New metatrader 4 compatible indicators - page 163

Mladen Rakic
160094
Mladen Rakic  
airquest:
Hi Mladen, I've got a question about your renko indicator. Not sure all renko does the same, but when I go below renko box size 10, the renko bars generated differ when I change the timeframe I attach the indi on. Here is an example : this is renko box size 5 on M5 tf : Gyazo - c9057ae61290d90c1acdcda4109a3032.png and this is on H1 : Gyazo - 456bf01e5dec5521c52439a403a83abe.png. I'm not sure one of them has an error or not. Why is that ? If renko is not based on time, why would the bars change ? Thanks.

airquest

I did not make that indicator (I have never made my own renko code)

All what I did is adjusting it to be new metatrader 4 compatible. That is where my interest in it stopped.

_________________

PS: renko will change the resulting charts depending on time frame and and starting time of the used data. You will never get same results for renko from 5 minute and 1 hour charts. That is the nature of renko.

Imagine this : on a one day chart you have one bar of, let say, 100 pips size. And in fact, it was not a continuous change of price in only one direction without direction changes.

Take a look at Friday EURUSD and using daily chart for making renko that would be a 1 renko bar of 5 pip size , while using 1 minute chart for that you would get a whole lot more that would resemble to what hapened that day (I said "resemble" since renko will never show the exact price changes - that is due to the step that the price must change before one renko bar is actually drawn). And we all know that 1 5 pip renko bar for Friday will never show what exactly happened that day (the triple whipsaw that was made that day, for example)

airquest
373
airquest  
mladen:
airquest

I did not make that indicator (I have never made my own renko code)

All what I did is adjusting it to be new metatrader 4 compatible. That is where my interest in it stopped.

_________________

PS: renko will change the resulting charts depending on time frame and and starting time of the used data. You will never get same results for renko from 5 minute and 1 hour charts. That is the nature of renko.

Imagine this : on a one day chart you have one bar of, let say, 100 pips size. And in fact, it was not a continuous change of price in only one direction without direction changes.

Take a look at Friday EURUSD and using daily chart for making renko that would be a 1 renko bar of 5 pip size , while using 1 minute chart for that you would get a whole lot more that would resemble to what hapened that day (I said "resemble" since renko will never show the exact price changes - that is due to the step that the price must change before one renko bar is actually drawn). And we all know that 1 5 pip renko bar for Friday will never show what exactly happened that day (the triple whipsaw that was made that day, for example)

Ok, thanks. I didn't know it wasn't yours. Well, the goal is not to get sth that ressemble or not to what happened a day or to the timeframe of reference. The point is to have a renko indicator I can trust. I'm pretty sure this one don't work well. So I was wondering if you could confirm that. If you look for box size 10 on daily tf Gyazo - 381d3942e7154157d65155e7a0ed7873.png, it don't even show the bid price right, while on (some) others timeframe it does. do you (or anyone) know one renko that can be trusted or does the ones from the first page of the thread look right to you ? Just tested the version 3.305, it still gives same "errors".

I understand that renko uses data of the timeframe it is put in. But in fact, I'm not sure what to do with that, does it mean i should always use renko on M1 to trust it ?

Mladen Rakic
160094
Mladen Rakic  
airquest:
Ok, thanks. I didn't know it wasn't yours. Well, the goal is not to get sth that ressemble or not to what happened a day or to the timeframe of reference. The point is to have a renko indicator I can trust. I'm pretty sure this one don't work well. So I was wondering if you could confirm that. If you look for box size 10 on daily tf Gyazo - 381d3942e7154157d65155e7a0ed7873.png, it don't even show the bid price right, while on (some) others timeframe it does. do you (or anyone) know one renko that can be trusted or does the ones from the first page of the thread look right to you ? Just tested the version 3.305, it still gives same "errors". I understand that renko uses data of the timeframe it is put in. But in fact, I'm not sure what to do with that, does it mean i should always use renko on M1 to trust it ?

Guys that use renko are telling that it should use 1 minute data as a source

Will it increase its reliability (and make it trustworthy)? As much as any filters indicator is (since renko is in fact a kind of a filter indicator - very similar (idea wise - not realization wise) to XO)

Krystyn
28
Krystyn  

Hello Mladen

Is it possible to limit amount of bars shown by renkolivechart indicator as it is possible in ea version?

Mladen Rakic
160094
Mladen Rakic  
ChrisTinus:
Hello Mladen Is it possible to limit amount of bars shown by renkolivechart indicator as it is possible in ea version?

ChrisTinus

Which exact version are you using?

alvinkon
69
alvinkon  

Dear All,

For the attached indicator. Is it possible to extend the box to the current bar or more?

As you can see from the image, I set the indicator to display 1440mins on H1 chart. It is not cover to the latest candlestick.

Thank you very much.

Krystyn
28
Krystyn  
mladen:
ChrisTinus Which exact version are you using?

RenkoLiveChart_v3.304 indicator.ex4

Mladen Rakic
160094
Mladen Rakic  
ChrisTinus:
RenkoLiveChart_v3.304 indicator.ex4

No, what I meant is which version of the EA that allows number of generated bars limitation?

Krystyn
28
Krystyn  

Renkolivechart v3.4

Files:
ndsouz1
758
ndsouz1  

Even i do not have a mql4 source for what ChrisTinus posted, Thanks.