platforms and as with Metatrader, some are good for one thing and another for others, is a matter of adapt and find your needs. With currently working platform, Ninja Trader, gives me a lot of graphing options (renko, range, tick, volume, delta, medianrenko ... etc) and you can download several different charting software, with it what you want to say Not that some are better than others, but all have their particulariades and everyone can take advantage of both manually and automating processes.
With all this what I mean is very simple and I repeat what I said in the first post, we will not find the holy grail, but we will have other opportunities in the market.
Because Renko and no other, as just about to start one of the oldest and most popular ways to see the price in a graph. With this type of graphing get what your comment, omitting the time factor, we can surely take advantage of this feature, for example, omit filters schedules, what really interests us is the price movement, trends defined, you do not worry the swans black or white in an automatic, by put some example, surely you realize the same things you have not mentioned if you see the price of this mode.
No better or worse than another form of plot, simply to do different things. Like everything else, has its advantages but also its disadvantages, therefore, all we have to worry about is how to take advantage of this form of plot and nothing else.
I recommend renko, but if you want to change the thread title of rank, or tick, or kagi, or delta, or medianrenko, or volume ... what I want is to see the market and exploit otherwise, nothing more .
I hope I explained correctly and that everyone understands the intention of this thread and as I said in the first post, which we can all take advantage of it.
I pray that what you do not understand, tell me and I try to put it another way, and if you need more information, tell me also.
Regards
Hermo.
In my opinion there is one basic flaw in renko chart : since they are not time bound, they depend on thee starting time. If you set the starting time for generating the chart one minute before or after and you can get very different values. I think that that is the main reason why renko is not more popular (even though the idea itself is a very good idea indeed) : the inability to have it unchangeable makes it problematic. If it could be solved (but I doubt it since a lot of very good coders and very smart people have tried it and that problem still remains) it would be a terrific tool for TA
Anyway, if we are to judge from what metatrader people have done with metatrader 5 (no offline charts at all - so no custom charts like renko at all) it seems that they are planning to cut off any charting type different than the standard chart, and that is one more reason why people are not investing more time in renko : I mean, what if someone spends months for developing a reliable renko and then they decide to cancel metatrader 4? It would be just a waste of time because it could not be ported to metatrader 5. Right now, the fact that metarader is in a kind of a no mans land (neither metatrader 4 nor metatrader 5 - it seems that nobody knows what will be in future) is damaging any serious development (and not just renko charts)
In my opinion there is one basic flaw in renko chart : since they are not time bound, they depend on thee starting time. If you set the starting time for generating the chart one minute before or after and you can get very different values. I think that that is the main reason why renko is not more popular (even though the idea itself is a very good idea indeed) : the inability to have it unchangeable makes it problematic. If it could be solved (but I doubt it since a lot of very good coders and very smart people have tried it and that problem still remains) it would be a terrific tool for TA Anyway, if we are to judge from what metatrader people have done with metatrader 5 (no offline charts at all - so no custom charts like renko at all) it seems that they are planning to cut off any charting type different than the standard chart, and that is one more reason why people are not investing more time in renko : I mean, what if someone spends months for developing a reliable renko and then they decide to cancel metatrader 4? It would be just a waste of time because it could not be ported to metatrader 5. Right now, the fact that metarader is in a kind of a no mans land (neither metatrader 4 nor metatrader 5 - it seems that nobody knows what will be in future) is damaging any serious development (and not just renko charts)
Excuse my English please.
Thanks for the explanation mladen, frustrating would be working for something you do not know how long you can last. It seems incredible that this happening with the most used trading platform in the world.
Do not know what to say.
I know it is not usual in this forum, but if you use some free code created for creating renko, we can make a study of the existing and working on, and we would be reducing programming time.
Obviously this code would have to serve us then create a parallel software system optimization.
It is possible what I'm saying. Or is absurd.
I attach the sowars I can work that I have for creating renko, obviously free code.
Regards and as always thank you very much.
Hermo.
Hi Hermo,
please take my apologies. I didn't want to say anything against your intention starting this new thread. By the way, I'm also struggeling with the language barrier. I was just looking for some "flesh to the bones" in a thread which is rated 5 stars. I'm by far not experienced enough to make a judgement.
So big thanks to you for bringing this on the table and BIG THANKS to mladen for his explanations which are so valuable (as always).
all the best to you all
derfel
iam always in the serching for a good indicator for renko
this one is from mrtools and it can be a start of something maybe
the renko is on 7per box
Test on an indicator that repaints
Good afternoon:
Excuse my English please.
I would like to make some tests with a particular flag.
It repainting, but I would like to know to what extent it does on a renko chart.
The rules would be very simple system, it would be a continuous system, ie an order closing a sale and a sell order closes the order.
Lots fixed.
It will work with all types of brokers.
The indicator is the Solar wind, as attached.
The test would conduct on the same pair, only changing the size of renko candles without altering the parameters of the indicator. I just want to see the results.
Would use 5 sizes RenkoBoxSize on EURJPY, 5pips, 7pips, 9 pips, 11 pips and 13 pips.
Hang the results here, for your observation. Depending on what you do would study how to filter perform better inputs or outputs, but as we all know, for we can not do backtest renko, therefore we must do the test seeing what he does in real time.
I would like that some fellow performed the same test on another pair, to see different results.
Would be good if one of the parameters of the EA were the comments, meaning that we can manually enter comment showing Metatrader, to perform the same test on a separate metatrader and group operations and other size, do not know if what I'm asking is possible but if it is I would appreciate.
Any doubts arising in the construction of this EA, please ask.
A big hug
Hermo.
Good morning to all:
Excuse my English please.
Example of signals yesterday would have given the system I propose building.
Symbol: Gold
RenkoBoxSize 10 Pips.
No. TradeDirection = 1
TP = 20
SL = 20
Move.To.BreakEven.at.pips = 15
Move.To.BreakEven.Lock.pips = 5
1º Operation 1 BreakEven closed. 5 Pips. Although complete the 2nd renko box, the spreed prevents closing the operation in TP.
2º Operation 2nd TP 20 Pips.
3º Operation 3rd TP 20 Pips.
Please take as an example.
Regards
Hermo.
Good morning to all:
This is what I would miss the EA in the session yesterday.
With the same setting I put in the previous post.
I'm just showing gold.
2 winners and 2 losers.
Greetings to all.
Hermo.
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Hello to everybody on this Advance elite forum.
First of all, my apologies for my English.
I’m starting this thread with illusion and the hope to start a fresh one and interesting for everyone on this private forum. I also hope that everybody can get the best of us.
As the title says, I would like talk about all the sections in Renko for Metatrader 4. I mean, from the construction, to creation of manual systems, expert advisors or just testing this strategies. All about Renko.
The first thing I imagine on this, is about how build the Renko graphic on MT4. As we know, in Metatrader 4 by default, just can see chart in time, so we need an Expert Advisor (EA), Indicator or script to build an offline chart where can see the Renko bars. There are a lot of options to create this kind of charts in Renko, but which is the best one and why? I can say you which I use (in fact, I attached it on another thread). I’m trying to learn more about programming in MT4, but I can’t understand how the script can create Renko bars and works inside.
Learn MT4, as most of you know, is slow and difficult for who is starting, but here, in this forum, as I have been seeing, has a lot of great developers on this platform. This is the reason why I am asking to create our own RENKO-TSD. It could be a big step, because we can know how it is build and also, modify the code to improve it. This could be the first step and my first request.
Once this is completed, I am sure that a lot of ideas will grow on this kind of charts. I will do by myself and I am aware that others partners will give too. I think we are not looking for Holy Grail, but it is so clear that Renko give us a lot of different opportunities that the other kind can’t. So, why can’t do it?
Well, with a lot of ideas on the table, I would like request develop some of these ideas. I'm testing systems on this kind of renko graphics, but do it it's not easy with the tools I have right now and I need get the settings from my logic and try and error (I have to try it along the days and get the results in time of execution, it means that I can't use backtest or other tool for get results faster!). That's so different from do it with time chart.
Here is the big proposition of this thread: develop tools and software to testing the strategies faster and efficiently. I know that there are a comercial tool that can do it, but I can't find it for free and I don't trust in it reliability. The thing is that it can do it, and it gives us a lot of advantatges in this field.
I don't know if I am asking a lot or impossible, but here is my request in this forum, where I'm sure we can do it.
For sure I will help to someone can request other ideas about renko, but you have to know that I'm still learning to how develop codes, but I'm also doing the other things (testing, combining and creating strategies). Ask me whatever on this field to try to answer you asap.
I hope everyone of this forum think that it's a good idea and also, can help between us!
Bests regards and thank you for everything in advance!
Hermo