Experts: Renko Live Charts v4.13 - page 2
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Hi;
Where is the new release posted?
I am still finalizing the code and ensuring all bugs are worked out. Currently, the features include the following (all of which are available in the Renko Live Charts, some are new):
Mean / Median box, allows you to set an Offset for box calculation
Box size calculation based on ATR values. (I am trying to make it work with auto-calculating the ATR every X periods and allowing the box sizes to change upon a new ATR value)
Box size calculation based on a percentage of the total price movement of a currency pair. I like this one the best actually as it gives pretty amazing results. It takes the Highest high and the Lowest low for a currency pair (from what is available in your history, make sure you have good history), and then divides that by 100 to get what a single percentage movement for that currency pair would look like. You can then select what percentage the box size should be. i.e. on AUDNZD, a 1 percent box size comes out to 57 pipettes on my 5 digit broker and based off of the amount of history I have for the pair. It's different for every currency pair, and it seems to line up much better (for me) than ATR based. I only ever use ATR for stop loss calculation, personally.
Logging. This uses my own logging method that I put into most of my EAs and indis (the ones I use personally). It writes all of the output to a file. You can enable/disable and set it to truncate the file each time you load the EA, or just append to it. It helps tremendously in debugging the code.
Sounds good! I am testing your latest Renko right now.
Couple of question if you don't mind answering it.
1) Pure Renko or Point and Figure chart is purely based on price movement only, not considering any other indicators, like ATR or MA.. (none). So, per purely original Renko, it should have just chart box of xx pips movement of open & close price. So, if pip movement size for box = 10 (extern settings), each box should have equal size of 10 pips. Thus, in the chart, looks of Renko box should be equal in size, in this example; each box on Renko represent 10 pips.
Do you find adding ATR to Renko chart to be beneficial than pure Renko?
2) May I ask why Renko has to be placed on offline chart? I found it to be most difficult to understand. If I don't have good historical data from the source (whatever reason), how can I trust Renko to display correct information? So, my question is, is there a reason to create indicator that reads off of historical data?
3) Is there a reason that Renko is coded as EA (but not auto trading type, rather indicator) and not an Indicator? If there is a reason, I would love to know why Renko is different than other indicators. Not only your Renko, all other Renko that I found on the net all works same way. I found this to be odd and bit confusing.
4) Are you planning on actually making Renko EA (the one that actually trade)?
My thoughts about Renko indicator is, if Renko blocks coded as original, shown each box per xx pips and not have added indicators, it would be easier for me (user) to develop strategy based on pure "Naked Renko" chart and add filter(s) (other indicators). I search many hours, but I haven't seen pure Renko, except by George Smith's Point and figure chart for "Forex Trading Made EZ" package. But it's P&F indicator, not Renko. His P&F indicator, it reads off from the live feed and no reason to worry about making offline charts or have a good historical data, etc and it is written as an indicator, not as an EA.
Regards,
Sounds good! I am testing your latest Renko right now.
Couple of question if you don't mind answering it.
1) Pure Renko or Point and Figure chart is purely based on price movement only, not considering any other indicators, like ATR or MA.. (none). So, per purely original Renko, it should have just chart box of xx pips movement of open & close price. So, if pip movement size for box = 10 (extern settings), each box should have equal size of 10 pips. Thus, in the chart, looks of Renko box should be equal in size, in this example; each box on Renko represent 10 pips.
Do you find adding ATR to Renko chart to be beneficial than pure Renko?
2) May I ask why Renko has to be placed on offline chart? I found it to be most difficult to understand. If I don't have good historical data from the source (whatever reason), how can I trust Renko to display correct information? So, my question is, is there a reason to create indicator that reads off of historical data?
3) Is there a reason that Renko is coded as EA (but not auto trading type, rather indicator) and not an Indicator? If there is a reason, I would love to know why Renko is different than other indicators. Not only your Renko, all other Renko that I found on the net all works same way. I found this to be odd and bit confusing.
4) Are you planning on actually making Renko EA (the one that actually trade)?
My thoughts about Renko indicator is, if Renko blocks coded as original, shown each box per xx pips and not have added indicators, it would be easier for me (user) to develop strategy based on pure "Naked Renko" chart and add filter(s) (other indicators). I search many hours, but I haven't seen pure Renko, except by George Smith's Point and figure chart for "Forex Trading Made EZ" package. But it's P&F indicator, not Renko. His P&F indicator, it reads off from the live feed and no reason to worry about making offline charts or have a good historical data, etc and it is written as an indicator, not as an EA.
Regards,
4) I have an EA that I use to alert me when to trade. I haven't completed the automation process of that yet, although I have most of the code written. It will basically watch for my signal for entry/exit and then send an alert to my phone. The alert is a phone call, text message and an email. The email contains a screenshot of the current chart and also tells me what my trade size and stop loss should be, so that I can see what it looks like without being near my laptop and then just use the MT4 app on my phone to place the trade. There is an issue with putting an EA on an offline chart in MT4, it does not receive the OnTick() signal... ever. So you basically have to run a while(1) forever loop that calls OnTick() for you, sleeping every 100ms so you don't blow up the CPU on your system...
3) From what I understand, if you have Renko as another indicator, in a separate indicator window below the actual TimeFrame chart, you're not seeing the full picture. Because a single candle/bar in a TimeFrame window (let's call it M1 TimeFrame), can generate multiple renko bars, there's no room to show them on a normal chart, you're limited to the amount of space each bar on your main chart uses. Does that make sense?
2) Partially answered from 3), but adding to that, it's sole purpose is to build you a new chart based on the data from another chart in your history + live data coming into it. It's like a middle-man, and the reason it has to be that way is because MT4 platform does not include Renko as a bar type. There are other platforms that do have Renko bars along with regular candlesticks, but then you'll have to find all of your indicators in whatever programming language that platform uses (and hope that your broker supports that platform). As for good historical data from the source... If you don't have good data to begin with, you wouldn't ever be able to trust any of your indicators because the data they use to give you signals would be compromised. Always make sure you have good data in history, regardless of if you are using Renko, Candlesticks, or just a line bar of price. Even if you go with a simple Moving Average of 10, you need at least 10 good bars of historical data to begin drawing that line.
1) I saved this for last, hopefully I've answered most of your questions by now. I do not find using the calculated value from ATR to be beneficial to the size of the Renko box, personally. However, at the end of the day, it's up to you as a trader to determine what the proper pip size you use for Renko boxes for your strategy. For me, I was struggling with finding the 'right size' for each currency pair. As all pairs have different sizes and values and movement patterns, a standard size of 10 pips (or 20 or 100) just doesn't really give you smooth indicators on all of your charts, which is what a trader is looking for. I've tried randomly setting the block size and then changing all of my indicators values to compensate, and the number of probabilities to change 2 or 3 or 5 different indicators with 1-2 different values per indicator, adding in the variation of renko bar size, is just too big of a number (10s of thousands to millions of variations needed to test). Unless you send it through a backtester to determine all of those optimal values for you, you're never going to find it. This is why I came up with the alternative method of finding the percentage movement for that particular currency pair. If I know that the EURGBP has a 1% price movement of 3.1 pips, and that the AUDNZD is 8.9 pips, then I understand a little better that a 10 pip movement (renko box size) isn't optimal at all. It would be close on the AUDNZD, but nowhere near where it should be on the EURGBP. (I made up those numbers by the way, 3.1 and 8.9 is not the actual values). But then by knowing the 1% movement, you can use any variation of that to create your Renko box size (2%, 4%, 1.5%, etc) , and from what I've seen, it smooths everything (all of my indicators) wayyy better (when using Mean/Median Renko bars) than either just guessing what number to use or using a standard number for all pairs or attempting to have ATR calculate it for me.
I hope that helps a little in your search for a solid trading strategy. At the end of the day, it's way more about good money management than finding a golden set of indicators. Money management will keep you in the game and even on top when your indicators go through bad spots.
maj1es2tic,
Thank you very much for your detail explanation and reply to my questions/comments. I really do appreciate it.
I understand fully about getting good historical data to even trust simple as normal candlesticks or MA (whatever I happen to use)... But my concern for getting offline chart to use Renko, doesn't seem sound method. I could be totally wrong. As I've used several Renko charts available online, most of them instructed to reload offline chart after reboot, etc.
Sometimes, my M2 offline charts disappeared totally and have to re-create hst file. Just so annoying. As I mentioned earlier, Forex Trading Made EZ by George Smith, he has an indicator that goes right on regular chart and it's not an EA, it's written as indicator. But, it's Point and Figure chart, which is something that we are not used to seeing. Renko in other hand, it mimics almost normal candlestick, so it's more familiar to most of traders.
In any case, at least I know you have thought through the process of making Renko EA and will look forward to seeing it.
maj1es2tic,
Thank you very much for your detail explanation and reply to my questions/comments. I really do appreciate it.
I understand fully about getting good historical data to even trust simple as normal candlesticks or MA (whatever I happen to use)... But my concern for getting offline chart to use Renko, doesn't seem sound method. I could be totally wrong. As I've used several Renko charts available online, most of them instructed to reload offline chart after reboot, etc.
Sometimes, my M2 offline charts disappeared totally and have to re-create hst file. Just so annoying. As I mentioned earlier, Forex Trading Made EZ by George Smith, he has an indicator that goes right on regular chart and it's not an EA, it's written as indicator. But, it's Point and Figure chart, which is something that we are not used to seeing. Renko in other hand, it mimics almost normal candlestick, so it's more familiar to most of traders.
In any case, at least I know you have thought through the process of making Renko EA and will look forward to seeing it.
Sometimes the offline chart content vanishes in current builds, no idea why, it did not happen up to build 509. When you open additional window for the missing chart, it shows up content properly and the original window suddenly updates as well. I believe it is an MT4 bug.
To be honest I did not understand the rest of your comments.
i have finished the rewrite to the Renko Live Chart code. It appears to be working spot on, and definitely eliminates every random giant wick that the old script had issues with. I've looked through all of the wicks in my chart and they never print higher than (1-BoxSize), which is what you want to see.
Here's a screenshot of the OLD chart (RenkoLiveCharts_v4.13):
Here's a screenshot of my new chart (WelchRenkoLiveChart_v5.01):
Hi maj1es2tic, thank you for the great work.
Please tell us where to find your paid version, as you deserve it.
Although, i tried to run EA or script into the offline chart of renko generated by your EA but it do not produce anything. Maybe due by tick problem ? do you have any clue ? Thanks in advance.
Thank you for sharing this Ea,
Can you make a time based renko chart?
Hi maj1es2tic, thank you for the great work.
Please tell us where to find your paid version, as you deserve it.
Although, i tried to run EA or script into the offline chart of renko generated by your EA but it do not produce anything. Maybe due by tick problem ? do you have any clue ? Thanks in advance.
I ran into this problem also
what I did was close the charts I used with the renko, then I closed MT4
I reopened Mt4 then reopened a 1 minute chart, and applied the renko indicator, then open 2 min chart, offline works for me
side note : I set the renko box size,( top input parameter) to 1 representing 10 points instead of 100 points (10 pips)
edit: ADD VZO to the RENKO chart set at 21....................amazing OMG,